The average cost to rework a denied claim can run up to $15 per claim.* Compounded daily – it can add up fast. For many practices, there just isn’t enough time to rework every denial, which can leave a lot of money on the table.
With growing financial pressure from value-based care and growing patient payment responsibility, practices need ways to reduce costly time-consuming processes like denials rework. Automating workflows and improving the eligibility verification process are two opportunities that can help reduce denials overall, freeing up resources to work on more impactful tasks. And when the number of denials goes down, cash flow is more likely to go up.
Read the infographic to learn more about the high cost of denied claims and what you can do to help protect your practice’s revenues.
*Walker Keegan, Deborah, and Elizabeth W. Woodcock. The Physician Billing Process: Navigating Potholes on the Road to Getting Paid. 3rd ed. Medical Group Management Association, 2015.
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