The article, “Revenue Cycle Startup Thinks It Can Collect on Previously Uncollectable Claims,” illustrates how hospitals lose a lot of revenue due to poor management of claims (Lagasse, 2017).In fact, $3.5 million is lost due to uncollectible claims. The article also establishes that a revenue cycle analyses that was conducted by the advisory boards identified that health providers canceled 90% of the claims in 2017 than they did in 2011. Health organizations can overcome the issue of uncollectible claims caused by inappropriate revenue cycle execution, by investing in resources like revenue cycle management system (Lagasse, 2017).
I find the article useful since it brings out the fact that health organizations need to advance their services by making good use of the revenue cycle management software. However,the software cannot be useful if the persons handling it are not well trained.From the article, health organizations are finding it challenging to manage some of the complex claims from patients. This has been as a result of health insurance companies complicating the issues by denying most of the claims. Therefore, if professionals are handling the rejected claims, then, the health facilities would not be losing a lot. Also, the article is useful since it points out the importance of a revenue cycle department in the health organization (Lagasse, 2017).The people recruited to work in the department have to be creative, intelligent and ready to investigate the claims in the place of the hospital and the patients.
Therefore, hospitals need to critically analyze the revenue cycle processes and come up with better claim management processes. Otherwise, when health organizations give up and neglect some of the claims, it may cause high damage to the organization. Staff trained only on handling denials should be a consideration together with the implementation of the revenue cycle software.
Lagasse, J., (2017). Revenue cycle startup thinks it can collect on previously uncollectable claims. Retrieved from: http://www.healthcarefinancenews.com/news/revenue-…
MY PROFESSOR ASKED:
You discussed the large sum of money in lost revenue from uncollected claims. What specific issues lead to uncollected claims? How can an administrator at a healthcare organization decrease the number of uncollected claims?