Industry Overview
Kaizen
Industry Overview
- An increase in revenue opportunities
- An acceleration in rate of collections
- Shorter revenue cycles
- An overall achievement in significant cost savings
Challenges faced by practices
- Incomplete, inaccurate, or “dirty” claims account for more than one in four submitted by physician offices
- Over 16.3 billion dollars are wasted annually in the processing of flawed claims
- Cash flow variations due to errors, long turnaround times and quality
- Time restraints for management functions
- High staff turnover
- High training costs to meet compliance standards
- Legacy, ineffectual and complex business processes functions
Major reasons of revenue losses in billing
- Insurance Eligibility
- Denials in Electronic Data Interchange
- Inefficient or no follow up of claims filed
- Unauthorized write offs by staff
- Improper and late processing of claims denied by payers
- Inefficient patient collection system