In the medical billing industry, a clearinghouse is a valuable resource. Take a look at these items to quickly learn how you can transform your claims processing by using a clearinghouse.
Reduce Rejected and Denied Claims
If you’re filing claims the old fashioned way or maybe your clearinghouse isn’t up-to-date on the latest payer edits, be aware that human error is the number one cause of rejected claims. In fact, the average error rate can be as high as 30 percent, causing your rejected and denied claims to jump drastically.
Take advantage of a clearinghouse that provides thorough claim scrubbing and built-in claim editing. You’ll likely be surprised at the increase in cash flow and the significant efficiencies you’ll attain.
You might be thinking, “Why would I pay a clearinghouse when I can submit my claims at the payer’s website for free?”But are you sure it’s really free?
With more than three billion manual transactions annually, it costs an average of $4 more to submit claims manually. Regardless of how many claims your company processes, manual transactions cost you a pretty penny. More likely than not, these “free” websites won’t include any claim editing capabilities, meaning your odds of a disruption in reimbursement go even higher. If you want to get reimbursed in a timely manner, skipping the middle man is an unnecessary gamble.
Is your claim volume a little overwhelming? Stop wasting time sifting through paperwork or on the phone with payers to find what you need. According to the 2016 CAQH Index, healthcare providers spend on average eight more minutes (and sometimes up to 30 more minutes) processing each manual transaction, compared to the time required for an electronic transaction.
A clearinghouse streamlines your process by electronically scrubbing and editing claims before they’re submitted, significantly reducing the chances of denials. Claims are also stored in one convenient location for quick and easy access. Not to mention, you can send several claims at once using a batch submission process. These electronic capabilities amount to less claim “touches” by your staff, freeing up time to focus on other key office functions and better patient care.
Stay in the know
Have you ever been in the dark about a claim’s status for days or even weeks at a time? A clearinghouse can show you the status of your claims at your convenience. Know when you can expect a check in the mail for a successful claim, or when to refile a rejected one.
Simply put, utilizing a cutting-edge clearinghouse will not only simplify your claims processing, but it can drastically increase your cash flow. The benefits of using a clearinghouse far outweigh the price you pay for going it alone!