Claim rejections and revenue of providers have been strongly co-related. Each claim denials puts provider under a lot of pressure as it negatively affect the cash flow. These rejections and denials are the results of small errors that occurres at the time of medical billing and claim submission process. While there should be no scope of mistake while claim compilation and submission, but chances of errors are very high due to involvement of lot of stakeholders. And, as they say precaution is better than cure, so if you are cautious from the preparation of medical claims to submission, than chances are that the whole process will go well.
Information like name, address and insurance ID, which at times are not taken very seriously during the documentation process, is one of the main sources of errors while submitting the claims. Even a small error at the time of filling these information can delay the approval propose and sometimes can be the cause of complete rejection.
These types of errors not only hampers the revenue, but it also takes away a chunk of time and resources for correcting the information and submitting these erroneous claims again. Hence, it is a practice to put emphasis on these areas at the time of capturing. In fact, a separate team should be formed within the hospital for documentation and cross checking these information regarding the patient.
Frequent changes in codes are often the biggest contributors to billing errors. And, unfortunately technology is also unable to help, as the software can capture missing information, but they are not versed at correcting the wrong codes. Hence caution should be taken to avoid these kinds of costly mistakes.
Imagine a situation wherein the whole cycle of claim creation went error free, but the submission was not done on time. Such kind of incidence is not only frustrating but unveils the lacunas of the administration and inattentiveness of the medical billing team. Hence along with implementing steps to churn-out error-free claims, also include monitoring mechanism that ensures every claim is submitted on time.
If little errors are taken care at the time of billing and submitting claims, then no claim will be rejected. In case you need any other assistance, you can partner with experts such as MedbillingExperts, which is a premium medical billing outsourcing company that can help you with medical billing, medical coding, claim creation, claim submission and denial management. The company can assist you with accurate mechanism for claim creation and submissions, which will go a long way in streamline revenue cycle. Contact us today to know how we can make a difference.