5. Denials management
"Efficient billing and collections processes are critical components of a successful and profitable medical practice. Yet most practices leave between 5 percent and 30 percent of their reimbursement on the table because they lack proper processes, staffing, training or technology. Industry experts say the first 80 percent of payments are relatively easy to collect. It's the next 20 percent that are harder to obtain and more expensive to collect. Follow these recommendations and regain control of your billing operations..."
Understanding the issues surrounding a denial is critical to rectifying the situation and obtaining payment. Denials management is often a neglected area due to the labor involved and intrinsic knowledge needed. A dedicated team should be assigned to posting and follow-up for denials. Trends in payer reimbursement can be identified and addressed. Try to target problem areas that affect the bottom line to obtain maximum reimbursement for all services provided. Managing the process can be time-consuming and difficult, but it is essential to optimizing cash collections.