How to beat insurance companies at their own game – The “claim” lifecycle
Hey everyone, Dr. Brian Capra here. Tonight we’re going to start getting into how we’re going to beat insurance companies at their own game. So I’m going to quickly review something here, just kind of a little bit more of a schematic. This is my first screen sharing, so hopefully this is working for you right now.
What we’re going to do is first of all talk about just overview of what we’ve already spoken about. Number one, insurance companies, we know how they get money, they get premiums from either employers or just patients out there that buy health insurance on the market, right, so they get premiums. Then what happens is the doctor over here, poor doctor on the right hand side over here, submits a claim to the insurance company. The insurance company delays reimbursement. We’re going to go into more depth about this, but we’ve already kind of talked about how the whole process is rigged in this way, where, how do they delay reimbursement?
Part of it is just preventing you from getting the claim out to begin with. Forget the fact that they get the claim and deny it and all that stuff, but making complex coding systems and all that is part of the issue. So delays in reimbursement. They collect money. So as soon as they don’t pay you at the time you saw the patient, interest starts accruing on the money that’s yours still sitting in their bank account. So they’re going to collect that money, that interest, that’s called the float. They’re going to put that money, they actually reinvest that, there’s some very complex financial mechanisms that they use, so they’re going to reinvest that. Then they take all of those profits combined, they either keep the profits, they invest in better systems, technology, automation, and also invest in audits. All right. Eventually, hopefully they pay us, but then we have denials and underpayments, et cetera, that we have to deal with.
So this is just kind of, I put together a quick overview. What I’m going to start talking to you about right now, we’re going to go into a lot of depth about each one of these steps, is how are we going to beat … What I talked to you last video about was how are we going to use their people, the types of person that they use, or our people? When I say people, our staff, our teams, how are we going to start to reposition those things, use them in a different way, use different types of people, leverage technology, automation, artificial intelligence, and leverage different processes to basically beat them at their own game? We’re going to go over a quick overview and I’ll come back to this and go into more depth that the way you beat them at their own game is on the claim level meaning every single claim you have to beat them at it.
All right, so the claim starts when a patient actually checks in the door into your office, and then we see the patient, create a document, and we got submit the claim to insurance. I’m going to get back to cash in a second here so don’t get scared there. The claim is accepted by the insurance company. The AI, I’m going to go in depth about this, artificial intelligence looks for errors, submits it back to the office. We have EOB posting, secondary claim submission, secondary EOB posting, same process to find claims that need followup. The claim is fully processed, now we have a patient balance. If it was a cash patient, we just bypass all those steps and the claim, whether it’s cash or insurance, a claim is a claim. There’s a diagnosis code, there’s procedure codes, there’s the associated fees that go with those procedure codes for, you can have a different payer system even for cash patients. But we wind up with the patient balance and then we have all kinds of automation and technology that we can use to get that patient balance down to zero as fast as possible.
So the name of the game is to leverage people, process, and technology to get that timeframe from time of service, the time the patient was seen in your office or checked in, to the time you have a zero balance for that patient. Obviously for insurance, that gets more complicated. So I’m going to go into more depth, little bit step by step in the next video. Stay tuned.
Thank you very much. Again, this is Dr. Brian Capra From Genesis Chiropractic Software, and I will see you soon