Beckers Hospital Review recently published an article about the 4 ways healthcare organizations can reduce claim denials. The article covers the most common reasons for denials and how organizations can work to reduce denials – change the paradigm in denial management, use predictive analytics, invest in relationships with payers and focus on quality of patient data.
It is nice to see the real impact of denials is continuing to hit the headlines. We've know it for years and it's why we needed efficientC. Ninety percent of denials are preventable when you have the right tools in place.
"Organizations are struggling because they have so many denials that require devoted efforts. Beyond just the financial impact of denials, the rework prevents organizations from being able to be more successful in their revenue cycle and even in their work with patients because they have to keep addressing this issue," says Jim Lazarus, managing director of strategy and innovation with Advisory Board's revenue cycle solutions division.
OS inc.’s initial denials have stayed under 5% for years because of the analytics in efficientC that turn denials back into edits. When you have that low of a first pass denial rate, all other key indicators improve (cash, write offs, A/R aging, patient satisfaction, etc.) Keep pushing out these kinds of stats - love them!