Denial Management is a crucial element of revenue cycle management. This will be an important part of Plan B used by medical companies and billing providers to contest denied claims due to errors made in the first phases that comprise the revenue cycle. This is why MedICD has a separate team that handles all denial claims and because the significance to A/R Management cannot be overshadowed. More attention needs to be placed on the payment of healthcare providers to ensure the lowest accounts receivable and ensure proper appeals and reimbursements.
This method can help medical practitioners maintain a seamless workflow and aid in establishing a system that will ensure timely revenue collection. When revenues increase, you’ll notice the outcomes we have achieved through our denial management solutions that target the dreadful medical claims that are rejected and also ensure the efficiency of the process of managing the cycle. Therefore, your medical practice requires an A/R management solution that can satisfy all the requirements.
Denied Claims are truly a real-life issue for the financial standing of medical practices since they can negatively impact revenue and the workflow. But, the chance of these claims being denied can be reduced. Moreover, any denial of claims because of minor mistakes could be appealed. That’s why MedICD ensures that claims that are not accepted are appealed promptly. This method allows us to improve the revenue you collect and reduce your receivables on accounts as much as possible. You can transfer denial management to IMed Claims and forget about squeezing your revenue.
Indeed, MedICD is not the typical medical billing firm providing basic medical billing with a pinch in A/R administration. Yes, that’s right! MedICD has proper RCM experts across 50 states, handles over 50 specialties, and has years of experience in the field. This is why medical professionals must think about this aspect when choosing the right medical billing firm to manage denials. With us, you’ll receive regular reports and 24/7 support, providing the most effective communication to improve the efficiency of your practice to a higher level.
To make the revenue cycle management process as easy and efficient as possible, it is essential to follow a few steps to ensure maximum efficiency. These steps fulfill the fundamental necessity of managing the A/R process and aid in better revenue collection.
This process involves identifying the source of the mistake or oversight that occurred in the billing process for medical services, which ultimately caused the claim denial to be issued in the first. After identifying the root of the issue, it is possible to remove the errors throughout the entire procedure and appeal the denial of the claim.
The second stage of the overall procedure is to manage the crisis in which claims denials are threatening the practice’s total revenue. This is the root of the problem since concentration and determination are essential to limit the damage.
The third step is to monitor the effectiveness of the denial management process and the results. This method allows you to observe the outcomes in real-time and find out if additional action is required to limit the medical practice’s revenue loss.
In addition, we want to avoid any similar error from causing stress in the revenue collection process of the company. This preventive mechanism has allowed us to safeguard many healthcare practices from the huge possibility of denied claims.
Some FAQs About Denial Management
Denials of claims can happen for various reasons, but the most common of which are errors in the verification of eligibility or breakdown of benefits, as well as applying incorrect codes to the entry of charges for a particular treatment.
Whether it’s your internal or medical billing for your family practice doesn’t matter. The top 5 denials include:
Denial management is an area within medical billing that caters to the denials of claims occurring during the revenue process. But, accounts receivables include the unfiled and denied claims that are still to be processed in the clinic from insurance companies or patients.
To sum up, one could say that the management of A/R is a key element of managing revenue cycles. This is why MedICD focuses on offering the most effective RCM bill-paying services that ensure that your account receivables remain in control. You can maximize profits through timely claim reimbursements. This approach is crucial to ensure a seamless process that optimizes your processes.
MedICD is a professional medical billing firm specializing in every step of the revenue cycle. This is the reason we’re offering complete revenue cycle management, and we can help you in many ways. You can handle your claim denials by partnering with experts and consultants in denial management employed by MedICD.