In managing medical billing workflows, workers’ compensation can be a difficult problem to solve. Leading medical billing companies, however, have found that they can improve worker compensation collections by taking specific measures. These measures also impact the revenue cycle for the organization. Workers’ compensation requires attention to detail and the latest information regarding state regulations. To get the best out of these benefits, billing must be accurate. This is the focus of most leading medical billing companies.
The rules are constantly changing, making it difficult for organizations to keep up with the collection of worker’s compensation. The majority of organizations outsource the job to medical billing companies, which have teams of experienced professionals. We will look at some of the challenges that organizations face when it comes to worker compensation collections and how billing companies are able to resolve them.
Pain Points in Workers’ Comp Collections
Absence of Payer Network Information
Services rendered trigger the beginning of the collection process. When workers get injured at work, employers have different insurance networks that are responsible for paying medical services.
In order for the billing team to proceed properly, a person who needs medical attention must state that they have been injured due to work-related issues. Without this information, the billing team will bill the services to the primary payer. The absence of this information causes confusion and delays for healthcare providers in receiving reimbursement.
Missing EFT/ERA
Electronic reimbursements are a wonderful way to streamline the process. But the workers’ compensation billing process is different from the normal billing procedure. People often discover that EFT and ERA are not established for these. This means that the healthcare organization misses out on the convenience and speed of electronic reimbursements while spending unnecessary time on manual work.
Account Receivable
A dedicated team is rarely present to follow up on the A/R, since worker’s compensation is a separate collection process. Healthcare organizations do not have the necessary technology or staff to keep up with payer networks. The increase in days of account receivables negatively affects the medical organization’s revenue cycle.
Outdated State Guidelines
The government frequently updates regulations governing the billing of medical expenses and the collection of worker’s compensation payments. The regulations also differ depending on the location of the clinic. Billing teams must be up-to-date with all the changes in procedure. However, keeping up with all the details is difficult due to the busy schedule and lack of proper training. The in-house billing teams at healthcare organizations continue to complain about this.
Streamlining Your Revenue Cycle with Medical Billing
Here some ways of how medical billing companies can assist you practice in workers’ comp collections:
Certified Billing Professionals:
The leading medical billing companies hire professionals with experience in the healthcare industry to handle this task. They examine each case individually and determine the specific issues that are affecting the workers compensation collections.
The medical experts’ use of scalable processes and thorough background work resulted in a significant expansion of the facility’s collections. It may also be necessary to use in-house software. Regular reviews allow you to monitor the progress of your practice in real-time.
Faster Claim Processing
Accurate data is essential for clean claims. It is difficult to keep track of all the data when there are so many stakeholders involved in worker compensation collection. Medical billing companies ensure to collect all the medical information in the specified time frame with minimal errors.
Every single detail is recorded; from the moment the patient contacts the provider until the day they are discharged. The case file is used to collect any additional data that may be needed. Accurate information significantly increases the chances of filing a clean claim the first time.
Strategic Legal Approaches
In-house billing teams face a similar challenge as mentioned above: staying up to date with changes in federal and state laws regarding worker’s compensation. Most of the top billing companies have an internal counsel who is responsible for researching case law.
The staff of the organization can cope with the administrative burden. The legal team can guide the practice in the event of a dispute involving the legal aspects of worker’s compensation. This type of expert service maximizes the reimbursement amount while minimizing the time.
Cutting-Edge Technology
Software-based solutions can automate a large number of billing steps. Leading medical billing companies use these homegrown solutions to get the most out of their services. Professionals customize solutions to the unique needs of workers’ compensation billing and collection.
The smallest mistake can slow down cash flow and delay the process. Automated solutions scan and check a large number of documents for errors. Every detail matters, from the correct payer information to the address and name. Automation simplifies them to a large extent.
Electronic Claims Filing
Online claim submission and follow-up makes the entire process stress-free. Medical billing companies help healthcare practices set up their portals to submit claims. Billing companies offer outsourcing services if the healthcare practices do not possess the necessary expertise.
Secondly, by integrating with medical billing companies, payments are tracked quickly and easily. The time it takes for payers to respond has decreased with the increase in electronic claims. In addition, the reimbursements are received on time due to the reduced number of errors. Cash flow remains strong.
