RCM in COVID time
Those in the healthcare industry are certainly no strangers to insurance claim payments being delayed or denied. Practices facing this issue are at great risk for losing out on revenue throughout each year, because it is estimated that around 25% of denied claims are never paid at all. If your organization’s denial rates are particularly high, this issue is one that will need to be addressed and resolved so your practice can continue to serve patients and bring in revenue.
3 WAYS TO START INCREASING HEALTHCARE REVENUE TODAY
- CROSS-REFERENCE YOUR CLAIMS
- Providing incomplete or inaccurate data is a primary reason claims are denied. Denied claims require extra staff resources to correct, and prolong the time your practice waits for reimbursement.
- REASSESS YOUR COMPLIANCE POLICIES
- Establish a consistent protocol for your staff to handle submissions and denials.
- CHECK BILLING STATEMENTS FOR EFFICIENCY
- Take an objective look at the billing statements your practice sends to patients. Are they easy to understand? Do you make it clear what action(s) a patient needs to take after receiving their statement? Without clear directions, patients might put-off providing payment until they have more time.