RMK HOLDINGS INC. specializes in fulfilling the resource gap after the medical claim is billed.
With denials remaining a significant roadblock to full and timely reimbursement, and while denials occur across the revenue cycle, a high percentage are associated with eligibility, authorization and registration activities, all front-end processes.
Ensuring payment is just as important as submitting a clean claim on time. Payments are delayed for many reasons resulting in the need to collect more aggressively. This is key since the collection process itself now demands more follow up labor expended than it did in the past. One would think because of technology advances this would not be the case but it is.
The information below suggests reasons for and ways to avoid crippling your cash flow by effectively managing claim denials. The most common six reasons are:
Insured patient costs have increased 256 percent between 2004 and 2014 according to a survey in 2016 by The Henry J. Kaiser Foundation. Assist your patients and team to quickly obtain payment and successfully close accounts while boosting patient satisfaction and overall experience.
A huge threat to receiving timely healthcare reimbursements are the dreaded claim rejections and claim denials. In addition, these are two phrases often used interchangeably in healthcare billing circles that shouldn't be because they hold two different meanings. Understand the difference and adjust your workflow to reduce double work.
Some sobering numbers surfaced from a 2016 Black Book Market research survey. They surveyed 2,000 independent physicians and 200 hospital-based physicians. The results suggested that 90% or nine in ten small, independent practices are financially and technically challenged to implement value-driven care for patients.