Looking at the landscape of the chiropractic practice management, we see a playing field tipped to benefit the payers and hurt physicians. By increasing billing costs, underpaying claims and conducting a growing number of post-claim audits, insurance companies strive to keep profits high while depressing those of individual practice owners. To counteract these methods, healthcare providers need to streamline their business practices and take advantage of billing networks. The relationship between payers and providers is adversarial, but billing networks offer solid strategies that allow providers to get back into–and win–the game. The “network effect” allows a large number of disparate practice owners to capitalize upon their strength in numbers.
It works like this… when one practice has an underpaid claim for a certain insurance company Genesis creates a rule to fix it moving forward for every other practice that bills that same insurance company. Repeat for each problem with insurance companies paying claims and over time you build an enormous set of rules to get claims paid in full and on-time. That’s the network effect.
