It is true that claim denials continue to be a thorn in the flesh for major healthcare providers. The present-day federal mandates are going to pose serious questions ahead for practice management methods. There are major transitions expected with provider price transparency, repeal, and replacement of the Affordable Care Act.
Any practice to survive in the competitive landscape and gain consistent ROI will need quality denial management methods. However, intuitive understanding of the claims adjudication priorities of the payers will be extremely important.
Knowing how to manage timely filing limits will be vital for staying relevant as a competent health practice. However, most practices fail to comply with the ever-changing outlook of the healthcare industry.
• In the recent years, facts clearly illustrate that denials have grown to be approximately 15-20% of the total value of claims. It means that if you are a hospital with a 200-bed facility, rejections is likely to be a hit of $ 6 million.
• It will cost a whopping $ 260 million if you are a super specialty hospital with 1100 worth of bed facility. Numbers clearly suggest that you need better efforts to reduce the number with best in class processes and a specialized medical billing perspective!
• In spite of technology advances, the picture in denial management is still gloomy. The switch to value-based care from fee for service has complicated medical billing even further. Payments related to value-based care is quite complex and you need the assistance of expert medical and coders that help in minimizing denials by improving your claims submission process.
Importance of multi tasking capabilities in a payment posting professional
Payment posting jobs with sophisticated technology platforms and newer models of payment make it a responsible job than ever before. Today's payment posters have to be equipped enough to deal with a wide range of case scenarios and payment posting software interfaces.
· The bottom line for you is simple; you can ignore payment posting requirements only at your own peril at present. There are some major competencies required that will make professionals in payment posting dynamic than earlier.
· To make serious reforms in your practice management efforts, it is imperative to look at the bigger picture. A narrow focus on the basic components will be a short-term outlook. Cost containment will be the major approach ahead for the US government.
· Here, as a practice finding a disciplined medical billing company that will be a perfect foil will improve your business liability.
Any gen next revenue cycle management company in healthcare today will be able to integrate quality, access, and cost into the routine processes of care management. Developing actionable solutions that help you reduce your billing costs in a flexible manner will be ideal.