Details matter. ?Small changes can equal thousands in practice savings. ?One area to be aware of is the insurance write-offs. ?Do you know if your team is calculating them correctly?
This week while conversing with a practice owner, we discovered that the team was taking off insurance adjustments incorrectly. ?Unfortunately, this is quite common.
What you need to know: You are allowed to collect UP to ?your full fee. ?While the patient is responsible for the lowest contracted fee. ?In the case of dual benefits or coordination of benefits,?the team should never take the insurance write off before sending to the secondary insurance. ?Write offs are taken when the secondary claim is paid.
You may have a problem if:
- Do you see lots of credits when you run a credit balance report?
- Are you constantly refunding checks to patients?
What to make sure of:
- full office fee is going out on all claims (not adjusted production)
- With dual insurance – coordination of benefits never take the write off?s until the secondary has paid their portion.
- The patient is only responsible for the lowest contracted amount in a coordination of benefits
- the secondary claim is ALWAYS submitted, even if the patient does not owe.?This remainder belongs to you the?practice owner.
Keep more of what you earn! ?Feel free to reach out to us for all your practice management questions.
Shelley Renee and Tabitha Lugo
Practice Management Coaches
Peaceful, Productive and Profitable Practices