Medical billing is a complicated process that requires awareness and attention to detail from a well-trained staff. But it’s also a matter of having the right technology—if you’re dealing with paper-based processes and searching through physical files, you’re not operating at peak efficiency and could be missing valuable claim follow-up opportunities.
Facilitate Clean and Accurate Claims
An effective practice management system is key to facilitating clean and accurate claims.
The financial health and success of any practice or healthcare service provider is dependent on maintaining positive cash flow. In order to provide patient care and cover expenses, it’s important that payments are not delayed, lost, or denied.
With the right software and a highly trained staff in place, you’ll start to reap the benefits of high first-pass acceptance rates and shorter billing cycles. But even when everything goes right, some claims will still be rejected or denied.
Even though these claims could be held up by simple mistakes, over half of denied or rejected claims are never reworked. This means that the average healthcare provider is leaving thousands of unclaimed dollars on the table every year.
Improve Your Revenue Cycle
Clearly, claim follow-up is the next step to improving your revenue cycle. Here are the five reasons why claim follow-up is important.
- Helps recover overdue payments–with a system in place to quickly identify and recover past-due payments, it becomes easier to receive payments on time.
- Claims denied can be resolved–with the ability to flag denied claims, you can find the denial reason and fix the errors.
- Instead of waiting weeks for a denial reason from the payer, you can make the required corrections and send in a new claim request right away.
- Claims pending more information can be recovered–sometimes claims are kept pending for a longer amount of time due to additional information needed.
- Proper follow-up can prevent gaps in the billing cycle and keep revenue flowing smoothly.
Don’t Leave Money on the Table
At CollaborateMD, we know one of your daily tasks is pursuing every dollar owed. Our medical billing software automates this task with a Claim Follow-Up feature that generates patient and payer collection worklists so you can prioritize follow-up tasks, boost collections, and reduce the days spent in Accounts Receivable in A/R.
Every task that can be handled through software and automation is one less thing that your staff will have to invest time and effort into the tasks that require it. This creates ripple effects that improve the overall efficiency and effectiveness of your practice—up to and including the quality of care your patients experience.
The right software gives you more time to track and resolve denials, track follow-up history, prioritize custom worklists of balance-due accounts, and pinpoint and resolve any issues in your A/R reporting. This key billing feature helps you capture more revenue and creates a more sustainable medical practice.
Simplifying your medical billing process and having an automated process for reworking rejected or denied claims is essential to the success of any practice. If you’re ready to see how CollaborateMD provides the tools your practice needs to thrive, schedule a free demo today!