An important and essential part of your job, as a medical provider, is working with various health insurance companies. But that’s not to say it’s an easy aspect of your job—it can instead prove difficult to differentiate between the varying companies and policies. And that’s exactly why we’ve gathered a plethora of information regarding said insurance companies for you to consider. We asked 10 medical billers a series of questions regarding their experience with prevalent companies—such as UnitedHealth, Cigna, and Humana—one being: Which insurance company pays the lowest? The subsequent results are detailed below:
Responses varied, but the bulk of votes were split equally between Cigna and Medicaid: 30% of participants said that Cigna was the lowest paying insurance company of those listed, and 30% said that Medicaid was the lowest paying. The remainder of votes were split between UnitedHealthcare, ComPsych, and Magellan Health: 20% said UnitedHealthcare was the lowest paying, 10% said ComPsych was the lowest paying, and 10% said Magellan Health was the lowest paying. None of the survey participants voted for Blue Cross Blue Shield, Aetna, Humana, Medicare, or TRICARE.
An Inside Look at These Companies
Need to brush up on what these companies are all about? Here are some additional details about the aforementioned companies:
Cigna (30% of votes)
Cigna got its start over 200 years ago, but has since merged with INA Corporation and Connecticut General Corporation to become the success insurance company it is today. The company’s primary goal is to help its customers lead healthier lives and provide them with support and security. Furthermore, the company prides itself on always taking the “proactive, personal, and empathetic” approach, as stated on its website.
Medicaid (30% of votes)
Medicaid is a program funded jointly by states and the federal government. Its purpose is to provide health coverage to a plethora of eligible Americans, from low-income adults to children to pregnant women to the elderly and the disabled. Specific services—type, amount, duration—vary on a case-by-case basis, which are ultimately determined by one’s state and as directed by broad federal guidelines.
UnitedHealthcare (20% of votes)
UnitedHealthcare is on a mission to help people live overall healthier lives—all the way through retirement—and to make the health system better for all. According to their webpage, UnitedHealthcare is shaping their system into one that is, “connected, aligned, and more affordable for all involved. One that delivers high quality care, responsive to the needs of each person and the communities in which they live.”
ComPsych (10% of votes)
ComPsych Corporation prides itself on being the world’s largest provider of employee assistance programs (EAP), as it provides services to over 35,000 companies and more than 95 million individuals. Furthermore, this company has multiple health and wellness programs, which are designed to address any and every emotional or physical issue an employee may face.
Magellan Health (10% of votes)
Magellan Health sets out to create healthier and happier lives by implementing their four core values: integrity, accountability, collaboration, and caring. Additionally, the team at Magellan Health is dedicated to “pursuing new methods and challenging convention in the fastest growing, most complex areas of health, including special populations, pharmacy, and other specialty areas.” And their relentless efforts ultimately make for positive health outcomes.
Health insurance companies abide by specific policy rules in paying for a given service. Most will only cover the amount that is routine or reasonable—they don’t typically pay for costs that are more than what is standard or expected. This is important to remember when weighing the above information and in creating or maintaining relationships with health insurance companies. Furthermore, there are plenty of other factors to consider and review, which prove significant to working with said companies.