Mr. Woughter shared the following tip with Becker’s Hospital Review.
“Many healthcare organizations are still using outdated processes or paper-based workflows for denials management. Eighty percent of healthcare organizations don’t have technology for denials management now. With denials and underpayments increasing, it is imperative to apply technology and resources to their management. This will result not only in better management of denials, but in denials avoidance — by uncovering problem areas upstream in the revenue cycle, as early as patient registration. It no longer makes sense to use old tools to tackle increasingly complex denials issues; investment in denials management is an investment in the future financial health of the organization.”
Read more about reducing denials here.
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the “RCM tip of the day” series.
More articles on healthcare finance:
10 hospitals with strong finances
22 healthcare bankruptcies so far in 2017
Washington physician group sues CHS for underpayment
