It may be hard to imagine, but denials don’t have to be built-in bottlenecks.
Just like a doctor diagnoses illness, healthcare organizations must learn to diagnose denials.
Most employees in healthcare are entrenched in the traditional way that we’ve always worked denials. This approach is antiquated, time-consuming, error-prone, and very costly. Yet nothing is being done differently. It’s time to break out of the mold.
Becker’s Hospital CFO report says that CFOs spend most of their time thinking about how to revamp the healthcare denial management process. They are likely losing sleep at night over it. As much as 5 percent of your provider revenue can be lost and some organizations experience denial rates as high as 20 percent. Fixing that problem can do wonders for your ROI.
We’re all aware of the biggest culprits: coding errors, manual mistakes, simple misspelled names.
But how do you fix the problems? High performing companies have figured it out. They diagnose their denials, using software and techniques to get at the root causes of why denials are happening, refining their processes over time, and getting to a point where they can identify potential problems before they even occur.
Our Accounts Recievable Management app gives healthcare the insight and tools you need to fully work a claim. Our claim analytics tools are invaluable tools for efficiently working claims and denials; we will examine your denials and downsize your DSOs.
Our feature-rich reporting helps you quickly analyze the reasons for your denials. We make it very easy to spot the areas of your revenue cycle that need to be refined. Quickly analyze remittances and create redeterminations with supporting documentation.
Stop spending hours and hours of manual labor on healthcare denial management. Do things differently. You’ll soon see that more effective management of your claim denials can increase your organization's revenue and collections rate while improving patient satisfaction. And that means fewer denials to worry about in the future...so your CFO can finally sleep at night!
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