In this whitepaper, we will discuss how claims denial is a challenge for the Healthcare industry as it impacts the bottom-line revenue of the providers. The focus is on how technologies can be leveraged to automate Healthcare Revenue Cycle Management to effectively reduce and prevent claims denial problems.
Claim denials are still a harsh reality in Healthcare, impacting the bottom-line revenue of provider organizations in this industry.
According to Healthcare Financial Management Association (HFMA) in 2021, out of $3 trillion in total claims submitted by Healthcare organizations, $262 billion were denied, translating to nearly $5 million in denials, on average, per provider. Healthcare providers are the pillars of the healthcare industry and just like any other profession they get paid for the work they perform. They often need to wait for a month to get insurance reimbursement and on the other hand, the healthcare plans use a host of reasons to deny their payment.