What’s Your Revenue Cycle Goals for 2025? Let’s Talk About Denial Prevention
With the Right Data Validation Tools and Business Intelligence (BI) Technology, You Can Prevent Many of Your Denials
Claim errors that lead to denials can have a significant impact on your revenue cycle by delaying or reducing payments from health insurance payors. In a recent survey, 73% of providers reported that their claim denials were increasing. 38% of the survey respondents said that at least one in ten claims are being denied. And while denials can cause a significant amount of revenue loss, most of them can be avoided. This is where automated data validation rules and the use of Business Intelligence (BI) can identify the root cause of recurring ones that lead to a majority of rejections.
Using Technology to Automate Processes
Working in tandem with our Remittance Processing and Bank Reconciliation services, our use of ReSolve® AI and Workflow Automation* technology captures potential errors in the system and routes them to a work queue for efficient corrections. By having a single-source platform for efficient access to all of your claim, remittance and correspondence documents, we can improve the accuracy of your data and provide the right tools to efficiently manage denials. This technology also provides for accurately capturing and processing all payments from multiple Practice Management (PM) Systems and Clearinghouses billed under the same TIN.
Systematically Working Your Denials
ReMedics specializes in revenue cycle optimization to prevent reimbursement delays and claim denials by payor, aging, dollar value and other criteria. Utilizing technology, we can provide a more robust data set to the client and/or the ReMedics Operations team to ensure that all denials are being systemically worked for processing. We can also provide your staff with a ReMedics web-based document imaging portal for access to all captured and indexed correspondence.
Working with ReMedics to Improve All Areas of the Revenue Cycle
By taking a proactive approach to denial management, cash flows are increased and overall cost to collect is reduced. With detailed reporting & BI analytical tools, ReMedics can provide operational insights that improve all areas of the revenue cycle. Contact ReMedics today to start working on a plan for your organization.
*technology provided by RCMS, LLC