Utilizing AI in Denial Management to Enhance Revenue Cycle Management Efficiency
Claim denials continue to be one of the most dreaded setbacks for healthcare providers, tormenting their revenue cycle and costing them a staggering $20 billion every year. With around $43.84 as the average cost of fighting a claim, the stakes keep getting higher. Shifting payer behavior, fewer hands on deck to deal with the rising patient and claim volume, and heavy reliance on manual claims management result in process inefficiencies and revenue leaks, further adding to their woes. However, there’s some good news: about 90% of the denials can be prevented and around 63% can be recovered on appeal. Artificial intelligence (AI) in denial management can be a game-changer for healthcare revenue cycle management (RCM) in this regard. AI is fast becoming the most sought-after technological aid among healthcare providers to boost operational efficiency through evidence-based process improvements. It has successfully helped digitally transform practices end-to-en...