REVEX is an innovative new software and service that automatically updates all of your claims so you can stay on top of your AR. REVEX also allows you to delegate the follow up process to personal billing assistants; allowing you to focus your time on more meaningful responsibilities.
your healthcare facility make use of cash flow sitting stagnant in your
Are issues like claim denial, bad debts,
needless write-offs, and high staffing turnover hindering your cash flow and
efficiency? Do you simply want to ensure you are running your medical
billing in the most productive and profitable manner?
Below are 7 ways to make
sure your AR is efficient and you improve cash flow!
Create a Routine for Follow-Ups
Whether you follow up daily, weekly, or once a month- you should have a set
routine. A routine ensures no claim goes without being followed-up and
that they are followed-up in the most efficient and correct manner. Have
a system for when you follow-up via email, through online portals, and phone
call (phone calls tend to be more successful). A routine might include which
day of the week/month you follow-up, how you initially conduct the follow-up
(phone call, portal or email), how far between follow-ups, your secondary
follow-up method, and so on. A routine will ensure claims do not get
forgotten or swept under the rug.
a System with Checks and Balances
As you are establishing a routine, implementing a system with checks and
balances will make certain your claims are proofread, accurate, complete, and
ready to be collected. By putting more than one set of eyes on your
claims, you can save valuable time and by not needing to spend labor correcting
and resubmitting claims. Yes, you may think the labor of having extra eyes
might outweigh the benefit- but, even just a few seconds of review can save
hours of having the same person try to figure out what caused the error
Increase the Frequency of Collection
If you are currently submitting and/or only following up monthly on your claims,
then you may consider increasing your submissions to bi-monthly, weekly, or
bi-weekly. Increasing your billing cycles means the recipient gets the
claim sooner, and in return the claim can be collected sooner.
This may be a no-brainer and a practice you already adhere to, but before a
patient comes in for their appointment or treatment, verify their insurance to
make sure they are qualified with your facility. This can save both you
and your patient major headaches when it comes to getting bills paid and collecting
AR. When the patient is aware of their copay and deductibles coming into
the appointment, they can be more prepared, and you will be too when it comes
time to collect.
Review, Review, Review Write-offs!
Before writing a claim off, go through all payment options and be sure each
have been utilized, plenty of follow-ups have been conducted, and the claim is
correct. Rather than just throwing things at the write-off pile, be
thorough and adamant about what gets written off and try hard to collect before
resorting to writing off.
Accounts Receivable Reports
Examining trends in your collections and accounts receivables will show your
team where they need to shift their focus. REVEX can quickly and
efficiently run custom AR reports to help you identify trends and boost your
billing team’s efficiency and cash flow.
Outsourcing your collections on claims, old AR, and AR reports can save you
time, money, and increase your cash flow exponentially! For example,
REVEX is an automated medical billing service and software that can be
customized to your specific billing needs. Do you have a high turnover in
your billing staff? Trust REVEX to step in seamlessly with our 20+ experienced
billing managers on staff to help with your headaches. REVEX software
helps our teamwork with your team to communicate and delegate your AR
collections for optimal collections. Any billing problems you have, let
leave comments, questions, and feel free to expand on our post at the bottom of
the page! We love to hear from other professionals in the industry and to
collaborate on how medical billing processes can be improved! Thanks for
Medical claim denials are a problem for your cash flow. You work hard at reviewing the claims, making sure they are correct and submitted on time. Then, a few days later, the remits come through and 10% of the claims are denying. Likewise, the cost of the re-works is approximately $2.30 per claim. If you are like us, you will spend a few hours reviewing these denials and realize how easily they can avoided. You may also realize how much time you could have saved by focusing on the front-end of billing. Whether you have been in medical billing for 1-year or 30-years, you have run across at least one denial each month. Although denials are a part of the billing cycle, there are ways to prevent claims from denying. Nevertheless, what are the most common denials? We would like to help you by providing the five most common denials as well as how you can prevent them. Not only will this help improve cash flow but it will also help you save time in your follow-up process. By being prepared, you can help your organization stay on top of your claims and avoid the common errors in the future. The five most common denials throughout medical billing