The 5 most time-consuming revenue cycle tasks

Seventy-six percent of health system financial leaders surveyed said denials management is the most time-consuming revenue cycle task, according to an April 19 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 of their most time-consuming tasks from a list of 15, 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 most time-consuming revenue cycle tasks:

1. Denials management: 76 percent 

2. Prior authorization: 60 percent 

3. Insurance follow up: 58.6 percent
4. Eligibility and medical necessity checks: 26.6 percent

5. Patient cost estimation and price transparency: 26.4 percent 

Read the full report here

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