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3 Tips To Reduce Claims Rejection | Medical Billing Software

Did you know using medical billing software can save healthcare providers up to $7.9 billion every year? We list out three ways you can reduce claims rejection. For more information, visit https://www.collaboratemd.com/

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3 Tips To Reduce Claims Rejection | Medical Billing Software

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  1. Tips to Reduce Claim Rejections

  2. ● Average claim denial rates range between 5 to 10% * ● Government Accountability Office claims 1/4th of claims are denied ● However, 90% of claim denials are preventable ** ● Medical practices spend $15,000 on resubmitting denials *** * Source: https://revcycleintelligence.com/news/top-4-claims-denial-management-challenges-impacting-revenue ** Source: https://www.advisory.com/research/financial-leadership-council/at-the-margins/2014/12/denials-management ***Source: https://revcycleintelligence.com/news/8-tips-for-avoiding-denials-improving-claims-reimbursement

  3. Typical Reasons for a Claim to be Rejected ● Missing/incorrect information, including DOB, incomplete form, etc. ● Incorrect coding ● Out of date Information ● Duplicate claims ● Ineligibility ● Time limit passed

  4. The Solution

  5. Automated Claims Management Process ● Manual claims management costs $4 more than electronic medical billing solutions * ● Healthcare providers can save $7.9 billion by switching to automated claims management * ● Reduces errors in entering diagnostic codes and insurance policies ● Streamlines documentation process ● Flags errors so you can resolve them before claims get submitted *Source: https://revcycleintelligence.com/news/electronic-claims-management-adoption-to-save-providers-7.9b

  6. Stay on Top of Changes ● Maintain current information of patients, including insurance card and demographics ● Use practice management software that can be integrated with EHR/EMRs of your specialty ● Use solutions that catch mistakes in real time ● Do not miss deadlines for claims management

  7. Educate the Team ● Speak to the team to increase reimbursement and reduce denials ● Set up policies to check reimbursement ● Track claim denial rates of individual team members ● Investigate reasons for claim denials to prevent further denials

  8. How Does CollaborateMD Help Reduce Claims? ● Seamless integration of products and services with EHR/EMRs ● Customizable solutions so that practices can choose an EMR/EHR that suits them ● 100% real-time claim submission ● Constant analysis of claim rejections to prevent data entry errors

  9. CollaborateMD Features: ● Interactive dashboard analytics ● “Freedom of Choice” integration with top EHR/EMR Partners. ● 100% real-time claims submission ● 99% first-pass claim acceptance rates ● Robust appointment scheduling system

  10. Looking for a top of the line medical billing software system?

  11. Visit www.collaboratemd.com Call 877-480-6517 for more information

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