
2017 is here. And so is the challenging and uncertain path of value based care. To gird with the new payment environment hospitals need to automate their denial management process. According to a recent study by HIMSS Analytics healthcare organizations are in the need of an effective and sophisticated way to handle denied claims in lockstep with their journey towards value based care. The HIMSS Analytics study reveals that: RCM Best Practices for Group Practices and Hospitals 10 quick reasons why hospitals must stop handling denials manually Tools to automate your denial management process effectively See how Orlando Health increased their revenue recovery by using an automated denial management process… In a recent article for Revenue Cycle Insights ,Bridget Walters, the patient accounting director of Orlando Health, spoke on how automating denial management helped her organization. “We were missing a standard way to map and categorize denials to address them more consistently”, she revealed. After using an automated solution the Orlando Health healthcare organization saw a steep drop in authorization denials by $3 million dollars a month. The total revenue recovery was $7-8 million a month. Well, it is as clear as daylight. By automating the way denials are analysed, categorized, followed-up on and resolved, hospitals and healthcare organizations can increase bottom-line benefits, contain costs and eliminate manual errors. Just the perfect way to transition to the value based environment on the right foot. And, yes, tackle the tricky revenue management hassles 2017 throws up.
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