Hospital CFO and revenue cycle leaders surveyed overwhelmingly said denials management requires the most RCM subject matter expertise, according to a May 23 report from Akasa, a revenue cycle firm that uses artificial intelligence.
The survey, commissioned by Akasa, asked 556 CFOs and revenue cycle leaders to name up to five RCM tasks from a list of 15 that required the most expertise, according to the report. The leaders, selected through the Healthcare Financial Management Association’s Pulse Survey program, were polled between July 8 and Aug. 2.
Here are the five RCM tasks that require the most subject matter expertise:
1. Denials management: 78.7 percent
2. Coding: 50.1 percent
3. Prior authorization: 49.7 percent
4. Insurance follow-up: 47.6 percent
5. Patient cost estimation and price transparency: 30.4 percent
CFOs and revenue cycle leaders also said denials management was the most time-consuming RCM task, according to an Akasa report released in April.