Revenue Cycle Management Company

An ongoing challenge for all hospitals, revenue cycle management requires the use of technology to keep track of claims and address issues as and when they arise. It is fairly common for claims to be denied, denial management being an industry wide challenge. Efforts by healthcare facilities have not made much impact in the reduction of claim denials. Despite the recent announcements from CMS regarding the changes to the processing of ICD-10 coded claims for the first year, industry analysts feel that denials will further increase under ICD-10. However, according to a report by the Advisory Board Company, a research organization, the fact is that 90% of denials are preventable and nearly 60% of these are recoverable. In order to reduce their denials, healthcare facilities need to incorporate best practices that will drive down everyday denials, reduce back-office backlogs and change an unreliable revenue cycle. They also need to set systems in place that will ensure proper determining of patient insurance status, make sure that co-payments are collected and ensure that claims are coded correctly and meticulously. Here are some tips to help you reduce your claim denials.

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