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A denial claim is when a health insurance company or payer denies paying for services requested by an individual or healthcare provider. These claims represent lost revenue (when the claim is not paid even after appeals) or delayed revenue (when the claims are paid after appeals).
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Healthcare billing is the process of submitting and following up on insurance claims to receive payment for medical services provided to patients. Healthcare providers, such as hospitals, clinics, and doctors' offices, use billing codes to indicate the specific medical procedures and services provided to the patient.
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Patient retention is a key factor in the growth of your medical practice. By turning new patients into loyal patients, you can increase revenue without the costly and difficult task of acquiring new patients through marketing efforts.
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Medical billing companies are crucial in healthcare as they help healthcare providers with billing and payment processes. They simplify the billing process, reduce rejected or delayed claims, and enhance providers' financial performance.
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What sets apart the Customer Relationship Management System (CRM) from the Enterprise Resource Planning System (ERP)? While both software aim to improve business operations and increase return on investments, their core functionalities are distinct.
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