Reduce Medical Claim Denials with Quality Denial Management Services by APEX MD Billing LLC
Denial Management is considered to be a pivotal aspect of revenue cycle management. It is the Plan B used by medical providers and billing companies to appeal denied claims caused by errors in the initial steps of the revenue cycle. This is why I-Med Claims LLC has a separate team to manage any denial claims and because the importance of Denial Management cannot be overshadowed. However, more focus needs to be paid by healthcare providers to ensure low account receivables with proper appeals and claim reimbursements.
Such an approach can assist medical providers to maintain a smooth workflow and contribute to a system that ensures prompt revenue collections. Once those revenues start to increase, you’ll see the results of our denial management services which target those scary medical claim rejections, and ensure efficacy in the revenue cycle management. As a result, your medical practice needs a denial management service that caters to all these requirements.
Denied Claims are truly a harsh reality for the financial stature of medical practices as they negatively impact revenues and the entire workflow suffers. Nevertheless, the probability of these denied claims can be minimized, and any claim denials as a result of minor errors can be appealed. This is why, at I-Med Claims, we ensure proactive appeals on the claims that do not go through. Such an approach enables us to increase your revenue collections and decrease your account receivables as much as possible. Therefore, you can easily outsource denial management to I-Med Claims and stop worrying about crippling revenues.
Well, I-Med Claims is not your average medical billing company offering meagerly adequate medical billing with a pinch of denial management. Yes, that’s right! I-Med Claims LLC has proper denial management gurus across the 50 states, handling more than 50 specialties with hands-on experience working in the domain. This is why it is important for medical practices to consider such an aspect while choosing a medical billing company for denial management. With us, you can get regular reporting with 24/7 support systems, offering the best communication that can take the performance of your practice to the next level.
The term denial management represents the act of appealing and managing denial claims that can occur due to numerous reasons.
A claim denial can occur due to many reasons, the most prominent of which include errors in eligibility verification and breakdown of benefits or using wrong codes for the charge entry of a specific treatment offered.
Whether it is your internal practice medical billing or family practice medical billing, the top 5 denials are the following:
Denial as a result of missing information in any field.
Expired limit for filing.
A duplicate service or claim.
Denial when the service is not covered by the payer.
Denial when a service is already adjudicated.
Denial management is a domain in medical billing that caters to the claim denials occurring in the revenue cycle. However, account receivables includes all claim denial and unfiled claims that are yet to be received by the medical practice from the patients or the insurance networks.