The biggest of challenges faced by physicians today are not solely related with patient care. It also has to do with business side of health care, especially concerning medical billing and administering better denial management services.
In a research by a Washington DC-based global health care research firm, it has been established that denials cost as much as 3% of practitioner’s net revenue. Indeed, nothing is more frustrating for the practitioner than a claim getting rejected in part or full. Per se, there is an urgent need to enhance the practice’s financial health. Here are some lucrative means to the end, adopting one or more of which at the provider’s office is bound to reap rich dividends: -
The front desk at the provider’s office should perform insurance eligibility verification prior to the patient’s visit during the time off the practice schedule. This practice can save the provider’s office with at least 1% of their annual income. Identifying insurance issues before time would allow the office to improve upon the issues and know the A/R of patients. Thus, the provider’s office would know exactly how much is the medical policy coverage, how much are the copays and what are the deductible shares that must be collected from the patient at the time of next appointment.
As per MGMA, a practice is not doing well if its denial rate is over 4%. The average claim denial costs $25 to $30 each, which is quite a lot of money trickling down the drain every year. So, either adopting the above measures or hiring professional denial management services provider, becomes all the more pivotal.
Medicalbillersandcoders.com with its effective and efficient denial management solutions prevents majority of medical claim denials and maximize revenue. Their denial management services safeguard the provider’s office from any legal problems caused by carelessness of physician’s office.