Teamwork makes the dream work
Did you know only 66% of denials are recoverable, but almost all (90%) of them are preventable? Though prevention is not always easy, addressing the root cause of denials head on can yield positive financial results long term.  As learned from the MGMA 2016 Health Systems Summit, it’s important to assemble a denial management team and analyze the three “P’s” (people, process and product) to ensure financial success:
Studies show on average it costs $25 of staff time and resources to rework one denied claim.1
The math is pretty clear: An organization that reworks 100 denials a month will spend an average $2,500/month or $30,000/year in staff time and resources.
Build a taskforce. Engage strong leaders from across multiple departments who are affected by denials, and identify a physician champion to monitor issues and track prevention efforts.
Nearly one third of healthcare providers still use a manual process to manage claim denials.2
Denials cost healthcare organizations about 3% of their net revenue stream.3
Automate processes. Consider a more automated approach to denial management to improve workflow, reduce costs and save time.
Establish workflow structure. Schedule a recurring monthly meeting to ensure ongoing efforts continue. Have each department leader share their top denial issues and offer collective feedback to help.
Evaluate technology solutions. A real solution doesn’t just recover cash by reversing existing denied claims; it combines denial prevention with denial management.
Look for a vendor partner with a solution that can provide all data you need to:
•  Analyze the root causes of denials;
•  Understand how to avoid them; and
•  Reduce future denials to a minimum with staff training and tips based on common denial reasons.

It’s critical for healthcare organizations to establish a team and evaluate the three “P’s” for a thriving denials management program.

To learn more, download the webinar recording:
Denial Management – Your Questions Answered.

Looking for a denial management solution?
Learn more about how Navicure’s® denial management tools can help your organization increase revenue, accelerate cash flow and cut costs.