Keeping claim denial rates closer to the lower end of the industry average is not always easy when providers engage with several payers at once.
For most healthcare organizations, claim denials are a normal, if not a frequent, occurrence. While very few can boast that their denial rates are close to zero, many providers face a number of challenges with implementing an effective claims denial management process.
Fixing claim denials is a crucial part of the medical billing process and comes with its own set of advantages. Here are some of the key benefits of healthcare claims denial management:
- As the denial causes are identified, the cash flow is maximize
- By collecting and interpreting denial patterns, their root cause can be identified and a suitable solution can be devised for such categories
- Collecting information on denial appeals, including status, escalation, correspondence with payers helps in increasing recovery amounts
- Providing accurate and timely reports to the management allows them to take better business decisions and prevent future denials
- Helps you timely track, prioritize and appeal denials based on federal and state statutes and case citations favoring the medical provider’s appeal
- Analyze the effectiveness of denial resolutions
- Identify business process improvements to avoid future denials
Park Medical Billing can help you fixing those claim denials and handle your medical billing well. Contact us today and we can set a special meeting with you.