The Costly Impact of Claim Denials on Medical Practices
One of the costliest issues for a medical practice is that of claim denials. They cost the practice revenue by delaying payments. They slow the work efficiency by forcing you and your staff to resubmit old claims in lieu of working on current claims. In general, they add frustration to the already hectic workday.
Even the most conscientious medical billing departments receive claim denials, but by avoiding the most common mistakes, your practice can reduce the denial rate significantly.
Common Errors Leading to Claim Denials
Here are some of the top medical billing errors that lead to claim denials:
- Coding is not correct.
- Coding is not specific enough.
- Patient information is missing.
- Patient information is incorrect.
- Incorrect use of modifiers.
- Claim information is missing.
- Claim not filed in time.
How do you avoid these mistakes? One answer is this: You pour over claims with a fine-toothed comb prior to submission and become a coding expert in your spare time.
If that does not sound appealing to you, try using a medical billing company staffed by experts in the field to take the burden off of your staff and streamline the process for your practice. This is a proven method to reduce the number of submissions of incomplete and inaccurate claims that could result in denials, in turn increasing the number of payments you receive.
The Role of Medical Billing Experts in Reducing Claim Denials
Harnessing the experience of dedicated medical billing professionals will accelerate the speed with which your practice receives payments and decrease your rate of denials, improving your practice’s bottom line and saving your sanity along the way. Additionally, it will allow your practice to focus solely on what really matters: the patients.
One Source Medical Billing has the experience and expertise to reduce claim denials to reduce redundancy on the part of you and your staff. Learn more about how your practice will benefit by completing a FREE comprehensive audit with our experts.