Readers write: Why RCM is the most interesting opportunity in healthcare

Readers write: Why RCM is the most interesting opportunity in healthcare 
HIStalk - Healthcare IT News & Opinion; by Kim Waters, MBA; 7/22/24 
Revenue cycle management (RCM) isn’t for everybody, but it certainly is for me. ... In a 2023 study, HFMA reported on the rising cost of claims, with as much as 60% of claims not resubmitted and the average denial rate’s total percentage of gross revenue at 11%. What’s more is that they found that the cost per claim appealed is $118 and the denial rate is increasing 20% year over year. In an era when budgets are tight and margins are lower, organizations need to improve on these numbers to survive and eventually thrive. Opportunities for improvement can be easy to see. Reconsider any processes or solutions that:

• Are still accomplished on paper.
• Involve a fax machine.
• Have not changed in the last five years.
• Are repetitive.
• Don’t involve peer or higher-level review.
• Consistently receive low engagement scores.
• Are not documented.