A new study by Change Healthcare shows that of $3 trillion in medical claims submitted last year, $262 billion worth were initially denied. And while an average of 63% of those claims were recoverable, appeals-related administrative costs totaled $8.6 billion. The good news is that providers can now see where they might be falling short by studying the Healthy Hospital Revenue Cycle Index, and take the steps needed to cut their losses.
The health care industry’s claims payment system is frustrating, inefficient, and prone to errors, according to a new op-ed in Morning Consult. But Amy Larsson says one way to overcome these challenges is to start automating disparate payment systems to reduce manual interventions and thus the errors they might introduce. Read the article