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| Denial Management
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Is you practice suffering the costs of increasing claim denials?
At PhySource Solutions we understand that effective denials management requires a combination of strong clinical knowledge and expert understanding of medical coding, along with the skills to interpret regulatory and compliance guidelines.
Healthcare costs are increasing and payers are responding with increased restrictions, exclusions and limitations. Payers are constantly finding new reasons to deny, underpay, and delay payment. As a result, healthcare providers aren’t collecting a large percentage of the revenues to which they are entitled.
According to the University Health Consortium (UHC) rejected claims are the number one challenge facing medical practices. In addition:
- Over 20% of all claims are rejected by payers, 50% of those rejected claims are never resubmitted
- For every 1% of claims rejected the cost to the organization can be $50,000 to $250,000 in annual net revenue loses
- According to Florida Public Service Commission, billing an average claims cost $6.50 versus $25.00 to resubmit a rejected claim.
PhySource Solutions Denials Management goes the extra mile. We improve profitability by monitoring, measuring, and managing the accounts receivable process, so our expert coders and insurance resolution staff can turn your denied claims into the paid claims you expect.
Revenue cycle management and denials management for cardiology and cardiothoracic practices is so complex that overturning denials can be virtually impossible with traditional medical billing services. Published information on Medicare denial rates indicate a typical cardiology practice loses 24% of their total revenue to denials. As a result PhySource Solutions has developed a specialized staff to support the revenue cycle management for cardiology and cardiothoracic specialties.
At PhySource Solutions our Revenue Cycle Management is more than Surgical Coding Services, Medical Billing Services, Denial Management, and Front End Training it encompasses all of these facets to bring your practice to the next level.
See what PhySource Solutions fully integrated Revenue Cycle Management can do for you. Please use our requestmore information form, or you may call us directly.
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