Electronic claims filing is the wave of the future. Did you know that it takes Medicare 27 days to review paper claims. Then it takes an additional 14 days to cut a reimbursement check. This totals an excess of 40 days to receive reimbursement for the services that were rendered. This is, of course, assuming that the claim was filed correctly. If there are ANY problems with the claim, regardless of how minor, the claim is returned to the Doctor after the initial 27 day review period and the process begins again. Claims that are submitted electronically to Medicare do not have to go through this 27 day review period. Claims are reviewed electronically by computer. Therefore, reimbursement checks can be cut within 14 days. If there happened to be a problem with the claim, that claim is returned electronically for correction. Once the claim is corrected it can be resubmitted with almost no delay. By filing claims electronically, your cash flow can be increased by 20-30 days. If you were investing this revenue, a 30 day increase of cash flow totals approximately 28%-38% return on investment.
Major Insurance carriers such as Blue Cross/Blue Shield are also encouraging Electronic Claims Submission. Electronic Claims Submission cost 20%-60% less than paper claims processing. This equates to over $300 million per year in savings for the insurance industry. As added encouragement for Electronic Claims Submission, many Insurance carriers have mandated that Electronic Claims are reimbursed as a first priority.
The American Medical and Dental Associations report the cost of paper claims processing ranges from $6-$12 per claim in labor and overhead. The AMA also reports an average of 33% of those paper claims submitted contain errors. Furthermore, 15% of denied claims are never resubmitted.
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