As economic uncertainties and staffing shortages
plague today's healthcare leaders,
many are going back to the basics to increase efficiencies and
streamline revenue cycle operations
TAMPA,
Fla., May 1, 2024 /PRNewswire/ -- Encoda, a
leader in healthcare reimbursement technology, has released new
research findings that show the intricate balance between financial
sustainability and patient care.
The State of Payer Reimbursement in 2024: It's Time to Stop
Living in Denials is based on independent, commissioned
research conducted by healthcare consultancy Sage Growth Partners
in February 2024. Sage surveyed 84
medical practice leaders and administrators, C-suite executives and
others familiar with the billing process at both single-specialty
and multi-specialty medical practices.
"Our research has found that we are seeing a broken system, one
that falls well short of helping practices ensure they are getting
every piece of earned revenue they need to deliver quality care,"
said Lisa Taylor, CEO, Encoda.
"Respondents have told us that they spend more than 41% of their
time thinking about the state of their revenue cycle, which equals
nearly 3.5 hours each day. With shifting payer requirements and
other challenges impacting returns, it is no wonder healthcare
leaders are looking for new ways to optimize their financial
operations."
Key findings of the research report include:
- Only 25% indicate they are confident their practice is
receiving every dollar that is earned from each submitted
claim.
- 1 in 4 respondents said their staff spends too much time on
revenue cycle management.
- 51% said that they would be comfortable exploring artificial
intelligence (AI) as a way to improve their revenue cycle.
- 40% of responses indicate medical claim denial rates are
between 10-30% of their submissions.
"We know that transparency and efficiency are crucial parts of
the reimbursement process. With today's claims and denials
processes constantly leaving money on the table for practice
leaders, there is an urgent need for more streamlined solutions and
data insights," said Sam Ambrose,
Vice President of Strategic Partnerships, Encoda.
For more information on the research, or to download a complete
copy of the report, visit encoda.com. Encoda will also be hosting a
webinar on June 13 to discuss the
findings, with more information on their website.
About Encoda
Encoda is the leading claims and denials software solution that
acts as the connective tissue between practice management systems,
clearinghouses and payers. In turn, we give practices greater
visibility into their claims data, allowing them to address denials
more efficiently—and more profitably. Drawing from 30 years'
experience developing and implementing revenue cycle software
solutions, the team at Encoda is dedicated to revolutionizing
healthcare reimbursement automation. And by doing so, Encoda is
enabling customers to grow their businesses while significantly
reducing back-office resources.
Today, Encoda realizes the true intention of healthcare
reimbursement by enabling our clients to collect the most amount of
money, in the shortest amount of time, as cost effectively as
possible. How do we do that? By using our customizable, rules-based
solution to bridge the workflow gaps between payers,
clearinghouses, and practice management systems—allowing our
customers to get every penny possible from the payers. Learn more
at encoda.com
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SOURCE Encoda LLC