While insurance payer reimbursements should be straight forward, they are often the most tedious aspect of your billing process. Learn how RCM services will optimize insurance payer reimbursement at your practice.
Errors in coding lead to denials or underpayments that leave your practice without the revenue it needs to grow. So, your billing staff needs to be on top of every claim, making sure there is no chance of a denial. The problem is that it can sometimes be difficult to have properly trained staff while avoiding high staff turnaround rates. Outsourcing your claim and denial management to a qualified RCM services vendor can help your practice optimize its insurance payer reimbursement. They can stop denials in their tracks and improving your clean claims.
RCM Services Improve Insurance Payer Reimbursement:
1) Scrub Your Claims
Claims scrubbing is the process of thoroughly checking a claim for errors in coding. This ensures that they are submitted with their best chance of approval. This step alone saves claims from ever being denied. Your qualified RCM services vendor has an expert medical coding team that is dedicated to your claims process. This helps providers achieve peace-of-mind, knowing that their insurance payer reimbursement is on its way. Also, patients are avoiding higher responsibility balances. This will allow your practice to grow its bottom line. Claim scrubbing reduces rejections and helps providers get their insurance payer reimbursement at a faster rate.
2) Track Your Claims
Should any denials slip through the cracks, RCM services protect your insurance payer reimbursement by stopping denials at every checkpoint. Claim tracking helps your practice track the status of every claim and promote the fastest denial response possible. Your RCM services vendor and their team track the status of every claim, making sure any denials are corrected and resubmitted as quickly as possible to achieve the best insurance payment reimbursement. This process minimizes lost payments and helps your patients optimize their coverage. This earns your practice the fastest payment possible.
3) Prevent Underpayments
Underpayments are claims that were approved but could have earned your practice more than the insurance payer reimbursement you received. These occur when there was an error in a claim that was not enough to warrant a denial response, but still enabled the payer to lower their reimbursement. This is an area where providers lose a huge amount of practice revenue without ever knowing for sure how much. Your RCM services vendor can help prevent underpayments and optimize your insurance payer reimbursement by never letting underpayments slip through your fingers. They will address underpayments proactively.
4) Up-to-Date Training
How does an RCM services vendor optimize your insurance payer reimbursement better than you might in-house? They have the time, the team, and the resources to dedicate to your claims process where your practice is dedicated to patient care. Your RCM services vendor has the ability to stay completely up-to-date on all changes in medical coding each year, changes in fee schedules, and more. They are equipped with expert billing professionals whos focus on optimizing your insurance payer reimbursement. They make sure your practice minimizes their denied claims.
Partnering with an RCM services vendor to tackle your insurance payer reimbursements and earn the quickest payment possible can help your practice grow. To learn more about how your practice can optimize their clean claims, click here.