In order to ensure that your practice is maximizing revenue you must use diligence and speedy follow through to collect the funds rightfully owed to you. Failure to manage denied claims will certainly result in a significant loss of income for your business.
Here are our top tips to ensure you are able to collect:
- Submit claims in a timely manner - Quick response to denials and rejections is vital to recouping reimbursement. Your medical practice must have protocols in place to handle denials or rejections. Payers often have a limit placed on the amount of time you have to remedy denails and rejections and if you miss the appeal or submission deadline you will be out of luck.
- Cut down on rejected claims - Rejected claims are claims that have been returned to the provider before processing will be completed. This is usually due to an incomplete claim or an error in the claim. Take care to process claims correctly the first time and when an error is present it is important to remedy that error immediately or you will find simple errors costing you big dollars. Accelerated Billing Solutions can help ensure that claims are processed correctly the first time and if a claim is rejected we will remedy an error quickly. The longer a rejected claim sits on your desk the more money it will cost you and the less likely the claim will be successfully processed.
- Keep track of your appeals - If you don't follow up on medical claim rejections and denials then your practice is certain to lose revenue that you have rightly earned. It is often in the payers insterest to deny your claim so you must be persistant and dilligent. It helps to set up a tracking mechanism for appeals, which allows you to report patterns of denials. You should also notify clients regarding the status of their claim.