For a hospital’s revenue cycle to be managed efficiently, focusing on denials and reducing the number of denials is crucial. When denials are reduced, healthcare organizations will see an increase in profits.
If you’re struggling with a high number of denials, here are five simple tips that will help improve your healthcare claims management processes and stimulate an efficient denial management strategy:
1. Understand why claims are being denied
Identifying why a patient’s claim is being denied before streamlining the process is important. Not all patients will know how to use the insurance denial system, hence educating them on filing a claim properly will make things easier. By monitoring the claims submission reports regularly, you can reduce the number of claims denials.
2. Implement a claim denial log
Having a claim denial log will help you keep track of important information. An electronic log is also beneficial to make a note of the documentation received from insurance companies, service dates, the total amount requested, individual claim numbers, medical codes that were denied and the final status of the claim. With a claim log, you can make sure the same mistakes do not occur again.
3. Process claims within a week
For a successful denial management process, you must be able to handle claims properly and resubmit any appeal quickly. A strong workflow is important for denied claims. Your process should be that once you receive the denial from an insurance company, you must ensure it is processed within a week.
The best way to reduce your denials is to outsource denial management processes to expert healthcare outsourcing companies who specialize in healthcare rcm services like denial management. They will have experts trained in healthcare rcm processes and the complexities of the insurance system. This way you will also have more time on your hands to focus on other important business activities.
5. Identify common claims denial trends
In many cases, the claims being denied follow a trend. Thus, when you have an efficient system in place that will help you identify and prevent these denials from occurring, there will be an increase in the profits.
Denial management is not an easy process, but by understanding the complexities and choosing the right outsourcing partner like Infognana Solutions will enable you to see a positive impact on your revenue and increase the customer satisfaction ratio.
For more information, get in touch with our experts today and benefit from our claims processing experience!