How do you calculate your claims denials rate? What is your payer mix? Can you benchmark payers based on denials? Do you know what procedures drive the most denials? What procedures do your top payers deny most often?
At Sift, we talk to a lot of providers who can’t answer these questions -- at least not without a fair amount of digging. This information is vital for assessing business performance, optimizing workflows, pinpointing ROI drivers and making organizational decisions. HIMSS reports that majority of hospitals rank denials as the biggest challenge they face with revenue cycle management, a big piece of the problem is access to the organize and usable denials data. Claims data is all over the place. Data is often spread between multiple EHR systems, various clearinghouses and an endless list of IT tools.
Normalized and organized data is a gap in healthcare analytics. Wrangling data and making it accessible is a monstrous task. It takes a specialized skill set and hours of work parsing and mapping healthcare data. Normalizing healthcare EDI data can involve mapping hundreds (even thousands) of fields. But this work is essential. It is the foundation for effective reporting and for applying predictive analytics. Normalizing and organizing data is a core part of what we do at Sift Healthcare.
This is why Sift is proud to introduce our Denials Dashboards. Much more than a pretty interface, our new Denials Dashboards transform your EDI information into organized insights. 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.
- Easily calculate your denials rate.
- Analyze denials by payer, payer class, facility, specialty, reason code and procedure code class.
- Track critical revenue drivers with dynamic drill-down functionality.
- Assess payer performance with payer scorecards.
Upgrade how you track your denials performance. The key to eliminating thousands of denials is sitting in your data right now. Let Sift help you get to those insights. Click here to learn more about our Denials Dashboards and to schedule a demo with our team.