Those in the healthcare industry are no strangers to delayed or denied insurance claim payments. Most health systems, hospitals, and physician practices facing this issue risk losing revenue each year. One of the most effective ways to determine how to prevent delayed or denied payments is to evaluate and assess your practice’s revenue cycle. For many healthcare organizations, maximizing the revenue cycle and improving medical billing, medical coding, and accounts receivable are vital for overall growth.
The first question is, “Why do insurance claims get denied in the first place?” Denials are a known issue for any healthcare practice; they delay revenue, add additional work to the billing staff, and create an unpleasant customer experience. The most common cause is missing or incorrect information, such as demographic details, procedural codes, or diagnosis codes. Another reason is prior authorization not being conducted. Other common causes include medical need requirements not being met, procedures not being covered, payer processing errors, the provider being out of network, and more.
A detailed revenue cycle management assessment can help your practice avoid claims denials and ensure you receive regular reimbursement for the services provided. Your revenue cycle assessment should include a review of the following:
This review will help identify areas where your practice may be falling short in billing practices, coding accuracy, or claim submission.
Charge capture audits can help ensure your practice correctly documents services rendered and bills for all procedures performed.
You can develop a plan to improve claims submission and reimbursement rates by reviewing your underpayments, denials, and appeals management processes. Additionally, a revenue cycle assessment can help you identify and resolve billing discrepancies, ensure billing compliance, and improve cash flow.
This review may include contract reviews to ensure the office is paid correctly and identify recommendations for improving claims management, denial prevention, and Accounts Receivable follow-up.
Analytics and reporting will give you the data you need to make informed decisions about your revenue cycle management. They should include a review of medical billing revenue cycle, accounts receivable, and denial management reports.
A thorough review of the following claims data can help discover areas of improvement and opportunities for cost savings:
• Denial management to maximize claim reimbursement rates.
• The appeals process to appeal denied claims.
• Provider credentialing and Enrollment to ensure providers are appropriately credentialed with payers.
• Medical billing revenue cycle analysis to optimize workflows and increase efficiencies.
• Accounts Receivable (AR) follow-up and collections to maximize reimbursement rates.
Maximize your medical billing, medical coding, and revenue cycle performance with Shoreline Medical Billing. We help practices address these challenges and improve profitability with services designed to help them maintain focus on patient care. As an extension of you and your team, we have the resources and knowledge you need to help strengthen your business and its profitability without adding more staff and time to your day.