Importance Of Having The Right Denial Management Strategy

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Importance of Having the Right Denial
Management Strategy
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Importance of Having the Right Denial
Management Strategy
There have been changes in the payment
methodology, and with the Affordable Care Act
(ACA), we are witnessing a paradigm shift in the
healthcare landscape. Unfortunately, despite the
patient-centric care model and value-based
services being at the core of this new
development, the healthcare industry loses about
262 billion in claim denial out of 3 trillion.
This figure translates into each provider denying
5 million on an average. But the biggest
thought is Why are these figures
important? When such figures are so massive in a
claim denial, it won't be far-fetched to think
you can get denied by the provider.
Unfortunately, it means you will be losing the
revenue like hundreds of other practices despite
rendering the services. Read more..
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Importance of Having the Right Denial
Management Strategy
The right strategy can help you with the
following and ensure few to no denials 1. A
solution at the beginning Did you know? A part
of the denial management system ensures that your
staffs are registering the patients with the
right details required for getting the 100
reimbursement. It will include the gathering of
all the correct details that your practice would
need to file the claim for your services. 2.
Ensure meeting the deadlines When the right
denial management strategy is in place, an
accurate system will automatically be developed
as a part of your medical billing process that
will maximize your practice workflow's
efficiency. 3. Understanding the claim
denials Even when you have everything right with
all the correct information, there can be
instances when your claims are denied.
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Importance of Having the Right Denial
Management Strategy
4. Stopping the claim pile-ups It is quite easy
to lose track of the claims denied in the manual
system, letting them to pile up. In fact, it can
quite be a difficult job for a practice like you
to keep a track of the loss of such revenue due
to claim pile-ups. All thanks to an automated
claim management system software that can be put
in place to keep an accurate track of the denied
claims and consequently arising income. 5.
Improves the revenue collection A proper claim
denial management strategy can help in boosting
the overall revenue collection of your practice.
In addition, the automated streamlining medical
billing and coding process will help you to
improve the workflow, and the resubmission of the
claims denied while keeping a track on those that
your practice fails to collect timely from the
insurance providers.  
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Importance of Having the Right Denial
Management Strategy
6. Identifying the issues With the automation
claims management system software and analytics,
you can quickly check daily analysis reports.
This will help your practice to identify any
issue related to claims at the earliest and take
care of it immediately before such claim denial
related problem escalates. Moreover, it also
allows you to identify the areas in your practice
that can cause revenue loss. 7. Keeping up
with changes As we all know that medical billing
rules and regulations are constantly changing,
and you must keep up with such trends. In fact,
one of the inherent reasons that lead to claim
denials is the failure to stay abreast with these
changes. Again, all thanks to the denial
management strategy as it can immediately
notifies you about the changes happening in the
medical billing and coding landscape so you can
implement them. In addition, the automated claim
software can be updated with such new
developments to file the claims accordingly.
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Top 3 Medical Billing Companies Reviews

• Checklist while Outsourcing Medical Billing
  Coding Services
• Once you're done with the shortlisting of medical
  billing and coding companies for outsourcing, the
  next step is to choose the best one out of it.
  Use this checklist to assist your healthcare
  practice in selecting the best outsourcing
  medical billing and coding services.
• Questions to Ask Outsourcing Medical Billing
  Companies
• How soon will they be able to start processing
  claims?
• What kinds of medical billing and coding services
  do they offer?
• What kind of training does their staff get?
• Questions to Ask Your Healthcare Practice
• What should medical billing and coding services
  be kept in-house?
• How much assistance do you require?
• What are your objectives?

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Importance of Having the Right Denial Management
Strategy

• Conclusion
• Despite the complex system of claim lodging that
  often leads to claim denials, it can be prevented
  with the right denial management strategies. Such
  a process starts with knowing the reasons for the
  claim denials, thereby training the practice
  staff to ensure that it does not happen again.
• Though you can do the entire process in-house, it
  doesnt guarantee complete success keeping in
  mind the time, efforts, and money involved.
  Thats why it is usually recommended to take the
  help of a professional medical billing and coding
  company known for implementing a full-proof claim
  denial management system into the practice. You
  can consider 24/7 Medical Billing Services for
  helping you in putting the right claim management
  strategy in place for your practice.

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1 888-502-0537
8
Importance of Having the Right Denial Management
Strategy
About 24/7 Medical Billing Services 24/7
Medical Billing Services is the nations leading
medical billing service provider catering
services to more than 43 specialties across the
entire 50 states. You can rely on us for
end-to-end revenue cycle management. We guarantee
up to 10-20 increase in the revenue with cost
reduction of your practice for up to
50.  Media Contact Hari Sudan,  24/7 Medical
Billing Services, 16192 Coastal Hwy, Lewes, DE
19958 Tel [phone] Email -
info_at_247medicalbillingservices.com
https//www.247medicalbillingservices.com
1 888-502-0537