Claim Denial Minimization – Unlock What You Need to Know
Claim Denial Minimization: The Medical Group Management Association (MGMA) reports that even top-performing medical practices deny 4% of claims. MGMA reports that as many as 65 percent of denied claims go unsubmitted. It costs approximately $25 to resubmit a denied claim. To receive payment for submitted claims, we must investigate rejected claims, correct errors quickly, and resubmit within 90 days. This process helps maximize our reimbursement and ensures we do not miss any potential revenue. Failure to do so may result in delayed or denied payment. Neglecting to do so may result in non-payment.
Prevention
Prevention is key to reducing medical claim denials effectively. Therefore, the medical billing experts at ebix, Inc. ensure that every medical claim is “clean.” In simpler terms, a clean medical claim meets the payment criteria set by insurance providers at the time of initial submission. Of course, this meticulous process starts from the very first interaction. Therefore, patient registration must be completed in full, and all primary, secondary, and tertiary insurance policies must be validated.
Never Settle
In medical practice, it’s essential to view a first-time claim denial as an opportunity rather than a norm. Every rejection is an opportunity to advocate for your practice, and proactively preventing future claim denials can make a significant difference. If a health insurance company denies a claim, it’s essential to appeal the decision and seek to reverse it. Not only can this help increase your revenue, but it will also ensure that your patients receive the proper care they need.
Instead of accepting a denied claim and moving on, consider standing up to overturn the decision and advocating for your patient’s well-being. This commitment can make a real difference in the healthcare industry. We take the time to investigate the reasoning behind the decision to reject the claim and minimize medical claim denials. When necessary, we offer extensive practice education and training sessions.
What we do:
- Conduct accurate demographic and insurance registration of patients.
- Meet timely filing deadlines.
- A reconciliation of medical services to match the procedure code.
Contact us for a Complimentary Consultation.
Download Brochure ebix Minimize Claim Denials PDF.
