Top 4 Steps to Follow Medical Billing Denial
The thing about denial management is – when carried out effectively, it can boost healthcare collections to a great extent, and that is an absolute fact. Any healthcare denial management company in the United States would know that not working on denial management effectively could make them lose about 10 percent of their total collections. That is why, even as every process is important in medical billing, denial management is held in high significance.
Let’s look at the 4 main steps that one should follow in order to manage denials effectively:
First, Analyze The Main Reason Behind Denials
With a claim denial, look for the root-cause issue before you get around to getting the claim paid. Without a proper root-cause analysis, you could keep getting similar claims denied for the very same reason in the future, even though you may get this one particular claim fixed. Whether you’re one of the leading denial management services in Florida, or someplace else, working on the same denials time and again will definitely hit your business badly as you will be doing reworks that you don’t need using time and resources that could instead be used for your core business improvement.
Second, Decide How To Fix The Issue Permanently
Like we just said, the root cause analysis has to be the first step in managing denials. The next has to be deciding how to deal with it in a way that you never have to encounter the same kind of denial again. You will need to do some groundwork before you make the right decision. See if you find any loopholes in your solution. Try to put yourselves in your insurance carriers’ position and think like them. Keep reminding yourself that you’re working on deadlines and that your decision would have the power to reap incredible moolah!
Next, Inculcate The Decided Corrective Measures
Now that you have found the problem and decided what to do about it, the next step is to actually do what you decided. Prepare a checklist, collect all the necessary data, documents etc., and make as many calls as needed. Make all the necessary corrections in every appropriate area of the medical billing software. Then, screen-print the claim, followed up with a thorough audit. After everything is done, submit it again to the insurance carrier.
Finally, Document Your Solution
See if the claim really gets accepted or not. If it does get paid, immediately document this solution that helped with the payment of the claim. Also, talk about it to your peers who work at a denial management company in the USA, so that everyone is on the same page when it comes to this particular type of claim denial.
The fact is that claims can be denied for all kinds of different reasons; so, there is no way that we can bring all the denials under one roof. But, at the same time, when we talk about global actions, we need to be more proactive in order to act the right way and avoid similar denials. Plus, whenever you face denials, it is essential you prioritize, then visualize the problems, and finally take the necessary action. Following these simple but essential steps can ensure you get more collections than expected.