What should be maintained to track insurance claim submissions and payments?

Maintaining a claims log is essential for efficiently tracking insurance claims submissions and payments. A claims log serves as a systematic record that organizes and documents each claim's details, including submission dates, claim numbers, statuses, amounts billed, payments received, and any denials or follow-ups required. This organized approach allows healthcare providers to monitor the workflow of claims, identify trends or issues in claims processing, and ensure timely follow-up on outstanding payments.

By having this comprehensive log, staff can easily manage their claims workload, analyze the performance of their revenue cycle, and maintain transparency in financial operations, ultimately leading to improved cash flow and decreased administrative burdens. While other options may provide helpful supplementary information, such as outlining specific forms submitted or exceptions, they lack the centralized tracking and detailed record-keeping features that a claims log offers. This centralization is critical for effective management of the claims process.