Healthcare Uncovered Ep 1: Where’s my money? Why skyrocketing healthcare costs don’t make it into doctor’s pockets
Healthcare costs across the board are skyrocketing, but despite the rising rates, doctors' claims are being denied by insurance companies. In fact, insurance companies deny almost 20% of physician claims...mostly in error! More and more doctors are wondering “where’s my money?” and the answer is, of course, not easy to uncover.
I break it all down into a few easy steps so you can focus on being a doctor and spend less time chasing down insurance companies.
In our first episode of Healthcare Uncovered, we break down:
- Why the denials are happening
- What you need to do when claims are denied, and you are underpaid
- Real world examples
- How to be prepared so when denials happen you can quickly get them rectified
Underpayment can be measured, and it can be fixed. It’s a solvable problem, even if the system doesn’t want you to think it is. The first step is to find out how much you are being underpaid. To do that you need three things:
- The work RVUs in a specific time period, typically one month
- The payment terms in your insurance company contract
- The collected amount for that time period
Then, you’ll need the information broken down for each insurance company that pays you and separate commercial payments from Medicare Advantage payments. It might feel complicated, but really, it’s just hoops they are making you jump through. Once you’ve done it once, it gets easier and faster. I break it all down for you in Healthcare Uncovered!
Check out the episode and let us know what you think.
Healthcare shouldn’t be complicated. Check out Nomi Health’s Open Network of physicians to break through the red tape, collect the money you’ve earned, and get back to why you’re doing this in the first place.... helping patients.
Episode 2 Sneak Peek:
Stay tuned for next week where in Episode 2 we’ll be releasing: Sorry, your request is denied: Medicare Advantage and the rise of prior authorizations. I’m going to lift the curtain on what’s actually going on with prior authorizations. I’ll cover why prior authorizations are growing, why they are the #1 administrative challenge for practices, and alternative sources of patient revenue. See you next week!
