Let’s face it – keeping track of all those medical billing rules from different payers can be tough. And it’s not just the sheer number. Insurers keep changing the rules of the game along the way.
Technology to the Rescue
Many medical practices improve their accounts receivables with software that includes (and automatically updates) all those medical billing rules. This kind of software can help you catch potential denials before you send in your claims. Remember when payers reject a claim the first time around, the likelihood the practice will ever receive payment drops significantly.
Spotting billing errors in advance means you can resolve issues proactively and minimize payment delays and denials.
Small Costs Can Add Up
The Medical Group Management Association reports the average cost to rework a claim is $25. That might look like a small amount initially, but it can add up. For example, a practice that avoids reworking 100 claims—and the related phone calls, investigative work, and appeals—can save $2,500 every month.
Look for revenue cycle management software and services that:
* Yields higher collections, faster
* Slashes staff claim follow-up tasks
* Saves you money through greater efficiency
Got a tactic that works to combat claim denials at your medical practice? Share your strategy in the comments section below.
