18 Aug Denial Management for Revenue Cycle And Your Return on Investments (ROI)
Imagine if your healthcare organization could completely prevent denials from occurring. In theory, it should be an easy path to follow; utilizing basic analytics should allow your organization to prevent denials in advance. Yet about one-third of hospitals and health systems do not use revenue cycle automation with the tools that are already available in their current systems.
Plus, about 38% percent of Healthcare Organizations not currently using revenue cycle automation have no plans to put it on their to-do list in the future, according to a new survey from Healthcare Financial Management Association’s (HFMA) Pulse Survey program.
Hospitals could lose between $53 billion and $122 billion due to the lingering effects of COVID-19, depending on the speed of vaccine distribution and complete recovery of patient volumes, according to a new report from Kaufman Hall.
That puts revenue cycle management in a hot seat again as a tool critical to ensuring viable operating margins.
Finding cost savings and revenue cycle enhancements has never been more essential in healthcare.
One of the cost-saving opportunities in the future is to expand goals for automation within the revenue cycle. It is all about workforce and workflow efficiency and leveraging the system you already have. One of the biggest obstacles we see repeatedly is the failure of healthcare organizations to focus on a long-term solution instead of a short-term fix.
Automation And Department Silos
The center of any business process automation is a workflow process review across the whole healthcare organization. In order to accomplish this, you will have to invest in the people who have a high technical capability and can see the entire picture. People like that tend to be expensive and hard to find. Sure, it is easier and more popular to get a quick win and fix a particular silo issue. However, sustainable, game-changing results come from revenue cycle automation and increasing the number of processes that can be automated. The most cost-effective way to get the experts is to work with an established revenue cycle partner.
Sunlit Cove Healthcare team can not only speed collections, identify revenue opportunities, and control denied claims but also add scalability and revenue cycle automation. We look at each process, identify possibilities as opposed to one size fits all strategy.
We provide denial management services on a continuous or as-needed basis for a reasonable rate. No need to hire staff as volumes shift with the constantly changing environment. We work on a flat fee basis that will allow your budget not to fluctuate.
Contact us or give us a call at 727.576.2903 to get started.
Sunlit Cove Healthcare Consultants
We provide management and consulting services to help healthcare businesses run efficiently. Navigating the dynamic and complex revenue cycle management is a challenge for many health plans, health care vendors, and providers. Our consulting services are available to assist with your day-to-day operations and provide expertise in growth and change management. We manage all aspects of your enterprise from the development of the revenue cycle management process to the completion of your business cycle.
Related to Utilization Management:
At most healthcare organizations, the significant revenue cycle expenses are the ones related to human capital. Reducing costs linked with a full-time equivalent (FTE) is a primary...
Imagine if your healthcare organization could completely prevent denials from occurring. In theory, it should be an easy path to follow; utilizing basic analytics should allow your...
Implementing effective claims denial management can lower your denial rate and improve your healthcare organization’s revenue. Denial prevention is the key to improving your ...
More and more providers are generally tired of the unknowns of the claim denials. Implementing effective claims denial management will help lower the burn on your healthcare organi...
Just when you thought your utilization management staff had enough to deal with, Center for Medicare & Medicaid Services (CMS) is adding more to your back-office workload. Star...