3 Reasons Why You Aren't Getting Paid
Whether you are launching into private practice for the first time or are a seasoned therapist in private practice, you will experience times when it doesn't make a lot of sense that money doesn't come through. It feels like a pipe is clogged and it seems impossible to clear the pipe.
However, there are only a few reasons why you wouldn't receive reimbursement and there are actionable things you can do to fix them.
Reason 1: Your Credentialing Isn't Finished or is Incomplete
This is the biggest reason why reimbursement seems to be "stuck". Often times, providers will see patients without the confirmation that they are in-network or approved to see patients. The expectation is that you will get paid even if you see patients.
Most of the time, if a therapist sees a patient without confirmation that they are in-network, then their patient or patients will end up owing a substantial amount of money to the practice.
Reason 2: Your Patient's Insurance Changed
This is the next biggest reason why reimbursement doesn't come through. If your patients insurance has changed, then they need to tell you, so you can send the correct information. If you are not given the correct insurance information then you will not get paid for the services that you render.
Always be sure to ask your patients if their insurance has changed or if they have had a change to their address.
Reason 3: Your Address Is Incorrect in the Insurance Company's System
Moving offices or states is inevitable. However, if you don't plan for a move then your reimbursement will be put far behind. You will want to make sure that you update the insurance companies with your correct information so they can send you reimbursement checks.
Conclusion: Ultimately, if you set up electronic payments, this will help to alleviate any slow reimbursements. Be careful when credentialing to give all the accurate and up to date information, to check in with your patients about their insurance information, and to correct any inconsistencies with your address with the insurance company.