National Insurance Awareness Day is observed each year on June 28th. While it might not sound like the most exciting holiday, it’s a great reminder for people to review their insurance policies and make sure everything is in order and up to date.
One easy way rheumatology practice managers can “celebrate” Insurance Awareness Day is by reviewing their medical practice insurance and making sure it’s still accurate. It is far too easy to take a “set it and forget it” mentality when it comes to insurance, but the truth is that a lot can change in a short amount of time! If you’re not sure whether you should bother reviewing your policies, ask yourself the following questions. If you answer yes to any of them, you probably need an update.
Have you hired new staff?
New staff members mean going through the credentialing process. Even if you’ve done your best to simplify the process, there are still many steps to take, and some of those involve insurance policies. Make sure all your paperwork is up to date for each physician, and that the insurance company has responded to all paperwork.
Have you added new services or procedures?
If you’ve added something brand new—IE, a new technology or new drug—your insurance company might choose not to cover it until it has proven its benefit. Make sure you’re aware of what various insurance companies—both the one you use for the practice and the ones your patients use—cover the treatments and procedures you offer, and let your patients know the facts before you make recommendations.
Has your insurer become insolvent or weak?
Insurers aren’t perfect (far from it!) and if your insurer is going through a rough patch, they might not able to honor your claims. Check to make sure they’re doing well, their business is healthy, and your practice remains in good hands. If you feel that your insurer is not up to a standard that makes you feel comfortable and confident, shop around for a new one. While the process can be exhausting, it’s better to work with someone you trust!
We hope these tips help you celebrate Insurance Awareness Day and keep your practice, patients, and physicians safe.
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