A denial-free revenue cycle is something every provider strives for but seems nearly impossible. The industry average denial rate is above 10% and going up. Revenue cycle specialists see a multitude of reasons for claim denials. Here are a few tips for minimizing claim denials: Start at the Beginning The Read more…
Providers have reported a surge in claim denials and reimbursement delays. According to a study by the American Hospital Association (AHA), 91% of interviewed providers indicate experiencing an increase in denials. Over half (51%) of those providers deemed the increase as “significant”. While claim denials are not a new stressor, Read more…
The healthcare industry must emphasize the importance of minimizing the often unnecessary cost burden associated with reworking of claims due to denials. This can be accomplished by identifying possible claim denials and correcting them before submission. The key to improving this aspect of the revenue cycle is real-time data. More Read more…
Payers denying healthcare insurance claims is something we all are very familiar with. Whether the claims are denied for missing information, incorrect medical coding, or anything in between, 9% of claims are initially denied, on average. The national pandemic has caused its fair share of additional denials. New Jersey Hospital Read more…
Key Performance Indicators (KPIs) are used to measure how an organization or department is performing. Companies often evaluate and analyze their business processes against industry standards to see if there is room for improvement. With the help of industry leaders, the Healthcare Financial Management Association (HFMA) has comprised a list Read more…
Improved medical claim management has been a necessity in the healthcare industry for some time. According to an article in Becker’s Hospital Review, a study showed that 62% of the healthcare executives interviewed noted declining reimbursements to be the most pressing challenge within their health systems. The healthcare industry sees Read more…
What is Artificial Intelligence? Artificial Intelligence (AI) is defined as computers imitating “intellectual processes characteristic of humans, such as the ability to reason, discover meaning, generalize, or learn from past experience” with the ability to achieve goals. AI in healthcare is known to “help manage and analyze data, make decisions, Read more…