Denial code N774

Remark code N774 is a notification to check your Third Party Processor Agreement for fees related to this payment type.

Accelerate your revenue cycle

Boost patient experience and your bottom line by automating patient cost estimates, payer underpayment detection, and contract optimization in one place.

Get a Demo

What is Denial Code N774

Remark code N774 is an alert indicating that the provider should consult their Third Party Processor Agreement for details regarding any fees associated with the type of payment received.

Common Causes of RARC N774

Common causes of code N774 are incorrect or incomplete processing of payment information, failure to adhere to the terms outlined in the Third Party Processor Agreement, or submission of claims for payment types that incur additional fees not accounted for by the provider. This code often indicates a discrepancy between the expected and actual fees associated with a particular payment type, suggesting a need for providers to review their agreement terms or payment processing practices.

Ways to Mitigate Denial Code N774

Ways to mitigate code N774 include implementing a comprehensive review of your current third-party processor agreements to ensure a clear understanding of all associated fees with different payment types. Regularly updating your billing team on these agreements can help avoid unexpected fees. Additionally, negotiating with your third-party processors for better terms or considering alternative processors with more favorable fees could reduce the occurrence of this code. Implementing software that automatically flags transactions with higher fees can also help in preemptively addressing issues related to this code. Lastly, continuous training for your billing staff on the nuances of payment processing and fee structures can minimize misunderstandings and errors leading to this alert.

How to Address Denial Code N774

The steps to address code N774 involve a multi-faceted approach focusing on internal review and financial analysis. Initially, convene a meeting with your billing and finance teams to ensure a comprehensive understanding of the current Third Party Processor Agreement. This involves a detailed examination of the agreement to identify and understand the specific fees associated with the payment type mentioned.

Following this, conduct a financial analysis to assess the impact of these fees on your overall revenue cycle. This should include a comparison of the costs associated with different payment types and processors, to determine if the current agreement is financially viable or if renegotiations or changes are necessary.

Next, engage with your third-party processor to discuss the findings of your analysis. This conversation should aim to clarify any ambiguities regarding fees and explore opportunities for reducing costs, such as negotiating lower fees or switching to a more cost-effective payment processing option.

Additionally, update your internal billing guidelines and training materials to reflect any changes in the processing fees and ensure that all relevant staff are informed and trained on the updated procedures. This will help in minimizing future occurrences of this code and streamline the payment processing aspect of your revenue cycle.

Lastly, implement a periodic review process for all agreements with third-party processors. This proactive approach will help in staying ahead of any changes in fees or terms, ensuring that your practice remains aligned with the most cost-effective payment processing options available.

CARCs Associated to RARC N774

Improve your financial performance while providing a more transparent patient experience

Full Page Background