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Maximizing Revenue

 Maximizing Revenue: The Importance of Following Up on Unpaid Claims

We can all agree that getting paid on time for our services is important. This is especially true in the world of chiropractic billing. However, the unfortunate reality is that for various reasons, claims often get denied or go unpaid. Denial or missed payment of service claims leads to direct revenue loss. For this exact reason, having a system to ensure all claims are being paid is essential.

At Money Tree Billing, we pride ourselves in our processes for tracking and addressing unpaid claims at all stages of the claims processing cycle. Our approach involves three key stages to maximize revenue and minimize the impact of claim denials.

  1. Clearinghouse Level:

The first step in our process begins at the clearinghouse level. A clearinghouse is a middleman between your business and your patient’s health plan that sends claims from healthcare providers to insurance payers. Part of that process includes rejecting claims that contain errors before sending them off for payment. When a claim is in the clearinghouse, we track the claim to catch errors or rejections early. By addressing issues quickly at this stage, potential delays or denials are prevented.

  1. Payment Posting Process:

The second stage occurs during the payment posting process. During this stage, our team closely monitors for any denials or incorrect processing issues. Timely identification of these issues allows Money Tree Billing to take action, whether this involves resubmitting claims with corrections or appealing denied claims. We ensure that every opportunity for reimbursement is pursued.

  1. Aged Claims (AR) Reports:

The final stage involves regular monitoring through Aged Claims (AR) reports. Each month our team prints out these reports and carefully reads through the contents. By taking the time to review any outstanding balance our processes allow us to continue to follow up and track the repayment process for each outstanding bill. 

Through our comprehensive billing process, these key three-steps are the hub of claims activity and tracking. Money Tree Billing empowers healthcare practices to rest assured that their revenue cycle management is optimized. Through outsourcing your chiropractic billing with Money Tree Billing you can achieve greater financial stability. Our dedicated team is highly committed to ensuring that no claim falls through the cracks. We advocate on your behalf to maximize reimbursements and minimize revenue loss because we care about your business.

The extreme importance that comes with having a defined process for following up on unpaid claims cannot be overstated. With the right processes in place, chiropractic practices can rest easy, knowing that their financial interests are being prioritized every step of the way. At Money Tree Billing, we’re committed to providing handcrafted solutions to help our clients grow and gain stability within their business.

 

Money Tree Billing is a chiropractic billing company who removes the distraction of billing from your office so you can focus on changing lives through chiropractic care. Money Tree Billing offers complete billing cycle management through a dedicated and seamless billing process. We empower you and your team with support beyond just billing. Focus on your practice and your passion and we’ll focus on getting you paid. We GUARANTEE our work. Money Tree Billing guarantees if your insurance claim goes unpaid due to our error, that we will credit you the amount you would have been paid on that claim. You won’t find another guarantee like it in the industry. To learn more about Money Tree Billing, and our one-of-a-kind guarantee, visit www.moneytreebilling.com

Education MTB Coaching

Should You Outsource Chiropractic Billing?

Should You Outsource Chiropractic Billing? Here’s What You Could Gain

Outsourcing work is a common practice. Sending tasks elsewhere allows you to focus on what is important about your business. At Money Tree Billing, we aim to partner with chiropractors who understand the importance of growing and stabilizing their business. Business-savvy chiropractors know that aligning with the right chiropractic billing company allows them to focus on their team, patient care, and community wellness while having reduced stress, saved time, and optimized stable insurance collections.  

How do you know if outsourcing is the correct choice for you?

Because we believe in partnering with chiropractors who aim to both grow and stabilize their businesses, we encourage you to fully consider all the reasons you should outsource your chiropractic billing. Your practice’s unique needs and goals will influence which billing company is the best fit for you.

Here is what you gain by outsourcing your chiropractic billing with Money Tree Billing:

Focus on Your Team: Billing takes time. As a chiropractor and business owner, your time is valuable. Time spent on billing could be better spent building your team up. Partnering with the right billing company frees up needed time to foster a positive culture within your workspace.

Improved Patient Care: With outsourced billing comes the potential for improved patient care. When you remove administrative duties from your plate you can spend more time working with your patients. Personalized treatment plans and consultations are easier to maintain without the stress of billing, leading to higher satisfaction and better overall health.

Reduced Stress: Managing billing tasks in-house can be stressful with complications such as claim denials, rejections, and follow-ups. Outsourcing your billing frees you from this stress, instead giving it to experienced professionals. Money Tree Billing is equipped to handle all chiropractic billing challenges, allowing you to keep focus on what you do best.

Cost Savings: When paying to outsource, your first thought is not savings. This does not mean they are not there. Often outsourced rates are similar to in-house costs even before you factor in other benefits. By outsourcing you gain increased collections and stability while reducing costs that result from training and maintaining an in-house billing staff.

Insurance Expertise: Money Tree Billing has years of expertise dealing with all types of insurance companies. Chiropractic billing is our specialty. When you partner with a billing company that knows the industry, your business will receive faster claims processing, a reduction in errors, and improved overall collections.

Is outsourcing right for you? In the end, the decision to outsource your chiropractic billing is up to you. Your billing should align with your practice’s objectives and values. Partnering with a reputable chiropractic billing company helps you along the way to the goals listed above. With Money Tree Billing you can streamline your revenue, improve cash flow, and free up valuable time to focus on what truly matters – delivering exceptional care to your patients.

 

Money Tree Billing is a chiropractic billing company who removes the distraction of billing from your office so you can focus on changing lives through chiropractic care. Money Tree Billing offers complete billing cycle management through a dedicated and seamless billing process. We empower you and your team with support beyond just billing. Focus on your practice and your passion and we’ll focus on getting you paid. We GUARANTEE our work. Money Tree Billing guarantees if your insurance claim goes unpaid due to our error, that we will credit you the amount you would have been paid on that claim. You won’t find another guarantee like it in the industry. To learn more about Money Tree Billing, and our one-of-a-kind guarantee, visit www.moneytreebilling.com

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