Excited for HIMSS! As we gear up for discussions on the revenue cycle at the event, here are some crucial insights:
Implementing best practices can truly transform back-end revenue cycle processes, driving faster revenue generation and collection. By embracing technology, especially in areas like denials management and patient collections, we can optimize revenue cycles, cut down on operational and collection costs, and enrich the overall sector performance.
🚀 Denials management deserves our focused attention. Recent data shows a troubling 20% surge in claim denial rates among commercial payers from January 2022 to July 2023 in the U.S.
These denials pose a significant financial challenge not only in the U.S but globally speaking. As reference, about a third of larger U.S providers are facing annual losses ranging from half a million to $2 million.
It's time to proactively tackle this issue with innovative strategies and technology to safeguard the financial well-being of providers, payers and patients alike. #himss24 #revenuecyclemanagement #healthtech #healtheconomics #financialstrategy 💼💡
Healthcare Business and Technology Executive
6moAwesome recognition, good job team!!