You might have progressed into the New Year with plans and goals for improving your personal life, but have you set goals for improving your practices bottom line in 2017? If not, it's high time to do so.
Simple errors like recording the patient information, confusing the secondary payer with the primary, or entering an incorrect Insurance ID number, all of which can cause your claim to be denied, incurring huge loses. Due to lack of denial management strategies, a lot of money remains uncovered by medical practitioners. Working with patients to make sure everyone is accountable for the cost of care is important for the success of any practice.
The 2016 Industry facts
|Out of 4.6 million total claims submitted per day, 2 percent were reportedly rejected due to either incomplete or invalid information|
|A reported 0.09 percent of total claims were rejected because of invalid ICD-10 codes|
|In September 2016, 94 percent of surveyed billing managers, executives, etc. predicted their denial rates shooting up in October.|
|Out of the 94 percent surveyed, only 30 percent said they had worked effectively to advance their denial management processes.|
|The industry average regarding denial rate may be between 5 and 10 percent, according to research from the American Academy of Family Physicians (AAFP)|
One of the substantial problems medical practices faced in 2016 was that incorrect patient information was entered into the computer system. Many a times, incorrect/misspelled patient names, incorrect dates of birth, typing errors in the insurance ID number, and secondary insurance put in as primary all lead to the claims being denied. This caused the accounts receivable to rapidly increase and spiral out of control.
Handling insurance claims, resubmissions and working denials is very consuming on your time, resources and capital .The best thing to do is to give a serious thought to every challenge you faced this year, and Start the New Year with the right collection perspective by finding a technology or company that addresses these needs.
MBC's real solutions to its clients
Medicalbillersandcoders.com offers implicit insurance follow up, denial management and insurance resolutions that ensure optimum revenue recovery and increased cash flow. While utilizing technology, MBC is able to follow up with payers to identify, address and rectify any insurance related problems. Our professionals with over 16+ years of medical billing experience are working on your practice's accounts and can increase the practices revenue by 15 - 20%.
The increasing complexity of healthcare services, rapidly changing reimbursement rules and requirements, and plain human error guarantee that claims denials will never fully vanish. But by outsourcing to MBC, practices can reduce the impact of denials on their revenue cycles. Consider outsourcing to MBC as an effective option today!