The pandemic has ushered a paradigm shift in healthcare, with the focus on digital technology becoming stronger than ever. For providers, however, accelerating digital transformation in claims management remains a struggle.
With the increasing financial and administrative burden on healthcare organizations, ensuring process efficiency and optimizing the payment cycle while ensuring regulatory compliance has become a prerequisite for improving financial performance and patient experiences.
To improve revenue integrity, taking proactive steps to identify and fix revenue gaps while reducing the administrative burden (especially in the face of increasing levels of healthcare worker burnout) is the key. Providers need to equip themselves with the right technology to address their day-to-day claims processing challenges.
Finding and Bridging Revenue Gaps for Better Financial Outcomes
Compliance in coding and billing practices can help providers reduce the risk of denials significantly, saving them time while strengthening revenue integrity. Coding errors, incorrect charge capture, and gaps in clinical documentation can cost health systems a considerable amount of otherwise revenue and negatively impact the overall patient experience. The good news is that there are now technology solutions to address revenue leakage.
Here are some of the common factors that result in revenue leakage and affect the providers’ bottom line. Many if not all of these will likely be familiar to you. But what might be unfamiliar—they can all now be addressed through advanced technology:
How Innovaccer’s Denial Prevention and Recovery Accelerator Plugs Revenue Leakage
Innovaccer’s Denial Prevention and Recovery Accelerator is a fully managed, scalable revenue cycle management solution that follows a pragmatic approach to claims management, and puts data and analytics at the forefront to improve revenue integrity. The customizable platform does not address revenue challenges in silos or as a point solution, but rather, integrates revenue cycle data to create a unified data platform that offers meaningful insights into the claims cycle to facilitate better decision-making and financial outcomes.
Using the power of the Innovaccer® Health Cloud’s Data Activation Platform—the #1 healthcare data and analytics platform according to KLAS—providers can unify data from disparate sources and use predictive analytics to identify and fix potential errors that can trigger denials. This helps providers manage claims better and improve the recovery prospects, achieving true RCM digital process transformation in as little as six weeks.
The result: reduced claims denial rates, a streamlined appeals process, less administrative overhead, improved revenue velocity—and revenue integrity that’s as strong as it gets.
Gain Visibility Into the Revenue Cycle
Innovaccer’s Denial Prevention and Recovery Accelerator addresses data fragmentation that causes a lack of visibility into claims, driving suboptimal decisions. Using the power of the Health Cloud with data activation and analytics capabilities, the Denial Prevention and Recovery Accelerator helps providers simplify claims management, prevent denials, and accelerate payments while staying focused on delivering exceptional patient care and experiences.