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Trends in Denial Management: Strategies to Reduce Revenue Loss

Practice Management


Trends in Denial Management: Strategies to Reduce Revenue Loss

Date Posted: Wednesday, December 04, 2024

 

Denials slow down healthcare revenue cycles and increase operational costs; having the right strategies in place can protect cash flow and productivity.

 

As hospitals and health systems focus on delivering quality care, they require efficient revenue cycle management (RCM) to thrive and grow. The expansion of medical insurance has significantly enhanced access to care for a large section of the population. However, the process of claiming reimbursement for the services provided by healthcare organizations or medical practices can be tedious and challenging. Frequent claim denials make the process even more complex. When insurers refuse to pay for a service after a claim has been submitted, it disrupts cash flow, raises operational costs, and ultimately results in lost revenue.

 

Reports indicate a high and increasing rate of claim denials. The good news is that a significant percentage of rejected claims are recoverable with proper denial management. This

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