With decrease in medical claim reimbursements and substantial increase in payer regulations, it has become mandatory for every physician to manage their revenue cycle. Every physician needs to be paid fully and promptly in exchange of the services they offer in order to survive in todays harsh economic situation.
Better performing practices exhibit lower denial rates!
Denial management is the crucial part of revenue collection system and industry experts state that most of the successful practices display denial rates below 5%, while any rate over 10% should be reviewed closely.
Many years ago, individual claim processors used to review, process, and pay the claims. However, with increase in the sophistication of computer systems, this is done by a set of predefined payment algorithm which mimics the work performed by traditional claims processor.This has led to more claims denial in the present. Hence it has become mandatory for physicians to not rely on outdated processes and as quickly as possible adopt new techniques to their practice management processes to help reduce their denial rates.
Why more claims are being denied in the present?
Eliminating outdated processes can help reduce denials in 3 simple steps-
Increase your overall revenue with MBC's complete billing solution!
MBC uses all the necessary resources and updated processes to reduce claim denials and increase your collection ratio!
MBC is the largest consortium of billers and coders providing medical billing across all 50 US States in varied specialties. Our billing experts also offer specialized billing services customized to practice managements needs which the physician can choose as per their requirements, like denial management services and so on.
|MBC =||Reduced denials by more than 70% + increase in overall collections by 15- 20%!|