Louisville, KY – July 10, 2017 - MedAssist, a company hospital leaders rely on to simplify the financial experience for their patients and the people of their organizations, today shared how it helps hospitals improve profitability by helping them minimize the impact of denied insurance claims filed by hospitals seeking reimbursement for services provided to patients.
The growing trend of claim denials has created a market-sprawling backlog of denial management work for hospitals. Squeezing already dwindling margins in an environment fatigued by transition in software technology, hospital finance teams find themselves facing yet another demand on their resource bandwidth and workflows.
“The ripple effect of recent market shifts in reimbursement drives this growing trend in denials. Two areas stand out. First, payers demand more and more proof of quality clinical decision-making, often referred to as medical necessity. Hospitals are required to be more specific in the coding of treatments using a more complex coding system and clinical support documentation. Also, payer contracts are shifting to payment models with more incentives and penalties,” said Noel Felipe, Division President of Revenue Cycle at MedAssist. “Secondly, patient deductibles continue to increase. This trend adds yet another layer of complexity in knowing who and when to bill.”
This growing trend in denials represent considerable opportunity for MedAssist. They have inked multiple agreements in recent months to help healthcare systems stem the tide of denials.
“While the hospital leaders we’ve been working with want help with the pursuit of denied claims, their more strategic need is better understanding the source of the problem and preventing it,” said Paul Holland, Executive Vice President at MedAssist. “Workflow analysis and analytics play a big part in our efforts to help these hospitals create a business model built for first-time approval. While complexities in reimbursement do create misses by the hospital, payers have misses too. So understanding both perspectives, something unique to MedAssist, helps us help hospitals achieve better performance in their first-time approval rate.”
MedAssist claims to have a uniquely valuable perspective for hospitals due to the fact that MedAssist is owned by FirstSource, a multi-national conglomerate providing services to many financial services companies including health insurance payers.
“Because of our connection with FirstSource, few if any companies are as uniquely positioned as MedAssist to be a catalyst in bridging the financial gaps between hospitals and payers”, said Venkat Raman, CEO of MedAssist. “Yes, we want healthy growth for our business. But it is the commitment to the health and well-being of our communities that drives real change. That’s why we make our unique value available to hospitals”.
Insured or not, everything that goes into the non-clinical part of the patient experience is a complicated maze of financial traps and hoops… for both patients and hospitals. Hospital leaders can now simplify the financial experience for both patients and the people of their organization. Hospitals achieve a stronger financial foundation, while patients experience clarity and a path to peace of mind about how to pay for their care.
MedAssist… simplify the financial experience. Ignite patient loyalty.