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Collecting Insurance Accounts Receivable

If you are owed any VCP or medical insurance company money, they’d show very little (if any) remorse in collecting it, regardless of your business’s economic circumstances.

It’s time to reciprocate that behavior.

  1. Start with your oldest unpaid claims and work backwards to the most recent. Any claim reaching 30 days old should be followed-up on (this includes each re-submitted claim after 30 days).
  2. For efficiency, address a handful of claims each time you call an insurance company. Investigate what went wrong and what needs to be done to get them paid. Do not delay resubmissions.
  3. Keep detailed records of each call: reference number, the time, who you spoke with, etc.
  4. Be persistent. You may need to submit a claim multiple times to get it paid.
  5. Make sure to have an internal policy for unpaid claims. Are they written off, is the patient made responsible for an outstanding balance, or are they sent to collections?

Keep in mind that each VCP or medical plan has an initial claim filing deadline that varies widely. Do not delay submitting the initial claims. There’s nothing worse than finding out you didn’t get paid because a claim was not submitted on time.

Actively staying on top of insurance accounts receivable makes a HUGE difference to your bottom line over time. Even if you’re outside of the window when companies typically accept claims, it never hurts to request some leniency, especially if you only have a handful of unfiled claims. Every dollar collected adds up.

 

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