How promptly are your denials handled?Wednesday, December 5, 2012 10:11
The prime hassle that most medical billing companies face from their clients is undoubtedly prompt handling and managing denials. “How promptly do you handle your client’s denials?” – When this question is asked, most of the billing companies indicate that this is their biggest pain-point. It is because of the paucity of resources to work exclusively on denial management. With the current claims to be worked under severe pressure due to TAT, medical billing companies concentrate more on them, leaving the Old denials unchecked and piled up. The ideal solution to this situation would be outsourcing medical claims processing by partnering with an offshore company that offers exceptional medical billing and AR services.
Healthy Cash Flow: A recent research performed in the healthcare reimbursement domain stated that approximately 20 to 30 percent of the insurance claims are rejected every year. Consequently, physicians or healthcare facilities face a huge loss and most medical billing companies settle for less compared to what they should be able to collect. Therefore, for healthy revenue cycle management, billing companies will have to consider options such as outsourcing medical claims processing to an offshore company. That way, the Old AR and Denials are promptly handled which makes their customers happy as well as giving a boost to the billing companies’ monthly invoicing.
Dedicated Resources: Managing denials require expert knowledge! Therefore, only dedicated resources can handle them efficiently without leaving backlogs. An offshore company deploys a dedicated team of employees who will manage denials promptly and render effective medical billing services. These experts analyze the possible denial trends and also initiate ‘global action’ that can save many claims with a simple fix. Then, they do extensive groundwork to correct ambiguous claims and avoid the chances of them getting rejected again.
Eliminate Backlogs: The offshore medical billing company’s dedicated team of resources is adept in cleaning up the backlogs that were accumulated so. To accomplish this task, they perform a thorough root-cause analysis, decide on the right solution for fixing the particular issue, take corrective measures, submit claims and finally document the solution if the claims are accepted by the insurance agency. This way, the team can handle claims more efficiently resulting in a healthy revenue cycle management.