Healthcare consulting and solutions firm Healthcare Revenue Strategies has unveiled a new website aimed at helping organizations meet the challenges of an industry with "increasing complexities in claims" that can badly hinder overall performance and breed cost increases for patients.
Denial management is a crucial stage in billing that hospitals and other providers often struggle to handle efficiently, and consumers are often unaware unaware of the impact it can have on revenue.
Through its website, HRS said they hope to help patients and providers understand the critical roles they play in healthcare financial management, especially as HIPAA regulations make it even more complicated for healthcare organizations to resolve insurance claims.
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Errors in processing medical claims alone cost the healthcare system billions annually, with follow-up often meaning the difference between success or a claim being denied or put on hold, HRS said. Some time is required to find out why claims are being denied and therefore, making sure more claims are paid with the first submission. But the bottom line is denial management centers on timely response. Issues have to be identified and corrective actions taken.
"Expert analysis of electronic health records reveals that claim denials often show up as trends that can be identified and resolved, saving time and increasing revenues," HRS said. "Managing and maximizing revenues for hospitals is more than denial management. It is also about bringing in the right personnel, services and tools for the effective oversight of all revenues, overseeing those electronic health records, notably as a MEDITECH consultant, and ensuring that patient medical histories are accurate and compatible with records in the files of physicians who have treated these patients."
Twitter: @BethJSanborn