The outbreak of COVID-19 in the US has dramatically altered the 2021 healthcare landscape and has been a major cause of concern for healthcare organizations across the nation. Even though the government and payers have put in place programs to help alleviate RCM challenges presented by COVID-19, the healthcare practices and medical centers continue to face financial challenges raised due to the effect of COVID-19.
Payment posting is an important step in the medical billing process and revenue cycle management. A precise payment posting process examines the revenue cycle for better development opportunities to increase revenues.
Today, most healthcare organizations lose 3 to 4% of net revenue due to payment denials. With the drastic changes in the 2021 healthcare industry, here is how providers can stay ahead of their revenue cycle by improving healthcare claim denial management. Let’s look at the proven ways to improve healthcare claim denial management and how RCM solutions can improve your practice bottom line.
In today’s healthcare landscape, the economic fallout due to COVID 19 pandemic is seriously affecting the people, hospitals, healthcare professionals, and also other healthcare facilities. The American Hospital Association (AHA) estimates the country’s hospitals and health systems could lose $120.5 billion between July and December 2020.
With the ever-changing medical procedures and technological development, revenue cycle management serves to be the backbone of the healthcare industry with continuous improvement.
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