Is your hospital facility billing continuously facing errors? Within any of your medical accounts in terms of Revenue Cycle Management (RCM) is that restricting your organization’s cash flow? There are a few common problems that have affected the current Hospital Billing setting which can be avoided in a few steps.
Claim Denials
One of the easiest problems which can be observed in any AR management is claim denials. If you have probably read about it that in hospital billing of all the claims total of 10 to 25 percent of them are denied on an average. Hospital Billing has been one of the worst affected in terms of denials and low insurance payments. On average 4 percent is considered as a benchmark in terms of claim denial but according to the doctors association the average in more than 6 percent.
The claim denial problem is pretty real and less than two-fifths of the appeal of the practice during a denial. There has been a significant loss in terms of gaining revenue over the denied claims as the revenue owned by the hospitals is declining with each patient’s visits.
Insurance companies have issued a statement that most of the denials are due to simple errors and can be fixed with a certain amount of attention. The practices can reapply for the reimbursement or re-appeal. To reduce the number of denials, this is the easiest technique which can be a guideline for any practice.
Billing write-offs
Some of the write-offs may be necessary while dealing with claims but unnecessary write-off can be cumbersome for your practice. One thing a practice can do is have a team of billers and coders who can constantly manage the number of claims. They can also appeal and re-appeal in the case of denials. A team of billers helps you to manage the write-off part of the billing
Medical Billers and Coders (MBC) laid out a few simple guidelines for your Hospital Billing
Write off between amounts
It easy to be carried away in the write off the game but as the facility grows write-off could cause you millions of dollars. You should review all your write-off before the write-off is being initiated, many organizations set out a standard which will mean that the write-off amount is already set for given criteria.
Monitoring
For any facility, it’s important that a required benchmark is set for the write-off wherein the tracking and monitoring are done. This might form a pattern for you and it might require a special resource allocation for the same. Monitoring helps in identifying the trends (procedures and insurance companies) who write off.
Benchmark creation
This is an important part when it comes to creating a write-off trigger when certain things take place. Monitoring will easily provide you with certain procedures and then we have identified the given insurance procedures. Either you go in with co-pay or other certain activities of revenue generation for the procedure which will include the patient payment.
Why Medical Billers and Coders?
Medical Billers and Coders (MBC) is a medical billing and coding organization with 19 years of experience. With our team of revenue managers, billers and coders we have channelized the revenue management for over last year’s when the billing industry was seeing a different regulation to curb on the billing.