Healthcare organizations average nearly $9,000,000 in denials annually, according to a report published by the IRS. But even recouping that money comes at a cost to organization resources and staffing.
The best denial management solution is to reduce or eliminate denials at their root cause permanently. However, the sophistication and accessibility of big data - the process of examining big data to uncover hidden patterns and provide actionable information - is transforming denial management. This enables stakeholders to view their performance on a granular level and resolve the root issues that cause denials before a denial can occur.
Analyzing Big Data to Solve RCM Problems
We map the big data available within your hospital systems and analyze trends with your organization’s denial patterns. We provide you with a dashboard view of your denial landscape, enabling you to quickly pinpoint the source of the denial problems within a particular department, group of providers, or a specific insurance carrier to educate stakeholders best and remediate denial root cause.
Our methodology allows organizations to monitor particular financial metrics easily and uncover areas in need of attention. Some examples are finding issues with credentialing, non-payable coding combinations, or eligibility problems.
HRCS has the expertise and experience to support your organization as you step into the world of big data.
You have the information, and we have the methods and experience to unlock its power for your collection benefit.