No ambulatory surgery center wants to miss out on revenue because of inefficient revenue cycle management practices.
An organized and streamlined revenue cycle requires an ASC to get every detail of coding, billing, and collections right the first time – and on time. By following a few straightforward – but important – steps, ASCs can review their current revenue cycle management processes and identify any problem areas that need to be resolved.
Regent RCM has developed a new guide that outlines three regular audits ASCs can incorporate to uncover mistakes and inefficiencies in order to enhance revenue cycle performance. The guide recommends three strategies to analyze and improve:
- Denied claim cause and management
- Coding accuracy
- Payer contract adhesion
In this blog, we outline the denied claim assessment and how to better manage these audits.
Around 10 to 20% of healthcare provider revenue is tied up in denials, and the top two causes for denied claims are missing information and inaccurate information. ASCs can dramatically improve their financial performance just by reducing the number of claim denials.
Regent recommends taking these actions to manage denials more effectively:
- Act immediately. – Address every denied claim within a week of receiving notice from an insurance company.
- Investigate the cause. – Reach out to the payer to understand why the claim was denied and how it can be amended.
- Track past claims. – Analyze the reasons for denied claims and approaches that have been successful to tweak current processes.
- Watch for patterns. – Pay attention to which errors, like misspelled names or missing information, are most common in denials.
- Focus on prevention. – Remember that avoiding denied claims is the most effective way to minimizing days in A/R.
Learn how to implement this audit and our other strategies to uncover revenue cycle inefficiencies and boost financial performance. Download the guide.