Denial Management Services
Denial management is critical for any medical billing process, healthy cash flow is what makes the billing process efficient and successful and for that revenue cycle, denial management is a very important factor. We at I-Conic Solutions do our best to quickly determine the causes of denial and foresee any future risks and turn around payment as quickly as possible.
We also aggressively work at investigating each unpaid claim, identifying trends by insurance carriers and appeal the rejection in the appropriate manner, this provides our clients not only the clarity to proceed further also the best solutions to manage claims in the present and future.
Reasons for claim denials:
- Late submission
- Duplicate claim submission
- Incorrect patient information
- Missing patient information
- Services mentioned in the claim are not covered under the insurer’s scope
- Incorrect registration data
- Documentation error
- Pre-authorization errors
An astonishing fact reveals that nearly 20% of claims never get resubmitted typically. Also, the policies, regulations and billing requirements make it a very difficult, complicated job to carry out. So many times, poorly managed care contacts can also make your denials go unnoticed.
Why is denial management service important?
Claim denials affect the revenue cycle big time. For every denied claim you will be paying around $118 for appealing. It is always better to have an efficient denial management service that will help you reduce claim denials up to 90%.
At I-Conic Solutions, our denial management services can turn the game around for you by providing effective and efficient solutions to claims processing and faster refunds to improve your bottom line.
What do we do as a claim denial management service?
- Determine the cause of denials
- Investigate unpaid claims
- Observing and tracking critical reasons behind claim denials.
- Proper appeal letter for denied claims
- Working on an efficient solution to resolve the issue
- Keeping up with trends by various insurance carriers to avoid denials
- Faster approval of claims
- Reduce your claim denial ratio to improve your cash flow
Our Denial management process discovers and resolves the situation pointing towards denials which helps in shortening the receivable cycle. Our team helps in identifying cracks in the billing, registration and medical coding process which help in rectifying the problems permanently also, ensuring that the claims are accepted in the first submission. We can identify when trends have diverged in order to predict patterns for an efficient revenue cycle denial management.
Our team works very hard every day to make that denied claim work in your favour and the revenue to safely land in your account, client’s satisfaction, and profit is of prime importance to us. Once worked with I-Conic Solutions, clients do not look anywhere else for any support when it comes to innovation in the healthcare industry.