FORVIS launches Denials Management Monitoring software
FORVIS has launched a Denials Monitoring Management tool to assist hospitals with preventable insurance claim denials. The software integrates into an organization’s existing data feeds to analyze trends in insurance denials and help identify strategies to decrease preventable denials.
Reimbursement is among the most complex and costly areas of the U.S. healthcare system. Determining the root cause for denied claims can be very time-intensive for hospital employees, just as revenue cycle departments are experiencing high turnover and staffing shortages. Staff time and write-offs associated with denied claims frequently cost organizations 3% or more of annual net revenue.
FORVIS’ Denials Management Monitoring tool was designed as a “lightweight” software solution that is system-agnostic and can be added to an organization’s existing technology platforms. It monitors and measures performance to help decision-makers understand top-line metrics at-a-glance, and it also provides the ability to analyze data to help drive preventative action.
“The idea for this software came directly from our clients, who often told us there wasn’t an easy way to understand the financial impact of insurance denials to their bottom lines,” said Ryan Rozwat, director within FORVIS’ Healthcare Consulting practice unit. “Our tool not only helps clients understand what is happening with their denials, it takes the data a step further to help them understand what’s behind these denials and how to prevent them going forward.”
Denials Management Monitoring Software Features
- System agnostic—any healthcare organization that bills electronically can get up and running in as little as four weeks
- Focuses on denial prevention and analytics, allowing for much quicker onboarding and lower maintenance requirements compared to competing workflow-focused solutions
- Provides dashboards and data visualizations that help expose the root causes of preventable denied claims
- Provides actionable information for all levels, from executive leadership to front-line to associates in revenue cycle operations
- Organizational view of insurance denials performance across provider locations and specialties regardless of systems used