Claims Denial: Healthcare Leaders report an increase in payer denials, putting increasing pressure on the system’s finances.
Going back and forth with denied payers is a long and expensive process, and low reimbursement rates don’t help either.
In a new survey conducted by the Healthcare Financial Management Association, CFOs noted a significant increase in denials, exacerbating financial challenges.
Of the 130 CFOs surveyed, 82% reported a significant increase in payer denials compared to pre-pandemic levels. 84% of respondents attributed low operating margins to low reimbursement rates. Payer denials are a problem for revenue cycle executives, with many expressing frustration with slow claim processing, claim denial algorithms, and policy details ambiguous at the event.
Claims Denial: Introduces five methods to help executives solve the payer problem:
Prioritize – Use algorithms to determine which accounts have the greatest potential value.
Automation – Automate tasks to reduce employee workload and accelerate revenue cycle operations.
Culture – Organize work to maximize system automated prioritization.
Analytics – Be proactive and monitor factors that influence KPIs.
Resilience – Flood payers with calls and monitor automated decline responses.
One strategy that healthcare organizations have had success with is to encourage payers to use the system’s EHR payer billing platform to enable their automated solutions to expedite the claims process Compensation is more effective.
The system’s data analytics team also performs queries to identify denial patterns among different payers, which will allow the denials team to recognize commonalities or whether a claim should be submitted medically along with the claim or not.
How is medical billing company Allzone different from other companies? The
Medical billing service provided by Allzone Company can be of great benefit to healthcare providers. A professional billing company can deliver many benefits, such as reduced costs, increased cash flow, increased accuracy, reduced compliance risk, higher patient satisfaction, and more focus on patient care.
Please contact us at 866-854-2714 or sales@allzonems.com if you have any questions about our services or would like to arrange a call. We look forward to discussing how we can help your healthcare organization succeed.