Insurance companies historically slow down their reimbursement of insurance claims towards the end of a year. They also continue to see this trend into the first few months of a new year.
- Insurance companies’ adjusting contracts and resetting fee schedules (even if it does not pertain to you, changes in an insurance company and year-end practices, slows down all operations of the insurance company).
- Addiction treatment centers are adjusting to the “Clinical” criteria set forth in a diagnosis and procedural codes in the New ICD 10.
- Insurance companies granting employee vacations at the end of the year causes a slow in claims processing
- Likewise, holidays occurring on weekdays along with insurance companies and treatment providers recognizing the day prior to a holiday as partial holiday time. For Example, 2015 Thanksgiving, Christmas, and New Years occurred on weekdays. Many companies also close early or entirely the day prior to the holiday.
- Some Insurance benefits, co-pays, and deductibles are carried over or follow the calendar year, causing changes and delays.
OVERCOME THE CHALLENGES OF SLOWING REIMBURSEMENTS!
- Implement a strategy for financial planning (Keep money in reserves)
- Understand client’s insurance policies and effective dates
- Re-Verify ALL client’s insurance benefits
- Monitor documentation (Psychosocial, Psychological/Psychiatric Evaluation, Treatment plans, Clinical notes, Medical Notes and more)
- Review and update credentials of medical and clinical staff
- Report all changes to your medical billing company