Worker compensation might be a tough nut to crack in case of medical billing workflow management. However, with particular measures, leading medical billing companies have been found to improve the worker comp collections significantly. These measures thus impact the revenue cycle of the organization as well. Worker comp demands attention to detail and latest knowledge regarding state regulations. But to get the most out of them, the billing should be accurate enough. This is the main focus point for most leading medical billing companies.
It can get a little difficult for the organizations to manage the worker comp collections since the rules keep on changing frequently. This is the reason majority of organizations prefer to outsource this job to the medical billing companies who have experienced teams of professionals in action. Here we will discuss some issues that the organizations face regarding worker comp collections and how top billing companies try to solve them.
Top Issues Reported for Worker Comp Collections
1.Information Regarding Payer Network at the Time of Service:
The issues of collections begin right at the time the services are rendered to the patient. Employers have different insurance networks in charge of the medical service payments in case the workers are injured on the job.
A person in need of medical attention must mention that he or she has been hurt due to a work related matter so that the billing team can proceed accordingly. Failure to mention this important information leads to the billing of the services to the primary payer network. This causes unnecessary confusion and delay in reimbursements for the healthcare providers.
2.Lack of EFT/ERA:
The purpose of electronic reimbursements is to make the entire process a smoother one. However, worker compensation collection processes are significantly different from the regular billing procedures. In many cases it is found that the EFT and ERA setup is absent for the same. The healthcare organization thus misses out on the simplicity of electronic reimbursement processes and spends unnecessary time on manual labor.
3.Inconsistent A/R Follow Ups:
A dedicated team is usually absent to deal with the A/R follow ups since the worker compensation collection is separate from the mainstream collection process. The healthcare organizations lack the required technology and staff to follow through with the payer networks. This increases the number of days in account receivables and harms the revenue cycle of the medical organization.
4.Lagging Knowledge of State Guidelines:
Government regulations regarding the medical billing and collection for worker compensation change frequently. They also vary according to the location of the practice. The billing teams should stay up to date with the latest modifications in the procedure. Due to the hectic time schedule and lack of proper training, keeping up with the intricate details can be daunting. This remains as one of the top complaints of the in house billing teams of healthcare organizations.
5 Ways How Medical Billing Companies Help
1.Trained and Dedicated Staff:
Leading medical billing companies have experienced professionals in the healthcare sector to take care of this job. They take up each client’s case separately and identify the unique issues that are reducing the collections from the worker compensation.
With the help of proper background work as well as scalable processes, they ensure that the organization’s collections increase considerably. This might also include the use of specific home grown software solutions. Periodic reviews help to keep the progress in check in real time.
2.Increase in Due Clearance Rate:
Accurate information is the key to clean claims. Since a number of stakeholders are included in case of worker comp collection process, it gets difficult to maintain every single piece of data properly. The medical billing companies make sure that the every medical information is collected within the particular time limit with the least number of errors.
From the time the patient approaches the provider to the time they get discharged from the hospital, every single point is filed properly. Any supplementary data needed is also collected from the case file. With the accurate information at hand, the chances of filing clean claims in the first time itself increases significantly.
As mentioned before, staying abreast with the latest modifications in the federal and state guidelines regarding worker compensations is a common issue faced by majority of in house billing teams. The top medical billing companies usually have an in house counsel to look into the case laws.
This helps the staff members of the healthcare organization to cope well with the administrative burden. In case of any dispute concerning the legal issues of worker comp, the specialized legal team will guide the practice through the process of resolution. With this kind of expert service, the reimbursement amount gets maximized while the time is not wasted.
A great number of steps in the billing procedure can be automated with the help of user friendly software based solutions. Leading medical billing companies use of such home grown solutions to make the most out of the service. With able professionals in action, the solutions are customized to suit the intricate steps of worker comp billing and collection.
Since a lot of case laws need to be kept in mind when dealing with worker comp, slightest of errors delay the entire process and slow down the cash flow. With automated solutions, tones of papers are scanned and looked into for any kind of mistake present. From the right payer information to the correct address and name, each and every detail is important. They are simplified to a great extent with the help of automation.
5.Online Handling of Claims:
Online claim submission and follow up makes the entire process stress free. Medical billing companies guide the healthcare practices to set up their own portals for claim submission. In case they do not have the required infrastructure then the billing companies provide outsourcing solutions as well.
On one hand, the payments get tracked swiftly and easily. With greater number of electronic claim submissions, the time taken for a response from the payers has reduced. On the other hand, with the lesser number of manual errors, the reimbursements get into the account in time. This keeps the cash flow strong for the organization.
If you are looking for a solution to the problems related to worker compensation collection, consider outsourcing your work to the leading medical billing companies. They can assign specialized professionals to your case to help you go ahead.
Hope this blog helped you understand the issues related to worker compensation collections and solutions given by medical billing companies. For suggestions, shoot your questions below and we will try to answer if relevant to the topic. For more queries and updates on healthcare, please subscribe to our blog. You can also follow us on our social media handles to get regular notifications.