“Show me the money”
Matrix Medical Billing’s Aging Expertise Helps Local Physicians Increase Revenue by Aggressively Working their Aging
What Is Aging?
Aging are claims that show unpaid typically after 30 days. Most billing systems will allow you to pull Aging Reports that show claims unpaid after 30 days, 60 Days, 90 Days, etc. If you have claims that are more than 30 days old, this usually indicates there is a problem and specific actions need to be taken to address the issues so you can get paid. Sometimes it’s simply just making a phone call. Other times it’s because you missed a billing code. There are many reasons that claims get rejected, but the reality is unless you work the claim (and in a timely manner) you will never get paid.
Okay, time to get real. We would all like to think that doing honest work means honest pay. After all, that is basic business ethics. However, that is not always reality. The truth is, there is a game being played against medical providers by big insurance companies. The game is the less they pay you, the more they make. The more they pay you, the less they make. Because of this, insurance companies will do everything they can to reject claims or make it difficult for you to get paid. Remember the saying, “Squeaky wheel gets grease?” Well, nowhere does that apply more than in dealing with insurance companies.
Aggressive Aging Process
Now that you know the truth, you now can understand the importance of having an aggressive process to work rejected claims. This usually includes spending long hours on the phone with insurance companies, dealing with the insurance company’s bureaucracy, and understanding how to play and win the game. Unless you are very experienced with this, you can expect to write off at least 20-25% of your gross billing. Such significant losses are an unfortunate reality many medical providers don’t realize (or want to realize).
Working Aging Is Everything
While it may sound basic, many physicians and medical providers are missing the key ingredient to increasing their revenue or staying out of the red. They provide excellent care and bill for their work, however they fail to implement a strategy to deal with rejected claims and allow the aging on these claims to get out of hand.
Some physicians have told us that it is just too depressing to look at unpaid claims. Many feel helpless in doing anything about this. What medical providers fail to understand is billing is easy, but working rejected claims is not.
Aging in and of itself is a major part of billing that most offices just don’t put a lot of effort into. You can’t automate this task. It must be done by someone who is willing and capable of doing it. It is shocking how many medical providers so easily write of claims that get rejected by insurance companies. Why miss out on the hard work that you should be paid for?
Motivation to Work the Aging
There are several problem with having an hourly paid staff member working your aging. First, it is risky to pay out an hourly salary for work (charges) you ultimately might never receive payment on. Second, staff initially hired to handle aging often get pulled into different work issues. Third, working aging and calling insurance companies is painstakingly boring and tedious. Most hourly employees find no job satisfaction in doing it and would rather work on other projects or tasks. Most have no motivation for doing it since they will be paid regardless.
Our compensation for working your aging is simple. We don’t get paid until you get paid. That’s right; you do not pay us a penny until you get paid from the insurance company. Our compensation is based on a percentage of what we collect for you. That’s our motivation and we are going to do everything we can to ensure we both receive payment for our efforts.
Denied = Timely Filing Not Met
What happens when aging is ignored or not worked aggressively? Thousands of dollars in uncollected services may never be reimbursed because most insurance companies will deny claims after a certain period of time under the banner of timely filing. Yes, it’s an old trick that unfortunately is being abused. Medical providers are forced to write-off hundreds if not thousands of claims a year because of timely filing.
The majority of insurance companies require follow-up within six months to a year of the time service was provided for a claim to be reimbursed. If “Timely Filing” isn’t met, individual medical providers and practices are out of luck in getting paid.
One client neglected his aging because he got too busy and his office staff responsible for aging kept being pulled in different directions. Time passed and when he finally realized just how bad his aging had gotten, it was too late. The practice had to write off more than $400,000 in a single year because of timely filling. Don’t let this happen to you.
Where Do We Begin
We start with the oldest claims first to avoid the timely filing issues that could ultimately make it impossible to get paid for certain claims. We then actively monitor and work claims that are past 30 days. All activity taken on claims past 30 days will be directly reported back to you either through our system our your existing system. Full accountability is the key to ensuring aging is being done correctly and thoroughly.
Let Us Fight For You
Let us take on the responsibility to play and win this game for you. You are an expert medical provider, we are experts in billing, collections and aging. If we each focus on our strengths, it will be mutually beneficial. This will also help alleviate a lot of unnecessary stress and frustration in your practice. Our rates are below industry average and we provide full visibility to all the work we do by allow you to pull real time reports anytime you want that shows everything that is going on as it happens.
It’s time to realize the value of services performed. Take a step back and work smarter not harder to collect those claims that you have honestly earned. Yes, it’s important to treat new patients and to continually grow your practice patient load, but realize that none of this means anything unless you are being paid for the work you do. We will work the backend to keep you out of the red and provide plenty of cash flow to meet your daily, weekly and monthly expenses.
You are not alone and don’t need to be afraid to hire outside expertise. There is no risk. Remember, we don’t get paid until you get paid. Don’t just accept what insurance companies say. Hire the experts who are willing to go out and aggressively, yet professionally work your claims with the insurance companies. We know how to play and win the game. Call us today.
To learn more about Matrix Medical Billing’s aging services and qualified medical billers serving local Chandler, Gilbert, Mesa and Tempe businesses, contact Matrix Medical Billing today at 1-888-434-3477 or visit https://matrixbill.com