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 Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.From the bar graph and statistical data above we can conclude that… Certain property casualty coverages may be provided by a surplus lines insurer. Non-insurance products and services may be provided by independent third parties. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. AIG common stock is listed on the New York Stock Exchange.ĪIG is the marketing name for the worldwide property casualty, life and retirement and general insurance operations of American International Group, Inc. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions and other financial services to customers in approximately 70 countries and jurisdictions. (AIG) is a leading global insurance organization. All rights reserved.Īmerican International Group, Inc. Copyright © 1997-2023 American International Group, Inc.
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