Denials can be a huge pain for any healthcare practice - costing time, money, and unavoidable frustration. However, there are some things you can do to help minimize the number of denials, maximizing your practice’s efficiency and revenue. In this blog post, we'll share 5 tips for managing denials so you can keep your practice running smoothly.
Develop relationships with payers
Developing relationships with insurance payers is a great way to give healthcare providers the edge they need in healthcare denial management. Working together, healthcare providers and payers can optimize reimbursement and payment strategies while ensuring that healthcare services are appropriately delivered. A strong relationship with the payer could help healthcare providers reduce denials due to incorrect coding or lack of prior authorization. Additionally, knowing the expectations of payers can help healthcare providers minimize their administrative tasks related to denying or appealing denials. All in all, forming productive relationships with payers can be a beneficial way to create a mutually beneficial relationship between both parties. Learn more about payer contract management during our on-demand webinar, “ImagineInsights - Contract Management to Combat NSA.”
Identify frequent denials and resolutions
Denials can take a serious toll on healthcare organizations. They cause huge delays in payments, disrupt cash flow, and pull focus away from more important billing operations. To prevent these costly occurrences, adopting automated denial management is paramount. Automated denial management keeps errors and inaccuracies to a minimum while automated claim submission ensures that everything gets delivered properly and quickly. An automated approach also gives providers more time to identify the causes of denials and take proactive steps to resolve them, preventing future recurrences. It is essential for medical practices to invest in automated denial management to increase revenue, save time and remain compliant with regulations.
Automate the RCM process
Implementing automated RCM systems can be crucial for improving the efficiency of the revenue cycle process. ImagineBilling’s automation helps improve accuracy and optimize compliance while speeding up traditionally slow manual tasks. It also enables organizations to strengthen operational control, optimize cash flow, reduce overhead costs, prevent denials and grievances, and streamline processes. Automating the revenue cycle can create a 360-degree view of patient visit data that is key to accurate billing and coding -- all while empowering stakeholders with actionable insights. All these benefits make automated RCM systems essential investments for any organization looking to streamline their revenue cycle process.
Train your team
Training your team is an essential step to achieving success when understanding insurance denials. With a knowledgeable team in place, understanding processes and understanding how to address payer issues quickly and efficiently are tasks that can easily be accomplished. In order to make sure everyone is working towards the same goal, developing rapport with payers is key. It’s not just about understanding their processes, but also the people behind them. That understanding helps to ensure overall success because it helps open the lines of communication, which reinforces teamwork in order to clear any roadblocks that arise along the way.
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A Radiology Practice’s training process, transitioning to more innovative and automated billing solutions.
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A Medical Billing Company’s ability to get a new employee up-to-speed in one day.
A Radiology Practice’s first year using ImagineSoftware.
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Negotiate with Payers as needed
Negotiating with payers doesn't have to be the overwhelming, daunting process that it once was. Today, the art of negotiation is a key piece of the healthcare denial management puzzle and can make the difference between the success or failure of a practice or facility. With the right tactics and the necessary skills, negotiating with payers can become a positive experience in the bigger picture of healthcare reimbursement. Want to learn more? Watch on on-demand webinar, “Navigating Negotiations - A Payer Contract Workshop,” showcasing proven payer negotiation strategies and best practices, setting your practice up for success. Managing and decreasing denials is a vital component of a healthy revenue cycle. By following these five tips, you can increase your practice’s productivity, accuracy, and ultimately, revenue!
Learn more about ImagineSoftware’s complete revenue cycle management platform here. Feel free to reach out to us for a one-on-one conversation, where we’re happy to provide comprehensive information about our services and how we can benefit your unique organization.