Denial write-offs are rising dramatically as hospitals wrestle with an ever-more complex reimbursement environment and mounting workloads for central billing office personnel. But despite studies showing denial volume has increased, many facilities have yet to develop effective or reliable strategies for resolving either their oldest accounts receivable or their high-volume/low value claims.
Too often, lower-dollar claims are abandoned by the hospital’s internal billing staff or primary accounts receivable (AR) management firm in order to focus limited staff resources solely on the most valuable, big-ticket denials. At the same time, as claims become highly-aged, many hospitals feel the likelihood of collection is limited and so cease working them because it’s believed that chasing aged, low-value denials is not a cost-effective use of limited resources.
Resolving delayed, denied, or underpaid insurance claims can be a protracted, costly and ultimately unsuccessful process for hospitals and health systems to work internally. As a result, hospitals and health systems are looking for ways to decrease denials through the assistance from outsourced denial management vendors to help with various segments and classifications of their AR inventory.
Squeezing revenue from abandoned claims
HFRI has consistently found money for hospitals in these highly-aged or high-volume/low-dollar claims by using a combination of intelligent automation and experienced personnel.
HFRI provides valuable insight into your AR
Using our proprietary intelligent automation process, HFRI’s root cause analysis provides invaluable insight into your AR accounts and a level of detail that your staff may not have the bandwidth to provide. You can more consistently collect additional cash to improve your bottom line.
How? Our tools can:
- Provide recommendations to prevent aged and denied claims throughout the revenue cycle
- Develop a comprehensive knowledge base around the issues that trigger payment delays
- Identify the full spectrum of shortcomings that contribute to payment delays and write-offs
- Filter data by hospital, department, physician, and/or employee to provide additional insight