Denied claims can have a significant impact on the revenue cycle of healthcare providers in Ontario. As an Ontario physician, you rely on timely reimbursements from OHIP to maintain your practice and provide quality care to your patients. When claims are denied, it can lead to delays in reimbursement and a decrease in revenue.
At Physicians First Financial, we understand the impact of denied claims on healthcare providers in Ontario. Here are some of the consequences of denied claims:
- Decreased Revenue: Denied claims can result in a decrease in revenue, as healthcare providers may not be reimbursed for their services.
- Administrative Costs: The administrative costs associated with denied claims can be significant, as healthcare providers must spend time and resources appealing the denial and resubmitting the claim.
- Waste of time: Denied claims can lead to delays in care and may cause frustration for you and your team. As it is, you likely spend more time on administration than you do caring for patients, and rectifying claims is among the most tedious tasks we face.
To avoid denied claims, it's important to ensure accurate documentation, verify patient eligibility, and monitor and analyze your claims. At Physicians First Financial, we can help you implement best practices to optimize your claims processing workflow and minimize the risk of denied claims.