What do you mean by Denial Management?
Denial Management is the process of systematically investigating each denial, conducting analysis to determine the leading cause of why each claim was denied, analyzing denial trends to identify a trend by insurance carriers, and redesigning or re-engineering the measure to prevent or lower the risk of future Denial Management Services.
Numerous physician practices lose big bucks in revenue every year due to denied healthcare claims. Such denials are frequently the result of insufficient denial management policies and procedures.
Primarily, you would want to reduce the number of denials by identifying both the root cause and the coded cause, which is ideally done by the Info Hub denial management team. In addition, each instance of no reimbursement or payment which is less than anticipated should be investigated. Again, this is a vital step in maximizing your revenue cycle.
Top Denial Management Strategies provided by Info Hub:
Work Denials Based on Priority.
According to Info Hub’s medical billing expert team, your reimbursement is deferred several days when a claim is denied. Working capital is the core of the business, and your practice will be no exception; you require steady cash flow to keep offering excellent care to your patients.
The Info Hub team adheres to the following protocols:
- Each denial should be processed within 48 hours of receipt.
- Each follow-up must be accompanied by written descriptions and pre-defined follow-up action with a due date for the following review.
- Make an essential list of activity codes to be used in every circumstance, and explicitly state the following review date for each.
- We ensure this is mentioned to the team and everybody comprehends how each code functions.
- Keep your follow-up commitments, and ensure the case loop is closed and amendments are assured.
Tracking and management of denials.
Here are a few facts about denials: Nearly 50-60% of denials are not functioned appropriately, at least not in a reasonable timeframe, resulting in a 5-7% loss of revenue. Most healthcare systems lack a well-defined workflow for denial tracking and management.
To effectively resolve denied claims, Info Hub offers optimized medical billing services, which we strongly suggest healthcare organizations integrate into their denial management workflow:
- Make a very healthy list of CARC (claim adjustment reason code) and cluster them according to the similarity of subsequent follow-up actions.
- Create a different AR bucket for denials, and within that bucket, make sub-buckets for similar concerns.
- Evaluate which employees are better placed to work a particular type of denial and assign them the responsibility.
- Retain a denial dashboard to track each denial received when this was worked on, when the next review date is, and what the inevitable output of the follow-up is.
- A manual claims denial management system is still used by 31% of physicians. Suppose you do not have the right technology to track and work denials efficaciously. In that case, you can outsource the work to Info Hub, which will take complete care of the denial management of your organization.
Analysis of Preventive Denial.
The best approach to deal with denial claims is to avoid it in the first place. According to industry analysts, the overall denial rate for practices varies between 7 and 10%, when it should be no more than 4% and not over 2%. Preventive denial analysis is an underlying cause analysis of all denials received to decrease future denial rates.
The Info Hub denial management team carries out the following analysis:
- What prompted the denial? Was it because of a billing error, a coding issue, patient qualifications, the wrong payer was billed, or something else?
- Is it possible that this denial could have been avoided?
- What could have been done to avoid the denial? For example, if it was an eligibility problem, the team will go over your eligibility verification process and see if it needs to be tweaked.
- Undertake an 80:20 analysis of your denials to determine which issues are causing you the most problems and how they can be resolved.
- Do not seek to enhance each process from start to finish; instead, our denial management team at Info Hub recommends taking one step at a time for better results.
Our Service for Denial Management Offering-
Info Hub’s denial management team is comprised of experienced professionals who:
- Examine the reason for each denied claim.
- Concentrate on resolving the problem.
- Resubmit the insurance company’s request.
- Make any necessary appeals.
Info Hub recognizes that each denial case is distinct. We correct invalid or incorrect medical codes, offer supporting clinical documentation, attract prior authorization denials, comprehend any genuine denial cases to pass responsibility to patients, and effectively follow-up. Before re-submission, we re-validate all clinical information.
Info Hub works with you to analyze denied claims and reduce the percentage over time. Get in touch with us at +1 (888) 694-8634 or 0422 4212 455 or visit us at https://Infohubservices.com