According to the Medical Billing Advocates of America, 1 in 7 of all healthcare claims are denied and CMS reportedly denies 9.9% of claims submitted. Denials happen for a variety of reasons ranging from improper coding by providers to technical errors made by administrative staff.
What’s outrageous is that nearly half of all denials never get reworked or resubmitted and 90% of them are completely preventable. With today’s healthcare squeeze on every dollar, can you afford to leave this money on the table? With 2 out of 3 denials being recoverable, why are many practices not reworking and appealing these claims? The simple answer is time. And money.
Reworking denials is time consuming and expensive. It’s estimated that each claim reworked takes about 70 minutes and an additional $25 to complete.
Preventing denials before they ever leave your practice is the obvious answer. Providers weren’t trained to code or bill. So, it’s important to have algorithms in place to choose the correct ICD-10 code(s) and any bundling of codes. A well-established workflow will assist the provider in minimizing risks for denials.
HybridChart is a software solution for rounding providers and is front-loaded with their specialties’ most commonly used codes and bundles. This dramatically decreases the risk of the provider choosing the incorrect code or inappropriately bundling codes that cannot be submitted together, and will greatly assist in reducing denials and improving billing efficiencies.
HybridChart’s low-cost, real-time workflow and charge capture solution will add time to your provider’s day by automating front-end charges electronically. HybridChart’s cloud-based software will improve your profitability and patient outcomes based on your unique workflow, including census management, charge capture, secure messaging, and discharge management. All of this can be directly managed from your smart phone or tablet. Get PAID for the work you do!