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Denial Management Services in Florida – Improve Your Practice’s Cash Flow
Denial Management Services in Florida – Improve Your Practice’s Cash Flow
Are you worried about the loss of practice revenue due to claim denials? Claim denials can lower payments by up to 10%, and reworking a denied claim could cost more than $100 per claim. Although claim denials are a reality you can’t wish away – you can drastically reduce the incidence of claim denials in your medical practice through active denial management services in Florida.
What is Denial Management in Medical Billing Florida?
Denial management is one of the most vital stages of a healthcare organization’s RCM. It is the routine assessment of claim denials to understand the trends and causes. Denial management in Medical Billing Florida includes taking corrective action to prevent such claim denials from recurring. The goal of an effective denial management strategy is to ensure that the practice is paid quickly and fully.
Denial management deals with claims that a payer has assessed and denied payment. It should not be confused with rejection management, which refers to erroneous claims that have not passed the payer’s adjudication system and must be resubmitted. A rejected claim is much more likely to be paid (once corrected and resubmitted) than a denied claim.
Critical Components of Effective Denial Management
Denial management for hospitals in Florida involves the day-to-day monitoring and resolution of denied claims. But more importantly, it is about taking a holistic look at the practice’s denials, identifying trends, and taking corrective action in claims submission.
An effective denial management strategy must include these three critical elements:
- Analysis – Review claim denials to identify top claim denial reasons and process failures.
- Corrective action – Implement changes in the claim submission process to reduce the incidence of denials.
- Tracking denial trends – Track denial trends for improvements in claim submission rates.
Performing all three steps is essential for enhancing the efficiency of claims submission while drastically reducing the revenue lost in claim denials.
Denial Management Healthcare Florida – How Can We Help?
Healthcare denial management in Florida must be ongoing, so most healthcare enterprises prefer to outsource this function. Working with an experienced denial management service boosts revenues and gives practice staff the time to concentrate on core responsibilities.
Here is how outsourcing denial management healthcare in Florida to PracticeForces as part of our comprehensive RCM services will benefit your medical practice –
- Proactive tracking and resolution of claims.
- Automation of the denial management process using the latest software.
- Create system alerts to ensure that claims do not age.
- Comprehensive claim denials analysis to lower accounts receivables (A/R).
- Examine the causes of claim denials.
- Resubmit denied claims and file appeals where required.
- Regular reporting of claim denial trends to plug problems that are practice specific.
Did you know PracticeForces clients experience a minimum lowering of days in A/R by 10 to 15% and improved revenue collections by at least 5-6%? So, if you want to take your claims management to the next level, we would love to work with your practice. Contact us for effective denial management solutions in Florida.
