An easy trap for many agencies is to ignore the actual amount and length of their denials. Typically, our industry experiences a 15-25% denial rate. Many agencies budget at a 20% rate.
For a medium sized agency, that can equate to over $145,000 a month in denials and delays.
What could your agency do with an additional $100,000 per month?
In the continuing battle to reduce denials, most of the errors lie in the human factor.
We all know there are times when we cannot read the client’s handwriting on their intake paperwork or on the doctor’s notes. Typos and missing information continue to be a plague.
A denied claim slows the reimbursement process and hampers the financial sustainability of your agency.
Certainly, constant attention to the basics can help.
- Incorrect Date of Birth or Name
- Missing or incorrect Social Security Number
- ICD-9 Diagnosis code is inaccurate or non-billable
- Address of the client is missing
- Non-CMS 5010 Compliance
- Claims (HCFA/CMS 1500) filed with missing information
- Missing authorization number
- Missing NPI (National Provider Identifier)
- Incorrect TIN for provider
- Missing or incorrect modifier
- A claim is Not Filed on Time
However, the reality comes back to the aspect of human error.
Today, much of our world is taking advantage of technology and has eliminated the aspect of human error as much as possible.
Why would you not want to do the same with the financial future or your agency?
OnTarget’s fully automated billing platform has a documented billing denial rate of less than 1%.
- Proprietary billing engine automates billing tasks
- Import service notes, batch and bill in minutes
- Extensive customizations by payer and service
- 837 EDI files or Institutional and Professional
- Automated Rebilling speeds up revenue cycle
- Extensive billed units reporting and analysis
We experience the benefits of technology every day. Your agency should be no different.
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