Top Reasons for Claim Denials with Technical Errors
Added: (Tue Jun 04 2019)
Pressbox (Press Release) -
When it comes to healthcare reimbursements, there is nothing more frustrating for practices than claim denials. In order to survive in business, it has become vital for practices to track and analyze trends in payer denials and fix the issues as quickly as possible.
According to the Advisory Board’s Revenue Cycle Bench-marking survey, approximately 61% initial denials are caused due to technical/demographic errors, followed by 16% due to eligibility and 12% due to medical necessity errors.
From training billing staff for handling rejections to utilizing automated software or external vendors for optimizing claim management, there are various steps that practices need to take to manage A/R and denials:
Dealing with claim denials
Claim denials create a serious cash flow problem for practices and therefore, one of the best ways to overcome this problem is to appeal denied claims. At times, practices fail to pursue appeals due to lack of time and commitment from their staff. Some practices also lack the money to hire experienced coders and billers for timely billing and collections.
Since providers have to deal with several payers at once, it becomes difficult to keep claim denial dates close to the end of the industry average. Therefore, hiring experienced staff and implementing adequate claims denial management strategies becomes a necessity to avoid leaving more revenue on the table.
Reducing account receivable
Practices also lose revenue due to rise in A/R days. however, with timely follow-ups of claims after submission, accounts receivable days can be reduced. Providers just need to keep a track of how long claims are going unpaid by the payers and make necessary changes to overcome this problem.
Since keeping a track of claims and preventing denial is a time consuming, complex procedure, many practices prefer to outsource this task to a third party. They hire a billing company competent in services like denial management, A/R management, medical coding, payment posting, EOB management, charge capture and so on. Reputed companies have a dedicated team of experts who appeal and follow-up on denied claims to ensure that practices obtain maximum reimbursement for rendered services. By outsourcing revenue cycle management to a reliable billing company, a growing number of practices across the US are reducing costs and optimizing revenue.
About 247 Medical Billing Services:
We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses.
Contact:
247 Medical Billing Services
Tel: +1 888-502-0537
Email: info@247medicalbillingservices.com