TruBridge LLC, today announced the introduction of its Denial Management Program.
With hospitals losing an estimated $262 billion a year from insurance denials, denial management has never been more important. TruBridge, a provider of revenue cycle management solutions to more than 1,000 healthcare organizations, is now offering a Denial Management Program, a three-step process designed to assist organizations with taking control of their denied claims. TruBridge utilizes data analytics, best-practice tools and consulting, and on-going performance management to maximize the payments received for the care provided. This program evaluates the entire claims process from start to finish, allowing TruBridge to uncover the root cause of denials.
The need for successful denial management has been an area of focus for TruBridge, as a typical hospital puts about 10% of its revenue at risk due to denied claims. This can be seen in the May/June 2018 issue of HealthLeaders Magazine, where Chris Fowler, president of TruBridge, discussed claim denials and avoiding the avoidable.
In the article, Fowler notes critical claim denial trends and the importance of implementing corrective actions. Statistics show that 90% of claim denials are preventable and avoidable, and of those denied claims, approximately 65% are never worked, which translates into a lot of needlessly lost revenue for many hospitals.
Fowler said, “By implementing a comprehensive denial management strategy, facilities can eliminate the majority of preventable and avoidable denials. Ultimately, this allows organizations to work a small number of denials more efficiently and intelligently, ensuring the best opportunity for payment. Hospital executives should have zero tolerance for preventable and avoidable claim denials. The TruBridge Denial Management Program not only helps identify and minimize avoidable claim denials, it helps organizations maximize the overturn percentage of the remaining denials.”
TruBridge, a member of the CPSI family of companies, provides business, consulting, and managed IT services along with an end to end Revenue Cycle Management (RCM) solution. With an arsenal of RCM offerings ranging from an HFMA Peer Reviewed® product to complete outsourcing, TruBridge helps hospitals, physician clinics, and skilled nursing organizations become more efficient at serving their communities.