As 2023 kicks off, now is a great time for pediatric revenue cycle leaders to take a step back and review ways they can set themselves up for success, reevaluating some of their priorities and best practices. For many leaders, this can involve everything from renewed focus on efficiency to reviewing your relationship with pediatric medical billing companies.
Accounts Receivable Management Tips for Healthcare: It’s Time to Standardize Your Metrics for Denial Management
Claim denial rates are still a major concern for accounts receivable management in 2022. For example, denial rates for marketplace payers have reached rates as high as 80% according to the Kaiser Family Foundation [1]. But this is only the beginning. COVID has put upward pressure on denial rates for a while now. All of this means that revenue cycle leaders should be taking a fresh look at their denial management practices, not only considering accounts receivable management services but also seeing this as an opportunity to investigate new and more effective approaches to denial management.
2022 Hospital Revenue Cycle Outsourcing Update
With the challenges hospital leaders are facing today, hospital revenue cycle outsourcing should always be on the table. This is because of the benefits it offers in terms of flexibility and helping you stay ahead of challenges in hospital billing services. But these dynamics change quickly. This is why we want to present you with updates for 2022 and what you should understand about outsourcing hospital billing services today.
A 2022 Healthcare Denial Management Update
Healthcare denial management is always challenging, to the point that many providers work with a range of medical billing and coding services to make sure they’re keeping their denials low and optimizing cash flows. But since the COVID-19 pandemic, many elements of the denial management process have shifted.
How to Reduce Days in A/R
Days in accounts receivable (A/R) is a critical number for providers to track. As healthcare revenue cycle challenges become more complex, you will need to monitor this KPI to stay competitive, keep up with consumerization trends, and support your overall financial goals. As you make this consideration, you might consider working with some of the top medical billing companies in the USA, but first, we want to help you gain some critical insights.