Inaccurate documentation, unavailable data and other trouble areas in hospitals can cost each facility up to $900,000 a year, or more than $5.1 billion across the entire healthcare system, according to an M*Modal report.
These financial losses are a result of payer denials, which happen with approximately 19 percent of claims applications, according to the report. Addressing such obstacles and ensuring correct data collection and submission can help quicken the revenue cycle, lower administrative costs, ensure appropriate reimbursement, improve billing and coding efficiencies and decrease the claim rejection rates, according to the report.
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