On average, a 350-bed hospital may be leaving up to $22 million on the table by focusing on cutting costs over optimizing revenue cycle processes. [1] Hospitals and healthcare systems need a way to increase payer accountability, reduce denials, and ensure earned revenue gets paid in order to optimize their revenue cycle. For example, by pivoting their focus from denials management to prevention, the average hospital could recover between $5 to $10 million, or about 1-5% of net patient revenue [2].

Developing an actionable revenue protection strategy that focuses on all stages of the patient lifecycle requires hospitals and healthcare systems to optimize their use of data, analytics, and automation. Revenue cycle leaders can leverage data and analytics to identify “true denials,” set a benchmark to hold payers accountable, and automate the resolution process. Additionally, enhancing internal workflows —such as a seamless approach to patient identification and payment plans, an end-to-end eligibility process and focusing staff on the accounts with the highest probability to pay—will improve cash flow and overall collections yield.

Join our expert panelists as we discuss strategies for capturing loss revenue throughout the entire patient lifecycle by leveraging data, analytics, and automation.