If you’re trying to reduce insurance claim denials at your medical practice, it’s time to remember the old saying “an ounce of prevention is worth a pound of cure.”
30% of all insurance claims are initially denied by the payer, and this poses a big problem for small and medium practices. Claims denials are a complicated, time consuming, and expensive process that prevents timely reimbursement and can negatively affect your cash flow and bottom line.
If you’re trying to reduce your claim denials, then read on to learn about some simple strategies to prevent future issues.
3 Strategies To Reduce Claim Denials
Check Your Data
To truly understand why claims are being denied, you first need data that is accurate and timely. Next, analyze this data to find out the root cause of most of your practice’s claim denials and how you can bridge these gaps.
Do you need better access to accurate patient eligibility information and demographic information? Do you need to improve your process for collecting accurate patient information? Having a data-driven approach can help you zero in on what is causing most of your claim denials.
Post Charges Daily
A simple way to reduce claim denials is by posting charges every day. Each insurance company has its own time limits on claims submissions, and sometimes things can slip through the cracks. To avoid missing a filing deadline, make sure you post charges at the end of every workday.
To effectively reduce claim denials, you need your team on the same page. From staff to physicians, everyone needs to understand why claim denials happen, why you want to reduce them, and the best ways to avoid them.
Communicate with your staff via an educational campaign that explains the benefits of reducing claim denials and how every person in your organization can help achieve your goal. And update this campaign regularly; for instance, when new pharmaceuticals become available, have team members review payer contracts so as to better understand reimbursements.
Want To Avoid Claim Denials?
Want to reduce claim denials without having to do it all yourself? Let the experts as ondadot ensure that your medical billing and claims are being taken care of properly. Sign up today for a free consultation to learn more about how we can help you.