New survey: Denials tops list of challenges
By HME News Staff
Updated 11:24 AM CDT, Tue July 16, 2024
CHARLOTTE – The No. 1 billing and revenue cycle management challenge for HME providers is preventing or reducing denials and appeals, according to the results of a new survey sponsored by Prochant and conducted by in90.
The No. 2 challenge: Hiring, training and retaining qualified intake, billing and collections staff.
“In response to these challenges, 60% of respondents have outsourced at least one RCM function in the past year, with over 70% attributing this decision to resource limitations and cost concerns,” Prochant stated in a press release. “The difficulty in managing RCM effectively, coupled with the high cost and scarcity of local talent, drives many to seek external expertise. For those that have chosen to outsource, about 50% of respondents reported that they were likely to outsource payment posting, claims scrubbing and denials and appeals. For those choosing an outsourcing partner, respondents value revenue capture and real-time performance tracking/visibility.”
To conduct the survey, in90, an independent third-party consulting firm, interviewed 100 HME executives directly involved in RCM. Forty percent were CEOs or owners.
The survey also found that more than 80% of respondents reported dissatisfaction with their current RCM approach, citing accounts receivable over 90 days overdue and excessive write-offs due to billing errors and complexities.
Check out the full report here.
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