![]() Number three, complete your forms, sign and return your renewal information as soon as possible. Different states have different deadlines for Medicaid renewal. Make sure you follow the renewal process by your state's deadline. When it's time for you to renew your Medicaid coverage, your state's Medicaid office will contact you by mail, phone, text, or e-mail #2 Know your deadline to renew Medicaid coverage. You can contact your state's Medicaid office to make sure your contact information is up to date, including your current address, phone number, and e-mail address. Number one, check and update your contact information. And you may be wondering, what should I do? Here are three simple things you can do to make sure you're ready to renew your Medicaid coverage. Simply put, it has a low chance of appeal after you’ve received the denial, thus you lose money.You may have heard your Medicaid coverage will need to be renewed. Submitting a claim past an insurance's timely filing limit will come back to you as Claim Adjustment Reason Code (CARC) 29 and state, “The time limit for filing has expired.”ĬARC 29 has a high chance of prevention but a low overturn rate. On the flipside, if your team isn't familiar with the limits for the insurances the majority of your patients use, you're losing revenue. ![]() Knowing the deadlines of payers that attribute to most of your revenue before your patients visit your office will help your team anticipate and submit your claims faster. Why not use it as a guide to help identify the most important timely filing limits your team should be aware of? It's helpful in breaking down what percentage of revenue comes from common insurances. When speaking to our clients, most of them know their payer mix.Ī payer mix is a listing of the different healthcare insurances your patients use. ![]() But which are they actually using? Of course, I'm referring to what's known within the industry as a "payer mix." ![]() There are hundreds of thousands of insurance options your patients can choose from. Some of those responsibilities include patient care, coding, and keeping track of healthcare requirements.Įnsuring your team is submitting patient claims on time is another important responsibility you need to know. With a small amount of extra effort, you can lower your timely filing denial rate even more.Ĭhances are, you and your staff already have a ton of work to complete on a daily basis. As a simple example for reference, 0.01% of $3,000,000 is $30,000.įurthermore, that percentage is only true if you have all of those payers and submit an equal amount of claims to each. If the deadline isn’t 180 or 365 days then there’s a 56% chance that the limit is 90 daysīy submitting your claims within 90 days the chances that you receive a claim denial related to timely filing is 0.01%.Ī 0.01% chance stacks the odds in your favor, although that percentage can still have a significant negative effect on your bottom line if you aren't vigilant. If the deadline isn’t 180 days then there is a 46% chance that their limit is 365 days There is a 34% chance that an insurance company has a deadline of 180 days The two most popular timeframes are 180 days and 360 days From the bar graph and statistical data above we can conclude that…
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