When it comes to hospitals, they must always come face to face with several challenges including revenue cycle management. If you make mention of revenue cycle management, what this entails is making use of particular technology so that issues are addressed and claims are tracked down. Claims being denied are no longer something new across industries and most have already gotten used to them. A lot of effort is being done by the healthcare industry to make sure that the negative impact brought about by claim denials is decreased; however, they are still making that much of an impact. Despite the fact that a number of changes are being implement in CMS when ICD-10 claims will be processed, analysts further think that claim denials will still be increasing under the ICD-10.
Even so, there are research studies being conducted that prove that 90% of claim denials are preventable while 60% of claim denials are just recoverable. If you go to healthcare facilities, what they can do to reduce claim denials is to make sure to follow best practice guidelines that will promote driving down everyday denials, changing an unreliable revenue cycle, and reducing back-office backlogs. It is also vital that they be able create systems that can ensure proper determining of patient insurance status, ensure that claims are coded meticulously and correctly, and make sure that co-payments are collected. The following are some practical tips to ensuring that claim denials are avoided.
Make sure to use technology and automation
If you are just manually processing following up denied and rejected claims, not only will you be wasting employee time but also slowing down your cash flow income. In order for claim denials to be properly followed up, it is a must that healthcare facilities be able to make use of technology and automation. One great example will include utilizing revenue cycle management software at http://www.rev-ignition.com. In terms of manual processing of claim denials, the average time spent for each employee will have to be 50 minutes. All these things are not just wasting the time of your employees but also they are that unnecessary.
With the help of automation, all processes done manually will be eliminated, and when you use current technological advancements, make sure that the are focused in improving your workflow. Indeed, there is no denying that if you have the right automation and technology for your healthcare facility, then you can save more money by reducing research time, bringing down the time spent on reworking claims and interacting with insurers, and cutting down on paper work costs. Check out this website at http://money.cnn.com/2017/03/31/technology/callisto-sexual-assault-software/ for more facts about software.
Truly, getting Rev-Ignition software is a must if you intend to see to it that your healthcare facility is doing well in its function and preventing claim denials.