are: 1.Coding Errors 2.Duplicate Claims 3.Expired Timely Filing 4.Incorrect/Missing Information 5.Non-Covered Charges Coding Errors One reason your claims may deny or are denying is that the codes are either missing or inaccurate. For example, Medicare Inpatient Part-B claims require both the onset code and the corresponding occurrence codes for your therapy disciplines. Without these codes, Medicare will deny your claims. Prevention Tip – Before submitting the claims, review the occurrence codes section to ensure the required codes are present. We recommend having a copy of the therapy report to ensure you use the correct dates and codes. Duplicate Claims A duplicate claim, by definition, is a claim that contains the exact same member identification number, provider number, date of service, type of bill, procedure codes and billed amount of another claim. How does a duplicate claim happen? This happens when you submit or resubmit a claim without the proper adjustment codes or by not reviewing previously submitted claims. Prevention Tip – Before submitting the claim(s), make sure that an adjustment claim has the corresponding adjustment type of bill and/or references the previous claim. Likewise, you will want to review with the payer if there are any existing claims that will cause a duplicate claim error. Expired Timely Filing Perhaps the easiest to avoid but also the easiest to overlook. Most payers have strict guidelines for when you must submit a claim in order for them to process the claim for payment. For example, Medicare’s timely filing limit is one year from the dates of service. The process seems simple enough, submit the claims before the time limit and you are set. However, there are some claims which have issues preventing them being processed. Perhaps the member’s coverage was not active yet, you were busy working on another project, or there were larger claims that needed your attention. Whatever the case may be claims can slip through and ultimately become uncollectable due to timely filing. Prevention Tip – Keep a record of the claims that you need to submit. Likewise, you need to update your report each week to ensure you have submitted all of the claims and that they are on track for processing. If you need a quick and easy way to document your notes call or email us to schedule a demo of our AR Note Tracking Software REVEX. This will help prevent your claims from denying for timely filing. Incorrect/Missing Information Another reason claims deny is that the claim is missing or has incorrect information. For example, the claim is missing the patient’s identification number. Once the payer receives the claim, their system will audit the claim information and immediately trigger a denial. Prevention Tip – Before submitting the claim, make sure you review each demographic field to ensure the resident’s Date of Birth, insurance number, payer ID and/or name is correct. Non-Covered Charges One of the more complex denials is non-covered charges. Non-covered charges require research to ensure you will receive full reimbursement for the services rendered to the patient. This denial occurs when the patient’s plan does not cover the codes on the claim. Likewise, this denial occurs if the claim contains codes that do not match other items on the claim. Prevention Tip – If you are dealing with a Medicare Replacement, Medicare Advantage, etc. make sure you call the patient’s plan to confirm if the services are covered. Likewise, make sure as you get ready to bill you review the claim’s revenue codes, modifiers and/or the diagnosis codes.
Preventing claim denials does not have to be stressful. By focusing on the up front billing (quality checking the claims) and having excellent documentation you can prevent denials on your claims. Likewise, as you progress each month you will be able to identify the key fields which caused the denials; and thus, reducing the time it takes you in corrections.
We're Excited to Work with You & Your Billing Team!
REVEX Team (from left to right); Cory Boyle, Patrick Walker, Molly Crockwell, Dani Barry, Harrison Cobb, Mary Asher, Jane Hoang
Meet Cory Boyle!
Time with REVEX:Since 2003
Favorite part of working at REVEX: Developing new technology
Job title/main duties: Managing Member
Favorite food: Anything free!
School Attended:K-State Bachelors, KU Med Graduate School
Hobbies: Raising children
Interesting fact about you:I love nutrition and fitness but am overweight and out of shape
Favorite accomplishment: Masters in Health Admin
Hometown: Topeka, KS
Family: Tara (wife), Hudson (12 years old son), Romy (10 years old daughter), Gemma (8 years old daughter)
Favorite sports team(s): K-State Wildcats
Meet Harrison Cobb!
Time with REVEX: Since August 2014
Favorite part of working at REVEX: The family-centered and relaxed work environment
Job title/main duties:Director of Operations & Sales - I identify major trends, support & align the team with priorities of our customers. I also meet with customers to discuss collections performance.
Favorite food:Sushi, BBQ
School Attended:Missouri Western State University (Undergrad), Baker University (MBA)
Hobbies: Writing & filmmaking
Interesting fact about you:I played collegiate baseball & have a baseball award named after me at Missouri Western