Our services are designed to help businesses recover unpaid bills, insurance claims, and patient balances efficiently and effectively.
Physicians, hospitals, and nursing homes provide an ever-increasing number of services. Patients owe a certain sum to the physicians or hospitals every time they receive treatment and care. A good insurance model aids healthcare organizations in quickly and easily recovering overdue payments from insurance companies. Accounts receivable (A/R) and denial management are necessary in this situation. It enables healthcare service providers to conduct their businesses smoothly and successfully while also ensuring that money is reimbursed sooner. Managing healthcare A/R involves tracking, billing, and collecting payments for services provided. Healthcare A/R management is essential to the financial success of any practice, as it directly impacts cash flow and revenue.
A/R and denial management is important for a number of reasons, including:
➢Cash flow: Effective A/R denial management helps maintain a healthy cash flow.
➢Patient care: A/R and denial management allows providers to focus on patient care instead of dealing with denials.
➢Claim outcomes: A/R management helps providers understand the outcome of a claim and identify its adjudication status.
➢Denial rates: A/R and denial management can help reduce denial rates.
➢Some strategies for improving A/R and denial management include:
➢Establishing a financial policy: Having a clear financial policy can help reduce denials.
➢Automating statements and payment options: Automating patient statements and payment options can help reduce denials.
➢Documenting a collections process: Having a clear collections process can help reduce denials.
➢Outsourcing denial management: Outsourcing denial management can help providers focus on patient care.
➢Tracking claims: Tracking claims throughout the process can help identify system flaws and reduce the likelihood of future denials.
Best Practices for Managing Denials:
➢Identify Denials: The first step in effective accounts receivable follow-up is to identify denials. Denials can occur due to various reasons such as coding errors, incomplete documentation, or lack of pre-authorization. Healthcare providers need to have a system in place to track and identify denials promptly.
➢Analyze Denials: Once denials are identified, it is essential to analyze them thoroughly. Healthcare providers need to understand the root cause of the denial and take corrective actions to prevent future denials. Analyzing denials can also help identify patterns and trends that can be used to improve the revenue cycle.
➢Prioritize Follow-up: Not all denials require immediate attention. Healthcare providers need to prioritize their follow-up efforts based on the potential impact on revenue. Denials with a high financial impact should be addressed first.
➢Appeal Denials: Appeals are an integral part of A/R follow up. Healthcare providers need to have a robust appeals process in place to challenge denials that are not justified. Appeals can be time-consuming, but they can also result in significant revenue recovery.
ParaMed Billing Solutions, not only tracks and manages each aspect, but also provides you with complete, real-time visibility into your earnings. We make certain that our customers face no encumbrance in receiving money for the services rendered.
To learn more about our A/R & Denial Management Services, please reach out via email at info@paramedbilling.com or by calling 501-588-7969
