When running a medical practice, you know how payment denials can result in financial losses for your business. Denials may occur due to unverified insurance policies, non-identification of a patient, inaccuracy in the database, lack of patient credentials, or invalid medical codes.
Every small mistake can lead to a revenue loss. But, you can avoid them by using an accurate billing system incorporated into medical practice management software.
A competent billing system and denial management strategy can hash out the issues leading to denials. Let’s find out how:
Get a Status Update on Denials
If you want to prevent denials in your medical practice, stay updated with the top denials that plague your revenue cycle. Mostly, denials happen when there is missing information, non-compliance with the codes, duplicate claims.
If you understand the leading cause of top denials in your practice, you can take the necessary steps to avoid them. That’s where you can enlist the services of a medical billing company that maintains a backup server.
The company records data of patients and maintains its privacy according to the guidelines of HIPAA or Health Insurance Portability And Accountability Act.
Verify and Process Patient Information
When you work with a reliable service provider, they ensure proper training and assistance to your staff in every vital process. It includes administrative jobs like patient registration and document processing using the medical billing codes.
The service provider will calculate the percentage of claims against payment denials to find the best solutions. Also, they investigate every denial and communicate with your staff for regular maintenance of patient data and financial records.
Maintain Compliance
Denials can happen due to failure in compliance with medical standards and government regulations. Being vigilant from the start can help to avoid its occurrence. You can take help from clinical documentation specialists who work with medical practices to prevent compliance-related issues.
They keep you updated with the latest policy changes and industry updates as well. Here, consider upgrading your medical practice management software with proper registration and scheduling systems to identify common problems before they arise.
Inspect the Claims
An efficient medical billing service provider addresses the issues related to claims with the right strategies. They send out reminders to the payers and call for verification as well. If you are looking to make a denial appeal, they keep you posted with complete information, including the reasons for the denial.
Here, using a practical system pays off. It helps you to formulate an explanation of benefits using the codes. Remember, you can always seek information related to payment denial to start the process of appeal.
Keep an Eye on the Timelines
With a comprehensive billing and patient management system, you can easily monitor the review of payment denials. It includes reviewing the percentage of denials and complying with critical deadlines.
Implement a system that reminds you to follow up with your insurance company. A smart business analytics engine helps to avoid lapses in billing processes.
With the help of an automated system, it’s easier to manage the processes electronically and avoid costly delays.