As a CFO of a healthcare organization, you are responsible for ensuring its financial health. In order to make informed decisions about where to allocate your resources, it's important to be aware of the latest trends in healthcare management. One of those trends is making the reimbursement process as efficient as possible. In this article, we will discuss its importance and what you can do to make it a priority in your organization.
Healthcare reimbursement efficiency has been a hot topic as of late. There are many factors that go into reimbursement denials, from incorrect coding to a lack of supporting documentation. However, one of the most important factors is whether the results of reimbursement denials are actionable. All too often, denials are generated without any insight into which departments or processes are most affected. As a result, it can be difficult to correct the issues that are causing the denials in the first place. The closure of cases can also take longer than expected. To improve healthcare reimbursement efficiency, it is essential to make the results of denial actionable. By providing department- and process-specific information, Denial Management Teams can develop targeted strategies for reducing denials and improving overall efficiency.
In order to make the results of reimbursement denials actionable, it is important to have a clear understanding of the factors that contribute to them. Common causes of denials include:
- Inaccurate coding
- Lack of supporting documentation
- Incorrect patient information
- Untimely filing
By looking at data in a central spot you can start to see trends and root causes.
For example, if inaccurate coding is the problem, then additional training may be needed for coding staff. If a lack of supporting documentation is the issue, then processes may need to be put in place to ensure that all required documentation is obtained prior to submitting claims.
Actionable results from reimbursement denials can help to improve healthcare reimbursement efficiency by providing the information needed to correct problems and prevent them from happening again in the future. By taking corrective action, Denial Management Teams can improve overall efficiency and reduce the financial impact of denials on healthcare organizations.
When leading first with a data-driven culture, you are able to better understand which capabilities and skills are needed on the team vs. generalizing. This article discusses the two different approaches.
There are four elements that you need to have to be a data-driven culture. This article explains the four areas in detail and gives you additional resources to assist you with moving your company in a more data-driven direction. D