Financial performance ranks as one of the top 3 concerns amongst most physicians and medical practices; especially due to increased claim rejection rates and cost of resources while collecting practice revenues.
The rate at which you turn claims into cash establishes whether your practice is prospering or not.
Industry Standards State:
|1). Claims rejections rate of a stabilized practice should be 5% which saves thousands of dollars|
|2). Current rejections rate of in-house billers is 15% which is going out of provider’s pocket|
Validating this further – “ High performing practices denial rates are below 5%; while other practices denial rates are between 10% - 20% or in the extreme even at 30% sometimes”
Don’t allow Rejected Claims from keeping your practice on the back foot!
On the plus side finding out why your claims are being denied are one of the most accurate ways to evaluate your performance. Determine what your practice needs to do differently to reduce denials with the help of Key denial management functions:
|Reporting system which optimizes cash flow|
|Analyzing denial patterns to identify the reason for denials|
|Follow ups done appropriately using accurate workflow priorities to increase recovery|
|Accurate management analysis reports on time to prevent future denials|
|Proper method of Appealing denials based on federal and state statutes and case citations|
|Preventing untimely filing|
|Evaluating the success rate of denial resolutions|
|Avoiding future denials by ascertaining the need of any work flow improvements|
Solution- Is a billing specialist a cost effective & permanent answer to handle all your denial woes?
Even practices with proper functioning billing system can experience a claims rejection rate of 10% on first pass, and even higher rejection rates for more complex cases. Claims settlements are expensive with refilling costs as high as nearly $25 per claim.
Getting a billing service partner will give you the added advantage of a specialist who can skillfully handle all the above key functions, providing a permanent solution to your cash flow problems.
Streamlining your Denial Management with MBC….
MBC’s expert denial management team ensures all claims prior to submission meet national and local requirements for medical necessity and complies with commercial claims stipulations. MBC using best practices for tracking and monitoring denials offers:
|Payer enrollment along with ongoing claim checks for accuracy & duplication|
|Expert team that identifies claims issues at the earliest|
|Reports which compare performance & identify improvement areas|
|Easy accessibility to claims status to help track your claims throughout the claim’s pay cycle|
|Rejection analysis to identify and fix common claims errors|
Enjoy the convenience of dealing with one company for all your denial management needs
Improved Cash-Flow with MBC
Efficient Denial Management System - Reduced denials from 10%-15% down to less than 5% - Increased Revenue by thousands of dollars
Optimized claims submission can improve first payment rates and shorten the billing cycle!