Claim denials have become a norm in healthcare industries, but just because it happens every day doesn’t mean that your hospital, clinic, or practice should grin and bear it. There are ways to dramatically minimize claim denials and improve collection. The most successful medical practices have already revamped their processes and streamlined their denial management in medical billing. This has helped them improve cash flow and continue to provide high quality care for their patients. Developing a denial management process is not easy, but it could have a great impact on the organization’s revenue and satisfaction rating. Tips for Improving Denial Management in Medical Billing:
1. Find out the reasons for denial claims Before revamping your denial management process, find out the main reasons why insurance companies deny the claims you lodge. Some of the common causes of denials include incorrect patient information, terminated insurance coverage, non-covered services, and late filing. By identifying the reasons, you can then address the problem head on. 2. Use an electronic health record system. This system can help in verifying the patient’s information and eligibility quickly. Your personnel can then inform patients of possible issues with their insurance and prevent claim denials. 3. File denied claims appeals in a week.
Responding to claim denials quickly is one of the backbones of effective denial management in medical billing. You must be proactive in order to process the appeals and resolve insurance issues faster. Thus, you need a specific person (or a team of people) whose main job is to track denied claims and file appeals within the week. 4. Outsource your medical billing To ensure the success of denial management in medical billing consider hiring an outsourced company in India. With a team dedicated to managing claims and patient follow-up, your organization can focus on the things you do best-and that is providing medical treatment and world-class care. Your Indian medical billing team will do an excellent job because that’s all they do; unlike your staff, they are not saddled by other functions within your hospital or practice. You will notice an increase in cash flow when you start outsourcing because claims are efficiently processed and paid. Be sure to entrust your medical billing functions to a company that has been offering outsourced medical billing services to a long list of international clients for many years.