Today, hospitals across the U.S. are struggling financially due to declines in services, rising costs, and claim denials, among other factors. Rural hospitals, in particular, are feeling the pressure – many are laying off staff or closing. Medical coding is constantly changing and coders are expected to stay on top of those changes. When claims aren’t properly coded, denials can result in lost revenue – by way of claim write-offs or revenue lost because staff time is spent reworking the claim. According to research into denial rates reported in February 2021, out of $3 trillion in total claims submitted by healthcare organizations, $262 billion were denied, translating to nearly $5 million in denials, on average, per provider.
Revenue shortfalls have left many hospital executives exploring how best to contain revenue. The solution resides in the revenue cycle and technology. In our new white paper, The Cost of Medical Coding, we discuss:
- What to calculate when assessing the cost of in-house coding
- The changing role of coders and the pressures of those additional responsibilities
- The root cause of claim denials
- The benefits of outsourcing
- The consequence of improper documentation
- How artificial intelligence is changing the future of coding
