{"id":172,"date":"2021-05-27T04:50:33","date_gmt":"2021-05-27T04:50:33","guid":{"rendered":"https:\/\/atlanticrcm.com\/blog\/?p=172"},"modified":"2021-05-27T04:54:56","modified_gmt":"2021-05-27T04:54:56","slug":"what-is-the-cost-of-denied-claims","status":"publish","type":"post","link":"https:\/\/atlanticrcm.com\/blog\/what-is-the-cost-of-denied-claims\/","title":{"rendered":"What is the cost of Denied Claims?"},"content":{"rendered":"

While you spend the majority of your time interacting with patients, submitting claims might seem burdensome. Many times, amidst your busy schedule you may be unable to accurately submit an insurance claim. A minute error may end up impacting medical practice adversely.<\/p>\n

U.S health care reached $3.8 trillion in 2019, at around 15 percent of the nation’s GDP. After re-appeal nationally, denial\/rejection management costs hospitals roughly $262 billion per year, creating significant cash-flow issues with their revenue cycle management<\/a>.<\/p>\n

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cost of denied claims<\/p><\/div>\n

Claim rejections are one of the biggest threats to cash flow and the overall medical practices’ revenues. Even the most experienced and well-trained individual can make minor mistakes while submitting a claim. Errors however small they may be can lead to rejections and a big loss of revenue. Claims once rejected can be re-submitted after correcting the errors.<\/p>\n

Submitting the claims again does involve additional operations and processing costs. Studies suggest that only 63% of initially denied<\/a> claims are processed later on which means around 27% of claims will be foregone forever leading to a direct loss of revenue. Similar studies suggest that it costs $118 per claim on average to rework and re-submit the claims.<\/p>\n

Here are a few tips that can help avoid the most common billing related errors, and get the claim processed in one go:<\/p>\n