When it comes to active healthcare claims processing, it is essential to create a process that maximizes efficiency to handle denied claims. Most medical practice administrators get worried when it comes to working claims, particularly when the claims are denied. It is essential to identify the potential income loss and begin an effective medical claims management process for handling these claims.
The good news is that every small improvement will make a significant impact on the cash flow of your practices revenue cycle. Here are some tips on how to accurately process denied claims and increase the overall performance of your revenue generation.
Track All your Claims
This may seem like basic advice, but the fact is that many healthcare providers do not track all their claims. The only way to define the problem is to use an effective method that will help teams keep track of denials so that they do not lose a single claim.
Complete Your Denials in a Week
If a claim was submitted incorrectly it will get returned or denied, then it needs to be corrected and promptly submitted again. Many health insurance companies place time limits to re-file their denied claims. By making denials a high priority and actively addressing them quickly you can ensure that they are not ignored or lost.
Identify the Problem Within Your Claims Denials
Monthly, you should look over all the denials and try to locate any trends that might be a cause for errors on a large scale (global errors). By identifying a specific issue that several denials have in common, the problem can lead you to take practical steps to rework the claims and to avoid future denials. This can protect your Time, Money and Effort.
What happens if you find out an excessive number of mistakes are being made? Do you take the time to re-educate your staff, or do you choose to outsource?
Outsource your denial management process
A good solution will be outsourcing your denial management process to an expert company that focuses on Revenue Cycle Management solutions. When you outsource medical billing, you are handing over your revenue cycle management to individuals with extensive training. If you have a cavity, you go to the dentist. Similarly, if you have trouble with your medical revenue cycle, you outsource medical billing.
When choosing an outsourced healthcare solution to use, there are a few questions you should ask like,
- Do they use expert teams that are highly skilled in working with insurance systems?
- What are their turnaround times to get the denials addressed?
By outsourcing your denial management process to a medical billing company, you will have more time to focus your attention on patient needs. Interested in learning more? Check out this overview of MEREM Health’s medical billing services.