How Denial Management Services Optimize your Revenue Cycle?

A disturbance in your lab billing & coding can cause bad effects on your laboratory practice. Denial management services can uplift your business efficiency and optimize your revenue cycle process.

Denial Management Services

A payer will sometimes run into issues with patient data while a claim is being processed. It could be that there is some incorrect information on the patient’s initial form which causes a problem while settling the claim. And, results in reimbursement losses.

Regardless of the type of claim, it’s important that lab medical billing services provide accurate, reliable, and verified information to payers.

Claim rejection has a crucial impact on the cash flow of any lab practice.

5 Causes of Claim Rejection

Claim rejection is mainly caused by the following reasons :

• Incorrect coding:

The recent changes in the billing & coding process have created complexities between lab practitioners and payers. Complications of the coding process of ICD-10 became a challenge for laboratories. As it has increased the denial claims rate.

• Incorrect patient information & data collection:

Missing, incorrect & wrong information, improper data collection, wrong insurance I’d, incorrect demographic information are major errors that lead to denial management.

• Duplicate claim submission:

Submitting the same claim twice can cause rejection of both claims.

• Eligibility:

When patients have no insurance coverage and are not eligible for a particular treatment.

• Reduce cash flow:

Cash flow is reduced due to:

• Improper task force.
• Improper patient data collections.
• Claim rejection.
• AR recovery issues.
• Revenue loss.

Outsourcing your claim denial management can prevent your practice from such mistakes.

Benefits of Choosing Our Denial Management Services:

Lab billing service providers have the experience and required expertise to handle denial management.

Some benefits are:

• Billing data security:

Lab billings keep confidentiality and have data security policies_ that ensure the safety of all the laboratory data you share with your billing expert.

• High accuracy:

They have skilled and experienced resources that provide accurate denial analyses. And, helps lab practitioners to take quick steps to recover reimbursements from the denied claims.

• Identify the most common denials and trends:

Lab billing experts identify the types of denials that are crucial and problem-causing in your laboratory practice. They analyze and track issues trends and resolve them with an effective solution.

• Improve the denial management process:

An organized system of lab billing & coding companies keep a track of the denied claims. Therefore, it helps to avoid overtime pilling up of denied claims and streamline the whole process of denial management.

• Cost-effective pricing:

Outsourcing denial management services reduce overhead costs of laboratory practice and provide suitable cost-effective rates for claims denial services.

• Best infrastructure & business strategy:

They have the finest laboratory services infrastructure with business insights strategies. Which enables laboratory practitioners to get reliable and accurate claim denials services.

• Introduce incentive programs:

Incentives should be promoted to motivate staff for healthy competition. Lab professionals should have the right incentives. So, they can successfully appeal to denials and identify trends to share best laboratory practices.

• Quick turnaround time:

Lab billing service providers don’t compromise on quality and provide top-level denial analysis services with a fast turnaround.

• Optimize revenue cycle:

Cash flow can be streamlined in the following ways:

• Create additional revenue streams.
• Automate your payroll with a full-service solution.
• Simplify and consolidate reporting.
• Pay vendors electronically.
• Choose a financial partner you know and trust.

Conclusion:

Many issues can lead to claim denials in conservative in-house billing services. While outsourcing denial management can effectively improve your lab efficiency and take care of claim denial management.

Outsourcing improves denial management services by reducing administrative burden, correcting patient information, accurate billing & coding errors, prior authorization, implement price transparency, proper documentation, and reducing the workload on lab practitioners.

Take a lead:

There is a direct relationship between reimbursements and revenues. If reimbursements increase revenues automatically also increase and vise versa. But, without an effective lab billing company_ your lab practice can face a lot of claim denials due to all sorts of billing & coding errors and issues. Laboratory billing is a well-managed medical billing team. That can manage and avoid claim denials and increase your practice revenue significantly.

Get in touch with us to discuss your laboratory business needs with our billing experts.