$25 to rework a claim? That is right, according to an MGMA Connection article it will cost the provider $25 on average to rework a claim. That might not sound like much, but think how many denied claims you receive every single day, month after month. So not only are you not getting money from the insurance company, you are having to pay $25 to rework it in the hopes that it will not get denied again. This is a cash flow nightmare for any practice. This is why we are writing our 5 tips to reduce denials. 5 simple improvements that can save you hundreds of thousands of dollars over the years. Without further ado:
Tip #1 Documentation Errors
in the fiscal year of 2013 CMS RAC auditors identified and corrected $3.75 billion in improper payments. Perhaps you were part of that, or perhaps you will be part of it this year, hopefully not! Simple documentation errors lead to poor coding which inevitably means either denied claims or low reimbursements. Think of this common error.