The impact of insurance claim denials for healthcare providers in 2021, and how providers' own historical payments data and machine learning provide solutions for both denials prevention and appeals prioritization.
Sift Healthcare is proud to be participating in AVIA's 25% challenge, aimed at helping US health systems adopt digital technologies that will reduce the notorious administrative waste in healthcare.
Unless your hospital or health system's denial rate is 0% you're missing earned revenue. Denials management is more than clean claim rate and prevention. How you prioritize insurance denials has a powerful impact on cash flow and revenue. Predictive analytics can tell you which denials your teams should work, in what order, to get the best payment outcomes.
Healthcare providers face an uphill battle when it comes to claim denials. Their denials management strategy should be to prioritize the denials that are most likely to be overturned (paid). These denials can be identified using data science -- advanced modeling on denials history, data pulled from 835’s and 837’s.
Normalized and organized data is a gap in healthcare analytics, even in claim denials management. This is why Sift Healthcare is proud to introduce our Denials Dashboards. Sift scrubs and maps your 835 and 837 data to build a single, normalized data set. This data is organized in an intuitive interface that offers you a new level of oversight for the revenue cycle.
2019 stats demonstrating how vast and costly healthcare insurance claims denials are in America. These stats make a strong case for employing a denials management strategy that prevents denials and make working denied claims more efficient.