The Revenue Cycle Management industry has already been through a rough ride, like every other industry in this pandemic. Now that the world has established a new normal, with a mix of old and new habits, a contemporary routine has set the pace.
The pandemic sure did have a raging impact on providers, especially on their finances, due to prioritizing COVID care. Healthcare organizations have faced significant revenue loss, which can impact practices in providing quality care if left unrecoverable. Now that there is a steady recovery from these challenging times, this is the right moment to resolve revenue cycle management inefficiencies.
The main purpose of vaccinating is prevention. That’s exactly the most effective strategy to also handle denials. At Quintessence, we follow a 5-step root cause analysis that has proven to be very effective in reducing denials by at least 50-60% for all our clients, at the first phase of transition.