As medical providers, you understand likely more than anybody else how important health insurance is—we all need it to help pay for our healthcare, from routine doctor visits to more serious medical costs like an emergency surgery or hospitalization. But nobody wants just any old health insurance. Your patients want a reliable health insurance company with a good reputation: one that doesn’t induce anxiety, but prevents it—one that proves reliable, time and time again. And as medical providers, you want to network with these guys.
To help you sort through different companies and definitively determine which you want to work with, we asked 10 medical billers a variety of questions pertaining to their own experiences with health insurance companies. And one of those questions was: Which insurance company pays the highest? The results are as follows:
Medical Licensure
The highest percentage of responders (50%) said that Blue Cross Blue Shield pays the highest. This number was followed by 20% that reported TRICARE, and not too far behind were Aetna, Magellan, and Optima Health, which each received 10% of the votes. The remaining insurance companies listed above did not receive any votes.
The Winner’s Circle: About…
Blue Cross Blue Shield
Blue Cross Blue Shield got their start in 1929 and, “has led the healthcare industry by rising to the challenges that change brings, enabling new discoveries, and continuing to evolve,” according to its webpage. They pride themselves on providing their clients with “high-quality, affordable” coverage, which is made possible by their experienced employees and valuable partnerships. And according to medical billers, they are one of the highest paying insurance companies out there.
TRICARE
TRICARE (formerly known as the Civilian Health and Medical Program of the Uniformed Services), which again received 20% of above voter support, is dedicated to providing uniformed service members and their families all around the world with reliable healthcare. This is further detailed in their mission and vision statements, which are to, “enhance the Department of Defense and nation’s security by providing health support for the full range of military operations and sustaining the health of all those entrusted to our care,” and, “be a world-class health care system that supports the military mission by fostering, protecting, sustaining, and restoring health.”
Aetna
One of the third-place winners, Aetna, was founded all the way back in 1853; this insurance company is devoted to providing all parties involved (individuals, employers, health care practitioners, and others) with great service and benefits. According to CEO and President Mark Bertolini, the company’s foundation is built on a few core values: simplicity, such that the health care process is made a simpler one; focus, in that health is of utmost importance; and connection, whereas customer and employee communication is unfaltering.
Magellan
Magellan, which also tied for third, claims to be “a company on the move, leading humanity to healthy vibrant lives.” They strive every day to fulfill their own values—integrity, accountability, collaboration, and caring—and, in turn, aid a multitude of communities with their health. Like Aetna, Magellan prioritizes interconnectedness, as they work to tie behavioral, physical, pharmacy, and social needs into one to provide care that is “personalized, coordinated and cost-effective.”
Optima Health
And lastly, our final third place winner, Optima Health (a service of Sentara) is a trusted company dedicated to providing quality healthcare to their 450,000 customers. Optima seeks to “improve health every day,” as claimed in their mission statement, and aspires, “to be the health plan of choice in the communities [they] serve,” as specified in their vision statement. Among their numerous health plans, include employee-owned, employer-sponsored, Individual and Family health plans, and employee assistance plans.
In Conclusion
There are a lot of different factors to consider when deciding which insurance companies you do and don’t want to work with as a medical provider, such as a company’s reach, reputation, and—of course—its reliability. These are all important considerations, and it is much like a puzzle you have to put together. Hopefully our medical billers’ opinions on the subject at hand—which insurance companies pay the highest—provide you with one piece to the puzzle and help you make an educated, effective decision.
We Surveyed Practicing Medical Billers,
and asked them about Top Insurance Companies
Read what we found out…
The Slowest Paying Insurance Companies
The Highest Paying Insurance Companies
Insurance Companies Most Likely to Deny a Claim
Insurance Companies Least Likely to Audit You
Insurance Companies That Seemed Unfair
The Best EAPs to Work With
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