Rising claim denial rates challenge healthcare providers, increasing revenue losses, staff burden and patient dissatisfaction, with private payers denying more claims. More healthcare providers are reporting higher claim denial rates than before, according to a recent  survey  from Experian Health. With rates rising, providers are experiencing revenue cycle management and patient experience challenges. Higher claim denial rates lead to lost revenue and delayed reimbursement while creating more work for revenue cycle staff who must chase down payments and launch appeals for denied claims. In fact,  denials management was the most time-consuming revenue cycle management task  for healthcare financial leaders, according to a 2023 survey from AKASA. Patients are also becoming increasingly disgruntled by claim denials. Claim denials have recently been put in the spotlight after the  death  of UnitedHealthcare's CEO Brian Thompson, which has sparked a larg...

  Here are four strategies to optimize revenue cycle management for maximized revenue collection. In the ever-evolving healthcare landscape, efficient revenue cycle management (RCM) is crucial for maintaining a financially healthy practice. Adopting a proactive and strategic approach to RCM can make all the difference in addressing heavy administrative workflows, billing errors, increasing denials and staffing shortages. Here are four top strategies from Greenway Health's Senior Director of Revenue Consulting, Marvin Luz, to help level up the RCM game plan and ensure practices collect every dollar earned.  1. Proactive Patient Collection Strategies   Growing patient accounts receivable (A/R) is a common challenge but can be mitigated with more proactive collection strategies. Start by ensuring the patient financial policy is updated and signed by patients annually. Implement a system where patients provide a credit card on file to collect payments upfront, reducing the ne...

  The global  medical billing outsourcing market  size is expected to reach  USD 30.2 billion  by 2030, expanding at a CAGR of 12.26% from 2023 to 2030, according to a new report by Grand View Research, Inc.  The market is driven primarily by factors such as the increasing importance of regulatory compliance and risk management, the growing need to streamline the medical billing process, and efforts to reduce internal processing costs. Key Industry Insights & Findings from the report: Based on the components, the outsourced segment accounted for the maximum market share in 2022 owing to the increasing preference among physicians' offices, hospitals, and startups for outsourced medical billing services for hassle-free claim management at a low cost. The front-end services segment dominated the market in 2022. However, the middle-end services segment is expected to register the highest CAGR during the forecast period due to the growing demand for RCM serv...