Reduce costs of A/R follow-up and denial management services and improve collections!
Over 50% of Denials are preventable! Nothing is more important to a healthcare organization's profitability than effective and efficient account receivables and denial management procedures. Our team of professionals can significantly improve your business's cash flow, reduce A/R days, and minimize unwarranted write-offs effectively.
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Account Receivables Management
A/R issues significantly affect a provider's margins, debt, and overall financial health. Therefore, after claim submission, A/R management is critical for financial stability. It indicates the adjudication status of the submitted claim and aids in comprehending the claim outcome. Initial notification of a denial aids in the initial correction of the claim and prevents it from becoming 'untimely' for appeals or corrections. Our team will quickly analyze your financials, identify errors, and implement effective methods to collect payments and clear backlogs of unresolved A/R.
Our Account Receivables Management Services:
- Follow-up across all payers on outstanding A/R
- Denial management in Patient Care Coordination
- Credit balance resolution
- On call collection from Patients
- Medicaid e-Paces, with expertise in Ophthalmology
- Provider credentialing services
- Medical Records Quality check, as per the request from Payers and auditors
Denial Management :
In the healthcare sector, the average claim denial rate ranges between 15% and 30%. Most providers regard denied claims as a drain on sources that reduces revenue. Many providers need to be made aware of the magnitude of this impact. According to data, over 50% of denied claims are preventable, and up to 65% of denied claims are never resubmitted, even though 63% of denied claims are recoverable. This is money that has been left on the table. Our patient care coordination services, practice-team coordination and dedicated denials team can assist your organization in increasing payment recovery. This is accomplished by determining the underlying cause of denials, reworking the denials, writing appeals as needed, and resubmitting claims.
Our Accounts Denial Management Services:
- Recognizing and correcting the underlying causes of denials
- Contacting payers and patients to collect more details
- Preparing appeals, fixing claim information, and resubmitting corrected claims
Benefits of the Account Receivables and Denial Management Process with Werq Labs
Our comprehensive A/R and denial management services provide our clients with the following advantages:
Concentrate On Resolving Claims :
We are more concerned with fixing the claims than with obtaining the status of the claims. Most of the claims are not submitted from EMR/portal, but first followed up on call and then submitted.
Workflow Automation :
Insurance companies must answer a series of questions for each claim status code in order to resolve the claim effectively. Each claim is attended individually - No automation, No Shortcuts. Instead of rotating the claim under resubmission again and again, we like to clear it once-for-all, with detailed analysis.
Metrics and Dashboards :
In our patient care coordination, we generate multivariate reports to get a clear picture of the A/R and concentrate on resolution.
Why Choose Werq Labs to Outsource Account Receivables and Denial management?
If your practice experiences a problem of delayed reimbursement of claims, Werq Labs professionals provide you with the best possible solution. Our team of professionals handles your entire claim until it is paid so you can focus on caring for the patient.
Our experts work closely with insurance companies to manage collection activities effectively and maintain client relations. Our Account Receivable and Denial Solutions are comprehensive and customizable; clients can select all services or begin with a subset of processes, business units, or locations. Additionally, our patient care coordination services ensure that our customers receive their payments without any problems.
Certainly, claim denials result in a loss of reimbursement or a delay in reimbursement, however, if you keep the details in mind, you can significantly increase your monthly collection. Werq Labs has a separate department for denials and rejections, and they ensure that the claim is resubmitted within 24 hours of receiving a denial or refusal from the practice manager.
Our team is well-trained and has up-to-date medical billing knowledge. They take the appropriate action after researching and analyzing the reason for the denial. Would you like to know more about our patient care coordination services? Don't hesitate to contact us. Our team will help you achieve your goals!
Our Approach to A/R and Denial Management:
- In-depth pre-call investigation with the help of EOBs and system notes.
- Work prioritization and allocation based on claim age, claim value, payer category, etc.
- Professional team enthusiastic to stay on top of the collections process.
- A/R analytics, as well as ad hoc updates and denial dashboards.
- Key analysis of denial reasons and denial trends.
- Re-engineering as well as appropriate ideas for healthy A/R.