According to the Advisory Board’s 2017 Revenue Cycle Benchmarks , the average 350-bed hospital saw denial write-offs increase from $3.9 million in 2011 to $7 million in 2017. In order to reduce your hospital’s denials, it is recommended to follow these best practices:
- Identify the root cause of the denials;
- Maintain a single source software to track each of your claims statuses and appeals;
- Dedicate employees singularly to clinical denials; and
- Consider outsourcing your aged denials quarterly to a vendor.
Disclaimer: Rome was not built in a day. Parathon can assist your organization in the implementation of these best practices. We assist our clients both onsite and remotely as an extension of their business office.
