You will agree that one of the nerve-racking experiences with healthcare billing services is the medical billing denials from the insurance companies. Insurance Claims are denied even with the slightest of errors during the billing, coding, and claim processing stages. Needless to say, denial implies a high chance of a hole in your pocket because denied claims are almost impossible to recover! However, if you are persistent, your next step will be either re-filing the claim or trying to fetch the same from the patient! Learn How to prevent the top five medical billing denials.
You should know that the best medical billing companies in Brea CA predict that independent medical practitioners who either work on their medical billing independently or have an untrained or amateur in-house billing staff are highly likely to lose a huge chunk of their yearly revenue due to insurance denials. Experts also identify the Top Five Reasons for Medical Billing Denials:
1. Missing information or typing error
Medical billing is as risky business as treating patients. The tiniest of the errors in recording patient demographic data, credentialing, pre-certification insurance eligibility data verification can lead to insurance denial. Did you know, patient-profiling or registration is the first stage of medical treatment. It is also the first stage of possible error in data entry. A missing alphabet in the name of the patient, or medical condition or treatment procedure or other such documentation can lead to insurance denial. Missing information or typo error often leads to loss of massive revenue for the medical practitioners.
Outsourcing medical billing to medical billing consulting firms in Brea CA will assure error-free documentation of patients’ demographic data, account receivables, outstanding balances, verification, and filling of pre-certification insurance eligibility forms.
2. Duplicate form submissions
Let’s face it, humans err! Insurance denials also happen for duplicate submissions. Duplicate form submissions are repeated submissions of the same patient’s details for the same medical condition. This is most often an oversight error. This also leads to insurance denials. In certain cases, it can cost you your credibility with the insurance companies although there is no loss of revenue.
Hiring the best medical billing consulting firms in Brea CA will be a blessing in disguise! Trust me, their expertise in data entry, their skill in optimizing various software for documentation can completely eradicate the denials due to duplication!
3. Coding issue:
This is no surprise that one of the leading causes of claim denials is erroneous coding. You can be upcoding/under coding/unbundling. In each of the cases, the chances of denials and profit inflation are the highest. If certain cases, it can lead to federal penalties, fines, and imprisonment along with a huge loss of revenue. It can cost you your medical license too. Time and again it has been proven that in-house billing or billing by medical staff that is amateur or untrained in billing can cause errors in coding. This, in turn, leads to insurance denials.
To avoid this, choose the royal road and hire the best medical billing company in Brea California. These medical billing companies can nullify upcoding/under coding and other issues. These healthcare billing solutions can increase your net collections and promise predictable cash-flows and profitable revenue recovery.
4. Untimely form-submission
Medical billing claims are like your university admissions. They have a time obligation. A delay in the submission of forms can result in a humongous loss financially and operationally. Often when the medical diagnostic organization is booming with a huge clientele or when the in-house billing staff is less consistent with the seriousness of billing and coding work, such an issue arises.
Fret not over this! We have the best medical billing companies in Brea CA that are determined to cover all your medical practice revenues without a tiny scope for denial through timely submissions and follow-ups.
5. No coverage
A known fact, a minute oversight into the coverage benefits by the in-house medical/billing staff can lead to financial loss and insurance denials. Sometimes a certain medical condition will not be covered for a certain patient under their nominated insurance policy. Some other times, the insurance policy would have lapsed. It is advisable to conduct thorough insurance verification to avoid denials and further losses.
The medical billing companies in Brea CA are known to ease your burden for medical billing and maximize your medical practice revenue. They will handle every minute of documentation starting from patient data profiling to coverage verification and the like.
Be it missing information or typing error or duplicate form submissions or coding issues or untimely form submissions or no coverage- No matter what the issue is-the best medical billing companies in Brea CA can help you with all your healthcare billing services and solutions! Known fact! The cardinal aim of insurance companies is to minimize your revenue recovery. A minute error in documentation, billing, and/or coding can lead to denials. Further, are you or your in-house biller skilled at claiming denied medical practice revenue in nick of time? Mind you, this requires, niche expertise, experience, and patience!
Hiring a medical billing & coding company for revenue recovery will definitely nullify the errors in documentation/billing/processing claims. Even in case of errors, the credentialed and experienced staff will determinedly follow up and fix the issues in no time. Proven time and again – hiring a standardized medical billing company is sure to fetch you substantial recovery in the shortest amount of time with the least/no errors.
Choose a stress-free medical billing company!
Choose an error-free medical billing company!
Choose STATIM LLC medical billing company!
Contact STATIM LLC at 888-544-3537