For most people, insurance is part of a love/hate relationship. We have to have it, but we hate paying for it. When it comes down to the wire, patients are faced with payment for their services. Insurance is supposed to step up and help people fill the financial gaps when life's burdens become too expensive to bear.
Unfortunately, it doesn't always work that way, and medical facilities can be left holding the bill of denied patients' claims. Claim denials may be a part of the medical industry, but that doesn't make them any less frustrating. In fact, according to an interview conducted by Medical Economics, it's not unheard of for claim denials to reach a staggering 35%.
Denials harm medical facilities' cash flow and financial performance. With the possibility of money being left on the table, medical organizations must fight back against insurance claim denials.
A 5% denial rate is a fair goal. To achieve this rate, a healthcare billing operation must focus on submitting accurate, error-free, complete claims. When denied claims come back, the fight to obtain funds can be more than a companies' workflow can handle. This is exactly the type of situation where it makes sense to outsource to a third party to collect on denied claims.
With a third party partner, a team of professionals is dedicated solely to the task of collecting on denied claims. This means your employees won't have to bear the burden of the additional workload.
As experts in the industry, MedClaims International proudly has an average of 30% success rate overturning denied claims.
Claims can be denied for any number of reasons. With a dedicated team of experts fighting denials, facilities are more likely to collect on uncompensated healthcare.
Is your facility juggling a pile of denied claims? It's time to resort to a new way of thinking, and let our MedClaims International experts guide you. Contact our team, and let’s discuss how we can help you convert denied claims into ones that pay.