Claims data is a treasure chest full of vital information that revenue cycle management companies can tap into, to get better insights into their clients, their businesses, and general healthcare trends. There are many challenges that such companies face in accessing the data and using it for analysis and research. This blog will take you through these major challenges and the solutions to better access claims data.
The need to document patients' medical history and treatment processes started as early as the 19th century. The process became more streamlined by the 20th century, and experts started strongly advocating the need for complete and accurate clinical documentation for all patients. Such clinical records not only help the patients and future healthcare providers but are also valuable for medical billing and coding companies to provide accurate bills for services.
When the Centers for Medicare and Medicaid Services (CMS) brought about the Hospital Price Transparency rule, it received a mixed review. According to CMS, the rule was to be effective from January 1, 2021, and focused on helping American patients know how much hospital services would cost.