In any eyecare practice, claim denials are a common place occurance. They are so common because the process of managing a practice's entire claim cycle is a heavy and challenging task. But, the lower your claim denials are the greater your revenue, so what can you do to maximize on your reimbursements and decrease the workload involved?
That's where automated claim management comes in. Extra effort put towards clean claim submissions and denial management will help your claim cycle flow smoother and will save your practice time without the worry of keeping up with denials and rejections.
4 Benefits of Automated Claim Management
Timely and Accurate Submissions
The most obvious issue with claim denials hitting your practice is that it delays your reimbursements. For one biller in an eyecare practice to manage the complexities of claim submission and denial management can be a lot to handle. On top of just managing the day to day new claims that roll in, they are then stuck with sifting through any denials that find their way into the system. Having an automated system to manage the submission and denials of claims will help your biller keep better track of your entire claim processing system.
Automating your claim cycle gives your biller more time to focus on things like pulling eligibility and benefits ahead of each appointment to ensure a good patient experience in your practice. In most practices, an outsourced claim managment service will have more resources and tools than your practice has to keep up with timely and accurate submissions and denial management.
Free Up Staff Time
If the person managing your practice's billing also wears many other hats in your eyecare practice, help from an automated claim management service is going to allow that staff member to spend time focusing on other areas of your practice that have been neglected due to high claim volume. For many practices, the biller might also be the office manager or front desk staff which requires a lot of patient facing time as patients come in and out of the practice. Having more time to spend directly focused on these patients, instead of a computer screen, will help enhance the level of care in your practice.
Implement Meaningful Changes
Depending on the method you use to automate your claim process, a good service will give you access to reporting and analytics information on your practice that you didn't have access to before. Plus, now that you aren't in the thick of managing the claim cycle you'll actually have time to look at those reports and find areas where you can make improvements. You'll be able to view things like your denial rates and reasons, top paid providers and procedures, month over month income, and comparisons of your practice to state and national averages.
As we stated before, it's obvious that your successful claim submissions directly impact your revenue. Having a system in place that takes care of your denials and claim rejections quickly will help you bring in more profits, faster. With any service or automation system, it usually comes with a price tag that could make practice's wary of the actual profit benefits from a service like this. But, the additional income you'll be bringing into your practice from more successfully submitted claims, plus the staff time saved to focus on other areas of your practice will outweigh the fees associated with the cost of a service to automate these parts of your claim cycle.
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