A streamlined and accurate cash posting process will help to find claim denial trends and allow you to quickly correct the errors. Cash posting helps make sure the payment is received and distributed accurately to ensure timely paid claims.
How Accurate Cash Posting Can Find and Reduce Denial Trends
Over time your staff might start to notice that a particular payer is frequently denying your submitted claims. If that’s the case, you will need to evaluate the history of denial reasons. Then determine if you should include extra steps when submitting claims to that specific insurance payer.
Insurance Payer A is frequently denying your claims for the last six months. Your staff reviews and examines the denial trend and uncovers that Payer A denies the claims because of a lack of prior authorization.
You implement an extra step when submitting claims to Payer A. Now all submitted claims to Payer A would include prior authorization as part of the routine submission process.
The results are fewer claim denials, which positively impact your accounts receivables.
5 Reasons for Claims Rejection and Denial Trends
A streamlined posting process allows you to spot any ‘claims trends’ from insurance payers. Once identified, can review the denial to correct it and prevent the error from reoccurring.
Here are the five main rejected/denied claim reasons.
- Missing or Incorrect Data
- Prior Authorization or Medical Necessity Paperwork Not Included
- Late Claims Submission
- Incomplete Documentation
- Coding Errors
Tips to Improve Your RCM through the Cash Posting Process
Your current payment posting processes directly impact your revenue cycle management success (RCM). Here are three tips that can help you improve your current cash posting process.
1. Stay Current on Billing and Coding Regulations
The DME billing and coding regulations are frequently updated and modified. Putting an education process in place can help you from missing essential regulation updates.
2. Evaluate Your Cash Posting Process
Make sure to routinely check your payment posting process for any changes or improvements that might be needed.
3. Ask for Help
Sometimes staff limitations, lack of time, or various other reasons can make it hard to maintain an efficient cash posting process without overwhelming your limited staff. Consider reaching out to a knowledgeable and trusted DME billing company to help relieve the burden.
DME Cash Posting Services to Improve Your RCM
Medbill is a reliable and accomplished DME billing company that can help you grow and strengthen your RCM through cash posting services. The Medbill team will work with you to streamline your cash posting processes.