Denied insurance claims have been reported as representing 90% of missed revenue opportunities in medical practices. In total, an estimated $262 billion in medical claims are initially denied each year. Out of all the claims denied, research shows up to 65% of them are never reworked. Over half! That is hundreds of thousands of dollars lost! And more shocking than that, 90% of them were avoidable.
On top of potentially losing the revenue from the service, it costs to rework a claim - $25 each. If you have 10 claims a week denied, that is $250 a week, $1,000 a month, $12,000 or more a year spent trying to get reimbursement for services rendered from payers. Not to mention the time spent by staff members dealing with the appeals.
The reality is denials are going to happen, but at Billed Right our team works hard to minimize the number of denials and to deal with the ones that do happen. Our denial management services team will appeal those denials, even to three appeal levels.
Having an experienced revenue cycle management team on your side can help to eliminate many denials from happening in the first place. With the entire revenue cycle covered, partnering with Billed Right can help you submit clean claims that go through the first time, reducing denials and the cost and frustration that goes with them.
Our clean claim rate ensures that you experience efficient claim processing and improved billing efficiency. We focus on denial prevention and denial reduction, aiming to decrease the number of avoidable denials and missed revenue opportunities. Clean claims in medical billing are crucial for a healthy revenue cycle, and our RCM denial management services are designed to optimize your revenue cycle management.
Contact Billed Right today to learn more about how we can partner with you on your revenue cycle management!
