Tired of losing revenue
August 7th, 2019, 10:49 pm
Write it off — This means you cannot collect reimbursement for services rendered. This makes it easier to implement remedial measures. Identify the reasons for denialsDid you know that the majority of denials are preventable? Preventable denials include incorrect information provided by the patient, ineligibility for insurance coverage, invalid diagnosis or procedure codes, incorrect modifiers, improper unbundling, delays in filing claims, lack of medical necessity and more. For example, if the bulk of denials can be corrected and resubmitted, your staff may need training on correct and specific codes. However, the absence of a sound denial management strategy to track and manage denials doesn’t allow practices to prevent future denials.. Prioritize denials Priority should be given to high-dollar claims or ones that have a short turnaround time. With A+ rating, Emerald Health helps small-to medium-sized medical practices improve their bottom line.• Bill the patient directly — This may be possible if the patient had signed an Advanced Beneficiary Notice (ABN) and/or if there is a policy that patients are financially responsible for any services not covered by their insurance company. Check each denial for –• specific reason • number and charge of denied line items• provider’s name• specialty• locationTracking such information allows you to understand why the claims are being denied. Professional billing servicesProfessional billings services have trained, expert staff to carry out your medical billing and denial management. Tracking each action taken on a denial, helps to create a denial management and prevention strategy. They also have economies of scale to provide you these services at an affordable cost. Plan what to with denials There are 4 options if your claim is denied –• Correct and resubmit the bill — It is important to understand the reason for denial to correct it and avoid such denials in the future.To learn more or to take advantage of the top specialty medical billing and coding services in Massachusetts, such as podiatry billing services, call Emerald Health LLC in Massachusetts at 855-650-9906 Today. No practice should have a denial rate greater than 5%. But this is possible only with claims denial management and prevention strategy. Identifying the reasons behind denials is essential to prevent them in the future.• Level Indicator Wholesalers Appeal — Make an appeal template, customizable to individual denials. Emerald offers a free revenue cycle assessment and phone consultation. Massachusetts – October, 2018 – Are you tired of losing revenue to claim denials? Are you and your staff spending too much time of preventing revenue leakage due to denied claims?Many medical practices lose thousands of dollars every year to claim denials. In fact, most practices save money and increase revenue by outsourcing their billing processing and denials management to a trusted medical billing services provider.