Electronic Denial Management Processes to Improve Revenue Cycle

1. It is important to understand why claims get denied, to streamline the denial management process, to track the progress and outsource the process, if needed. Every healthcare organization needs to work on three fundamentals for denial management- prevention, analysis, tracking and trend management. Electronic Denial Management Processes to Improve Revenue Cycle http://www.247medicalbillingservices.com

2. Why denials continue to be a challenge? You will be surprised to know that there are quite a few numbers of providers who still use the manual denial management process. This not only creates room for errors but also slows down productivity. According to a survey by HIMSS Analytics, at least 31% of providers still use the manual denial management procedure. As per an article in RevCycle Intelligence, most providers or hospitals don’t have an effective denial management process in place, be it manual or electronic. According to a blog post on Medical Group Management Association, only one out of three providers (35%) appeal denied claims. Electronic Denial Management Processes to Improve Revenue Cycle http://www.247medicalbillingservices.com

3. With the right denial management services in place, it becomes easier to identify the most common reasons and trends for denials. Once the causes are identified, cash flow can be easily maximized. Denial management experts implement the right technology that helps in handling denials effectively. They also use the best technology to determine whether or not a claim should be appealed. From collecting data on denial appeals and analyzing the effectiveness of denial resolutions to providing timely reports, with the right services, your practice can easily bring down the number of claim denials by a considerable margin. Perks of Electronic Denial Management Process Electronic claims denial management is the need of the hour because keeping up with the changes in diagnostics codes and insurance policies can be extremely exhausting for billers and coders. With the right software, codes and requirements are automatically updated. This saves research time which can be then used by the billers to double check claims and ensure that all requirements are being met. Error-free claims will lead to zero denials. Electronic Denial Management Processes to Improve Revenue Cycle http://www.247medicalbillingservices.com

4. About 24/7 Medical Billing Services: We are a Medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, Medical institutions and group practices with our end to end Medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses. Contact: 24/7 Medical Billing ServicesTel: +1 888-502-0537Email: info@247medicalbillingservices.com Electronic Denial Management Processes to Improve Revenue Cycle http://www.247medicalbillingservices.com