If you’ve ever had a health care claim denied, you know how much of an exhausting process it can be to re-file, await another decision and deal accordingly with the results. Luckily, the use of data analytics is leading to a drastic decrease in claim denials and, in the process, actually increasing the revenues for various healthcare organizations.
According to a survey conducted by Advisory Board’s 2015 Revenue Cycle Benchmarking, the most common reason for a medical claim to be denied is for a technical mistake. A technical mistake could include something as small as an error in the social security number you list!
Business intelligence through data analytics can go a long way in saving health care organizations money as well. The more efficient the health claim process is, the less it will cost both the patient and the provider.
If you want to find out more about how you can cut down on costs, reach out to Professional Medical Services today!