National Healthcare Spending in the U.S. Was Nearly $5 Trillion (with a “T”) in 2023 – New...
Health Populi December 18, 2024
Final Denial Rate Increase Highlights Struggles With Payers
HealthLeaders Media May 23, 2024
Revenue cycle executives are having to revamp their payer strategies.
KEY TAKEAWAYS
– The report looked at data from patient financial transactions from over 1,850 hospitals and 250,000 physicians nationwide.
– Hospitals lost $1.2 billion in revenue dealing with the increase in these denials.
Claim denials are an evergreen issue within revenue cycle operations and new data shows that working with payers will get harder before it gets easier.
A benchmark report by Kodiak found that the final denial rate on inpatient claims increased by 51% between 2021 and 2023. The report used data from patient financial transactions from over 1,850 hospitals and 250,000 physicians nationwide.
An increase in initial denials for prior authorization and precertification errors was also noted.
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