It is important to evaluate the root cause of denials and devise a strategy to eradicate it. PMS can help practices and physicians design that plan of denial management to minimize the denials and increase your revenue. Having comprehensive details about your claim denials will allow you to focus on the most frequent reasons for denials and in the most efficient way because you will know if it is payer, location, specialty, or provider-specific. Our services will help you get paid faster and boost the claim acceptance rate by eradicating the root cause of the claim denial.
If you audit your data carefully, you will find that the number of days is much higher than expected. In fact, denials are the root cause for when a provider’s revenue cycle is stuck on reimbursements.
Whenever your claim is denied, you must be manually reviewed and fixed, then resubmit so it has another chance to be adjudicated. We at Preferred Medical Serviced believe your claims should not denied in the first place. Because we know that any denial claim adds at least two weeks to the average number of days to pay. If you have a high denial percentage (e.g. 12 to 20%) that percentage of revenue is stretched across multiple months before it is paid. You have a choice, let us do your claims denial audit and we can identify common errors and we will make sure that you will get paid at first instance or risk decreased revenue and more denied claims. Also, we can help to reduce the denial percentage, ultimately we will help you to increase the overall revenue of your practice.