Don’t Let Denials Drain Your Resources
Ignoring denied claims is like leaving money on the table, and manually managing denials is a time-consuming, often ineffective battle. Imagine losing nearly 20% of submitted claims and facing an average cost of $181 per claim for rework or appeals. This harsh reality is faced by many healthcare organizations, leading to constant battles with denials, reduced productivity, and staff burnout. Statistics Denials Management Software intervenes to combat this issue by offering powerful insights and automation, turning the tide on lost revenue and staff fatigue.
It automatically analyzes and categorizes denial claims to give you clear insights into your denial trends. You can uncover denial root causes, monitor trends, and gauge resolution success. This data-driven approach lets you strategically improve your billing processes, minimize errors, and recover valuable lost revenue.
Statistics Denials Management Software streamlines your workflow and frees up your staff’s valuable time to focus on what truly matters – providing exceptional patient care. You can improve your first-pass claim rate with access to immediate insights and actionable data. By investing in this software, you’re investing in the efficiency and well-being of your entire healthcare team.
Free offer for comprehensive Denied Charges review
Does your Denials Management Software show you exactly what your Denied Charges are as a percentage of Total Charges?
Do you have that information by Payer and can you see it as a trend over the last 12 to 18 months?
With Bridgestone Healthcare Revenue System’s Denials Management module your facility’s Denied Charges as a Percentage of Total Charges is updated daily. You always know exactly what the percentage is.
Below is a section of the Financial Dashboard which is a part of the Denials Management Module. The information shown below is automatically updated daily.
Read Also: What is Denial Management in Healthcare?
The Denied Charges as a Percentage of Total Charges is shown for each payer with the Grand Total on the far right.
Additionally, the Total Denied Charges which have not been reviewed by staff and the Count of Un-Reviewed Denied Claims is displayed. At a glance you can see how much of your “denied charges inventory” is waiting to be reviewed by staff.
You will also see your Denied Charges by specific Denial Code, Denial Category and even Remark Code.
This information is all available to be viewed in our Denial Trend Report section of the Financial Dashboard. All data points can be reviewed going back 12, 24 or more months.
Free offer: at no cost we can take as much of your remittance advice data as you care to provide and create all the graphs and reports we have discussed above.
From the time you provide the data, we can analyze and prepare everything to review with you via an online meeting within 5 working days. We call this the Denials Workshop.
You will have a complete understanding of your Denied Charges situation at the end of the Denials Workshop.
Optimize Claims Processing with Feature-Rich Statistics Denials Management Software
In addition to our comprehensive reporting suite, which generates a wide range of denial insights by month, status, code, department, and aging, our software also provides the following features:
- Interactive Financial Dashboard
Gain real-time insights into denial trends, identify root causes, measure staff productivity, and customize reports based on your needs.
- Centralized Repository
Securely store all appeal letters, remittance documents, and bills for easy retrieval and efficient appeal management.
- Universal Data Import
Upload denial data in any format, including text, Excel, PDF, and ANSI 835 files, for hassle-free integration.
- Fully Customizable Platform
Tailor the system to your specific workflows and preferences, ensuring a seamless user experience.
- Integrated Interface Engine
Effortlessly exchange data with other healthcare systems, streamlining workflows and eliminating data silos.
- Patient Payment Estimator
Empower your staff to provide accurate and transparent cost estimates to patients, improving patient satisfaction and upfront collections.
- Underpayment Calculator
Quickly identify discrepancies and potential lost revenue opportunities from underpayments by insurance companies.
Benefits of BridgestoneHRS Denials Management Software
- Increase cash collections, reduce denials, and minimize lost reimbursements
- Improve user and staff productivity, streamline workflows, and reduce A/R days
- Gain deep insights into denial trends and root causes for targeted improvement strategies
- Provide accurate cost estimates and improve point-of-service collections
- Streamline charity care processes and ensure the accuracy of patient payment estimates
- Uncover recurrent, easily preventable denials for proactive mitigation
- Access comprehensive reporting tools and analytics to optimize revenue cycle management
- Streamline cross-departmental collaboration and expedite claim resolution
Frequently Asked Questions
1. What is the “Denial Recovery Rate,” and why is it important?
The Denial Recovery Rate measures the success rate of overturning denied claims. It’s crucial because it reflects your ability to recoup lost revenue from denied charges.
2. How long does it take to receive the results?
You can expect to receive your Denial Recovery Rate and other insights within approximately two weeks of uploading your data.
3. How often is the data updated in the Financial Dashboard?
The data is updated nightly, ensuring you have access to the latest information at the beginning of each business day.
For more information you can email Wayne Gill at sales@bridgestonehrs.com or call directly at (619) 920-6147.