Read this blog to be pro-active instead of reactive when it comes to claims management as the Right Denial Management Strategy ensures to no denials.

1. https://www.247medicalbillingservices.com | +1 888-502-0537
Importance of Having the Right Denial
Management Strategy

2. Importance of Having the Right Denial Management
Strategy
https://www.247medicalbillingservices.com | +1 888-502-0537
There have been changes in the payment methodology, and with the
Affordable Care Act (ACA), we are witnessing a paradigm shift in the
healthcare landscape. Unfortunately, despite the patient-centric care
model and value-based services being at the core of this new
development, the healthcare industry loses about $262 billion in claim
denial out of $3 trillion. This figure translates into each provider
denying $5 million on an average.
But the biggest thought is “Why are these figures important?”
When such figures are so massive in a claim denial, it won't be far-
fetched to think you can get denied by the provider. Unfortunately, it
means you will be losing the revenue like hundreds of other practices
despite rendering the services.
Read more..

3. Importance of Having the Right Denial Management
Strategy
https://www.247medicalbillingservices.com | +1 888-502-0537
The right strategy can help you with the following and ensure few to
no denials:
1. A solution at the beginning
Did you know? A part of the denial management system ensures that
your staffs are registering the patients with the right details required
for getting the 100% reimbursement. It will include the gathering of all
the correct details that your practice would need to file the claim for
your services.
2. Ensure meeting the deadlines
When the right denial management strategy is in place, an accurate
system will automatically be developed as a part of your medical
billing process that will maximize your practice workflow's efficiency. 3.
Understanding the claim denials
Even when you have everything right with all the correct information,
there can be instances when your claims are denied.

4. Importance of Having the Right Denial Management
Strategy
https://www.247medicalbillingservices.com | +1 888-502-0537
4. Stopping the claim pile-ups
It is quite easy to lose track of the claims denied in the manual
system, letting them to pile up. In fact, it can quite be a difficult job
for a practice like you to keep a track of the loss of such revenue
due to claim pile-ups. All thanks to an automated claim management
system software that can be put in place to keep an accurate track
of the denied claims and consequently arising income.
5. Improves the revenue collection
A proper claim denial management strategy can help in boosting the
overall revenue collection of your practice. In addition, the
automated streamlining medical billing and coding process will help
you to improve the workflow, and the resubmission of the claims
denied while keeping a track on those that your practice fails to
collect timely from the insurance providers.

5. Importance of Having the Right Denial Management
Strategy
6. Identifying the issues
With the automation claims management system software and
analytics, you can quickly check daily analysis reports. This will help
your practice to identify any issue related to claims at the earliest
and take care of it immediately before such claim denial related
problem escalates. Moreover, it also allows you to identify the areas
in your practice that can cause revenue loss.
7. Keeping up with changes
As we all know that medical billing rules and regulations are
constantly changing, and you must keep up with such trends. In fact,
one of the inherent reasons that lead to claim denials is the failure to
stay abreast with these changes. Again, all thanks to the denial
management strategy as it can immediately notifies you about the
changes happening in the medical billing and coding landscape so
you can implement them. In addition, the automated claim software
can be updated with such new developments to file the claims
accordingly.
https://www.247medicalbillingservices.com | +1 888-502-0537

6. Top 3 Medical Billing Companies Reviews
Checklist while Outsourcing Medical Billing & Coding Services
Once you're done with the shortlisting of medical billing and coding
companies for outsourcing, the next step is to choose the best one
out of it. Use this checklist to assist your healthcare practice in
selecting the best outsourcing medical billing and coding services.
Questions to Ask Outsourcing Medical Billing Companies
 How soon will they be able to start processing claims?
 What kinds of medical billing and coding services do they offer?
 What kind of training does their staff get?
Questions to Ask Your Healthcare Practice
 What should medical billing and coding services be kept in-
house?
 How much assistance do you require?
 What are your objectives?
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7. Importance of Having the Right Denial Management
Strategy
Conclusion:
Despite the complex system of claim lodging that often leads to
claim denials, it can be prevented with the right denial management
strategies. Such a process starts with knowing the reasons for the
claim denials, thereby training the practice staff to ensure that it does
not happen again.
Though you can do the entire process in-house, it doesn’t guarantee
complete success keeping in mind the time, efforts, and money
involved. That’s why it is usually recommended to take the help of a
professional medical billing and coding company known for
implementing a full-proof claim denial management system into the
practice. You can consider 24/7 Medical Billing Services for helping
you in putting the right claim management strategy in place for your
practice.
https://www.247medicalbillingservices.com | +1 888-502-0537

8. Importance of Having the Right Denial Management
Strategy
About 24/7 Medical Billing Services:
24/7 Medical Billing Services is the nation’s leading medical billing
service provider catering services to more than 43 specialties across
the entire 50 states. You can rely on us for end-to-end revenue cycle
management. We guarantee up to 10-20% increase in the revenue
with cost reduction of your practice for up to 50%.
Media Contact:
Hari Sudan,
24/7 Medical Billing Services,
16192 Coastal Hwy, Lewes, DE – 19958
Tel: + 1 -888-502-0537
Email - info@247medicalbillingservices.com
https://www.247medicalbillingservices.com | +1 888-502-0537