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.  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 clear: An organization that reworks 100 denials a month will spends an average of $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.
Automate processes. Consider a more automated, end-to-end approach to denial management to improve workflow, reduce costs and save time, while collecting more and stressing less.
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
•  Reduce future denials to a minimum with staff training and tips based on common denial reasons.

In order to simplify and unify your revenue cycle, it’s critical for healthcare organizations to establish a team and evaluate the three “P’s” for a thriving denials management program.

Looking for a denial management solution?
Learn more about how Waystar’s denial management tools can help your organization simplify and unify your revenue cycle to maximize revenue and optimize operational results.