As organizations prepare for the implementation of ICD-10 this year, many healthcare CFOs are searching for creative strategies to mitigate anticipated decreases in Coder productivity, as well as ways to ramp up education and employ a larger hierarchy of staff members. But let’s face it, a strong denial management strategy is one of the most efficient solutions for minimizing the impact of productivity loss.
But, are insurance denials really that bad for your bottom line?
- YES! Unpaid claims will end up becoming patient responsibility, which will in turn become bad debt issues because most people are not concerned with paying their medical bills (at least not on time!)
- This will go to bad debt and then end up being written off – essentially throwing money away
- Letting denials pile up rectifying them means waiting even longer to get your money
- The more money your organization is denied, the less money you have to invest in other areas - such as additional staff, technology and training, which can also be another bad patient experience waiting to happen.
One bad healthcare experience, and patients go scouring the internet to write a bad review, share their experiences via social media and ultimately, choose a new hospital or provider. And in the age of consumerized healthcare and “Yelpified” buying behavior, your patients’ satisfaction has taken on unprecedented importance. In order to take the necessary precautions and feel confident in your ability to prevent negative patient reviews for your healthcare organization, partnering with a company that can assist in denied insurance claims makes a lot of sense.
When you partner with a company that offers services that nurture patients in a way hospital administration just doesn’t have the time to do, you are ensuring that patients feel important and cared for when the time comes for them to complete impossible claim forms. A process that usually results in an immediate headache!
For example, Patient Contact Management; a simple contact solution and resource to effectively call and obtain patient information needed to process claims is just one glimpse of the plethora of services an outside company would offer that would benefit you greatly and ultimately, make your patients feel important.
Denials promise to become an increasing headache- if you have even one simple piece of information missing, insurance companies won’t think twice before denying the claim. It’s important to recognize that the lack of a denial management solution can do more harm to your hospital than what you may have thought previously.
If you're unsure how to gauge the situation, or where to even begin, considering reaching out to VARO. Our specialized processes and denial management services like PIN (Patient Information Needed) will allow your organization to:
Spend more time on larger dollar claims
Maximize potential cash flow
Reduce bad debt write-off expense
In the meantime, don’t let ICD-10 stand in your way. Download our free guide and equip you and your team before it’s too late!