It’s Time to Get Your Due! -TripleAim Approach to Tackling Underpayments in Medical Billing
The good news is that 90 percent of claim denials are preventable. However, care providers need to consider sustainable business models to not just manage but prevent denials at large.
Hospitals and Medical Practices continue to take new initiatives to prevent
underpayments. However, reports indicate that claim denial rates are at an all-time
high—with hospitals losing billions of dollars to underpayments in medical billing every
year, and about a staggering 33% of hospitals nearing the danger zone at a claim denial
rate of
over 10%.
Reworking claims alone cost 20% of the overall revenue cycle operational costs with an average claims rework cost of $25 per claim. From Hospitals to Patients and Pharmacies, claim denials and underpayments could have a significant financial impact on revenues and cash flow, while also affecting patient financial experiences and consumer loyalty.
The good news is that 90 percent of claim denials are preventable. However, care providers need to consider sustainable business models to not just manage but prevent denials at large.
Creating Positive Patient Financial Experiences in the World of Value-based Care
Harnessing Digital to Accelerate Patient Collection Communications
Determining the Root Cause: A Guaranteed Strategic Approach to Denial Prevention
5-Point Checklist to Prevent Claim Denials in Orthopedic Billing
Denial Codes: Optimizing Efficiencies Using Medical Billing Denial Management Services Strategies
As rightly said, it’s the strategy, and not technology that drives holistic business transformation. Hence, healthcare organizations need to orchestrate a comprehensive medical billing strategy that encompasses the right combination of industry best practices, next-gen technologies, proven strategies, denial management expertise, along with an experienced team of SMEs and technologists who can work together to enhance the financial performance of a Hospital/Practice.
To learn more about how your healthcare organization can reduce the spiking denial
rates and underpayments,
give us a Shout!
From our humble beginnings as a healthcare start-up—to becoming a full-blown healthcare-exclusive digital transformation provider, our journey has been quite a remarkable one. Today, SolvEdge is a leading-edge Healthcare services and solutions provider—trusted by 450+ Hospitals, 3500+ Physicians and millions of patients across the globe.