A large amount of claim denials and fluctuations in revenue flow is a challenge in hospital billing services.
Providers need to implement better denial management metrics in this era of healthcare reforms. A value-based model of reimbursement has to be the path for an effective transition.
Rapid automation in the way you handle your hospital billing services has to be a key area that has to be addressed for eliminating challenges in revenue cycle management.
The importance of using robust processes, smart technology interfaces are quite clear with the views and the opinions of healthcare thought leaders and experts.
The industry leaders and the revenue cycle management experts are stressing quite heavily to the indispensability of fast and well-connected platforms that streamline the entire denial management process in the right earnest.
The truth in the numbers of hospital billing services
A recent report of a research organization known as the Advisory Board Company clearly suggests that 90% of the denials that happen are easily preventable with transparent processes and functional best practices.
- It is true that 60% of them are recoverable and almost 44% of the executives in hospitals are using specialized vendor solutions for managing their denials.
- While the numbers suggest that still 31% of the denial handling is still done manually, a steady change is quite visible.
- Almost 18% of the hospitals today are relying heavily on a homegrown tool while nearly 7% of them are still apprehensive of its use.
- Almost 60% of them that are still not using vendor provided platforms will be using it for sure in the next 7 to 12 years.
Reducing costs in hospital billing by using and implementing best in class systems should be the road map ahead and it is surely pointing towards an industry-wide opportunity.
However, Next Gen survey reports clearly suggest that almost 8% of the practices are still not leveraging enough from the fundamental RCM automation technologies.
Outsourcing advantage in patient billing services
It is a proven fact today that nearly 70% of the practices are already outsourcing their AR follow-up and denial management tasks. Reducing in-house costs and improving collections with specialized assistance has to be the mandate ahead for a lot of prominent healthcare providers in patient billing services.
A specialized intervention from a proven revenue cycle management company that provides exclusive medical billing support by combining state of the art platforms and expert team of billers and coders is going to be an interesting development in the coming days.