Quick question: Have you noticed your insurance denials creeping up over the last two years? We’re guessing you have, as denials increased by 17% in 2021, according to an MGMA survey, and all those extra denials add up fast. On average, it costs $25.20 to rework a claim.
To combat this, iSalus is introducing a new solution to understand and reduce denials. Our billing analytics package now includes Denial Analytics. With this tool, you can create reports and dashboards to pinpoint which patients received denials, denials by insurance providers, denials by code, and much more.
Here are three ways denial analytics can improve your practice.
Bring Denial Data to Life with Customizable Dashboards
If you’re like us, scrolling through endless data spreadsheets is a quick way to make your eyes glaze over. Our denial analytics solution makes data analysis more accessible with visual dashboards. Quickly filter the data down to a subset of payers, rendering providers, CARC codes, and CPT groups as needed.
Prevent Medical Billing Denials Before They Happen
How can denial analytics help your business? Stop them from happening in the first place. An astonishing 90% of denials are preventable! How? Well, not to steal a line from G.I. Joe, but with denials, “knowing is half the battle.” Equip your team with in-depth reports and up-to-date dashboards, and you can track denial trends to understand why they’re happening and how to stop them.
Empower Your Team to Rework Claims
In a perfect world, you’d never receive a denial, but we’re realists here. So, the next best thing is being able to rework a claim and get it paid. It seems simple, but 50% to 65% of denials are never reworked.
The iSalus dashboards and reports keep denials front and center for your team, so they don’t slip through the crack. Even better, our analytics give you the CARC and RARC codes, so you understand precisely why a claim was denied and how to address it.
How to Add Denial Analytics to Your iSalus Account
All iSalus users who currently have the billing analytics package will have access to denial analytics. There is no additional cost. Users who do not have the billing analytics package will need to add it in order to access the denial analytics solution.
Learn More About Denial Analytics
We’ve only scratched the surface of denial analytics in this article. Check out our FAQ page for more details on building Excel reports, adding PivotTables, and connecting existing denial reports. Learn more here.
(And while you’re in the knowledge base, explore all our resources. You’ll find in-depth info on everything iSalus so that you can make the most of your EHR.)