Physicians and Medical Practices are striving towards efficient and enhanced Denial Management to achieve their financial goals. To curb claim denial completely seem to be an inevitable challenge, however, keeping claims denials under standard quality percentage can reduce revenue loss and effort spent on clearing them. Read below to know the Tips and Tricks for Better Healthcare Denial Management.
Denial Management should be an ongoing activity in line with everyday medical claims processing. Ignoring denied claims and focusing on only new claims to be processed does not fetch targeted financial results.
Check out the below Tips for Efficient Denial Management:
Claims Tracking and Reporting
Having a systemized and strategic reporting method is crucial to track step by step status of each and every claim right from the patient registration through the closure of claims with a full reimbursement. Reach out to a billing expert for assistance with an efficient Medical Claims tracking Reporting system to avoid denial claims taking back seat and getting into older AR buckets.
Prioritize Claims Denials Processing
Most practice and physicians focus on handling day-to-day patient visits and processing new claims while the denied claims are ignored to be processed later, which in turn results in missing timely filing limit (TFL) leading to revenue loss. Having a streamlined approach to handling denied claims by fixing the errors and processing them immediately helps earn the due reimbursement without much effort and follow-ups.
Experienced AR Follow up and Denial Management Team
Processing denied claims productively without affecting the reimbursement percentage requires an experienced AR follow-up and Denial Management team. Analyzing claim denial reasons and fixing them, diligently following up with Insurance carriers until the payment is received needs expertise handling denials with various payors.
Quality Billing and Coding
Quality Billing and Coding is a prerequisite to ensure the denials are under control and eliminate re-appeal and denial management. Experienced Billers and Certified coders with expertise handling multi-specialty claims produce quality claims and higher cash flow.
Regular Audits Reduce Claim Denials
Billing and Coding Audit should be an essential part of the daily core to capture recurring denial causes and educate related staff. Audits at regular intervals can help reduce claims denials and generate high reimbursement.
Effects of Claim Denials
Claim denials do not only lead to a partial or full loss of reimbursement on that particular claim but also cause a loss on time reworking on the denials, additional cost to analyze and follow-up. Therefore it is always better to have an efficient billing system in place to minimize denial percentage and work towards quality Medical Billing.
Outsourcing Denial Management
Handling Medical Billing In-house has limits in terms to experienced resources, time management and exposure to various nuances of Revenue Cycle Management in comparison to Outsourced Medical Billing. The process knowledge, expertise and streamlined approach that comes along with the well-established Revenue Cycle Management Company can play tricks for Better Denial Management.
About MGSI
MGSI is a leading Medical Billing Company located in Tampa, FL. With more than 25 years of expertise handling Medical claims processing, MGSI offers complete Healthcare Denial Management Services which includes AR Follow up, Claims Status Checks, preparing appeal letters and resolving Denied Claims. For best Denial Management Services contact us at 1-877-896-6474 or visit www.mgsionline.com