dismiss

Clean Sweep Live Auction on Thur. March 28th. Click to view the full inventory

DOTmed Home MRI Oncology Ultrasound Molecular Imaging X-Ray Cardiology Health IT Business Affairs
News Home Parts & Service Operating Room CT Women's Health Proton Therapy Endoscopy HTMs Mobile Imaging
SEARCH
Current Location:
>
> This Story

starstarstarstarstar (1)
Log in or Register to rate this News Story
Forward Printable StoryPrint Comment
advertisement

 

advertisement

 

Business Affairs Homepage

Change Healthcare files for IPO Could raise as much as $100 million, listing on Nasdaq

Mergers do nothing for quality of care, lower patient satisfaction, says study Based on 29 data points and the assessment of 16 processes of care

GE Healthcare IPO on hold as new deal takes spotlight Selling biopharma business to Danaher for over $21 billion

Asheville Radiology Association joins Strategic Radiology The latest expansion by the imaging coalition brings 43 new physicians to the table

Johnson & Johnson to acquire Auris Health for $3.4 billion With possible $2.35 billion added if certain milestones are hit

Maybe competition is good for what 'ails' hospitals Mergers may be good for business, but what about patients?

Frost & Sullivan outline 10 growth factors for precision imaging market Market predicted to be more than $8 billion by 2027

RadNet buys Kern Radiology The Bakersfield, California imaging group includes four offices

More of GE healthcare unit could be on block: CEO CEO Culp speaks in post-earnings call after company exceeds Q4 expectations

Philips, Lunit, Vuno in healthcare AI deal Forging partnerships to advance AI applications

Partners with Accenture
to improve hospital
cash flow

GE Healthcare ups ante in $2 billion medical claim denials market

by John W. Mitchell , Senior Correspondent
A new venture will join GE’s analytics with Accenture’s focused consulting to increase cash flow and reduce one-in-five claims denial rate for health care providers.

Medical claims denials are the expensive bane of hospitals and physicians offices everywhere. It’s not unheard of for some providers to simply write off denied claims rather than attempt to reconfigure their processes. According to consulting firm Accenture, for a big health system with $1 billion in revenue, a one percent reduction in denied medical claims can increase cash flow by $10 million annually.

Story Continues Below Advertisement

THE (LEADER) IN MEDICAL IMAGING TECHNOLOGY SINCE 1982. SALES-SERVICE-REPAIR

Special-Pricing Available on Medical Displays, Patient Monitors, Recorders, Printers, Media, Ultrasound Machines, and Cameras.This includes Top Brands such as SONY, BARCO, NDS, NEC, LG, EDAN, EIZO, ELO, FSN, PANASONIC, MITSUBISHI, OLYMPUS, & WIDE.



“Denials come in many flavors,” Jon Zimmerman, VP and General Manager at GE Healthcare IT and Clinical Business Solutions told HCB News. “But the ones our customers are focusing on the most are related to eligibility, coding, prior authorization and timely filing.”

In addition to delayed or lost revenue, reprocessing a denied claim costs up to $25, according to Accenture data. The struggle is that hospitals and physician practices often do no know where to start to reduce or eliminate claims denial. GE’s claims platform, DenialsIQ, relies on big data to find patterns to inform providers about error patterns. Accenture, which consults in 40 industries, works to educate clients one-on-one on how to change flawed processes.

“The combination of the DenialsIQ analytics capabilities and Accenture’s consulting creates a wing to wing solution for providers, said Zimmerman. “That’s important in an area as complex as claims management and revenue cycle management, whether for a large health care system or smaller physician practice group."

According to GE, medical claims denials represent one of the largest lost revenue areas in health care. In total, lost revenue from denied claims costs hospitals and physicians about $2 Billion a year according to Zimmerman. He said that one of their users was able to reduce claims denials by 47 percent in the first month with a cost savings of $93,000. DenialsIQ is based on an algorithm that was originally developed to identify anomalies in jet engines.

“Applying that same algorithm to claims denials helps users uncover previously hidden and meaningful patterns from within their data,” said Zimmerman. “They (users) can work more effectively to lower costs and capture more revenue that would have otherwise been written off to bad debt.”

Under the agreement, Accenture will offer services to help support three types of revenue cycle engagements. These include: a denials management assessment; a more extensive consulting engagement that uses DenialsIQ data to help redesign claims workflow; and claims management and operations support services using DenialsIQ.

"We see the challenges providers face with the medical claims process,” said Matthew Collier, Managing Director of Accenture Strategy, Health. “Accenture and GE are building on our strong alliance to help address a critical pain point for U.S. health systems."

Business Affairs Homepage


You Must Be Logged In To Post A Comment

Advertise
Increase Your
Brand Awareness
Auctions + Private Sales
Get The
Best Price
Buy Equipment/Parts
Find The
Lowest Price
Daily News
Read The
Latest News
Directory
Browse All
DOTmed Users
Ethics on DOTmed
View Our
Ethics Program
Gold Parts Vendor Program
Receive PH
Requests
Gold Service Dealer Program
Receive RFP/PS
Requests
Healthcare Providers
See all
HCP Tools
Jobs/Training
Find/Fill
A Job
Parts Hunter +EasyPay
Get Parts
Quotes
Recently Certified
View Recently
Certified Users
Recently Rated
View Recently
Certified Users
Rental Central
Rent Equipment
For Less
Sell Equipment/Parts
Get The
Most Money
Service Technicians Forum
Find Help
And Advice
Simple RFP
Get Equipment
Quotes
Virtual Trade Show
Find Service
For Equipment
Access and use of this site is subject to the terms and conditions of our LEGAL NOTICE & PRIVACY NOTICE
Property of and Proprietary to DOTmed.com, Inc. Copyright ©2001-2019 DOTmed.com, Inc.
ALL RIGHTS RESERVED