2023 Benchmark Report: Healthy Bottom Lines are Reliant on Cross-Functional Team Collaboration, Technology, & AI Investments

The following is a guest article by Ritesh Ramesh, CEO at MDaudit Safeguarding revenues in the coming year requires healthcare systems to proactively navigate an evolving landscape with cross-functional collaboration, technological innovation, and increased AI investments. Additionally, going into 2024 operational excellence is the table stakes for healthcare organizations to improve bottom lines, and where AI and automation can provide a boost in productivity and costs. Those are the high-level findings of MDaudit’s 2023 Benchmark Report on the trends, challenges, and opportunities encountered by U.S. healthcare organizations, which analyzes auditing, charge analysis, and denial assessment data from MDaudit’s network of more than 650,000 providers and 2,200 facilities. Insights are also from auditing professional and hospital claims totaling more than $5 billion and denials from commercial and government payors exceeding $150 billion. The analysis found that there was a fourfold increase in the volume of external payor audits in 2023, further straining healthcare organizations’ already limited resources. Patient volumes and surgical procedures showed signs of recovery from pandemic-era declines, increasing by 23% and 27% respectively over 2022. However, inflation, staffing shortages, reimbursement concerns, and regulatory challenges continue to threaten the financial well-being of U.S. healthcare organizations. External Audits Surge Among the report’s standout findin...
Source: EMR and HIPAA - Category: Information Technology Authors: Tags: Administration Analytics/Big Data C-Suite Leadership Health IT Company Healthcare IT Hospital - Health System Revenue Cycle Management 2023 Benchmark Report ADR Audit Documentation Request Healthcare Audits Healthcare Billing Audits Source Type: blogs