Check your last week’s Medicare EOBs
*sample EOB. For representation purpose only.
Want to fast track your reimbursement cycle? Different insurances differ in the time they take to process claims. Target easier insurance carriers with specific focus and see the change. One carrier which centers should look at is Medicare. It has a straightforward submission process coupled with fewer hassles for reconciling denials.
Five reasons to target Medicare:
1. Medicare is the fastest paying carrier – often pays within 15 days.
2. Denials are easy to understand and resolve.
3. Establish standard set of coding and billing guidelines to be followed.
4. Claim submission and payment is fully electronic.
5. A straightforward appeals process.
Three ways to maximize reimbursements from Medicare:
1. Submit claims as per the Local Coverage Determination (LCD) guidelines.
2. Use appropriate modifiers while billing multiple procedures.
3. Pre-audit claims for compliance before submission.
By employing a more knowledgeable approach to claims submission, the majority of your claims can get paid at the first submission, even achieving 95% first-pass ratio (getting paid without needing a follow up). This simple focus can yield greater reimbursements for your practice.