February 2011 Newsletter
We’ve Saved the Best for Last:
Denial ManagementX Decision Support
Excitement is building for the expected April release of the Denial ManagementX Decision Support package (DMXDS), the third component in the most complete denial management system available in the healthcare market today. Our Development, Quality Assurance, and Product Management teams have been working hard on this offering, and the resulting system is tightly integrated within our overall revenue cycle management system, Xpeditor Xtensions, and yields valuable, actionable business intelligence.
The first two components of the Denial Management Xtension, Basic Reporting and Workflow, have proven their value many times over to those providers taking advantage of them. DMX Basic Reporting gives providers a window into their denials, automating the process of capturing and classifying denials, rejections, and billing errors for an easy, affordable first step in the management of denial trends. DMX Workflow provides easy-to-use tools for automatic creation of custom work lists, intelligently routing denials to the appropriate staff for rapid follow-up, with swift, uncomplicated access to documents and key denial inventory reporting metrics.
Completing the suite, DMX Decision Support is a data mining and dashboard tool geared towards Analysts, PFS decision-makers, and Revenue Cycle and Executive leadership who are looking for the apparatus to provide them with consolidated yet detailed information about non-payment and delay of payment due to payer adjudication habits and existing internal revenue cycle processes. This product offering has been developed to not only help facilities understand their denials, but also to help provide the information needed to take critical action to prevent future losses. The sophisticated data tools will facilitate strategic management and can be expected to help organizations:
- Improve understanding of payer adjudication habits by monitoring plan-specific denial patterns
- Easily identify emerging and continuing trends
- Establish benchmarks and monitor key performance indicators
- Make more informed decisions regarding resource acquisition and allocation
- Identify payment interruptions from all portions of the billing cycle, pre- and post-adjudication
This integrated system will allow facilities to view denials stemming from various procedures, monitor denials by physicians, trend denials over time, capture error-rate percentages, quantify and categorize denied/errored volume and dollars, and much more!
Unlike any other Denial Management product offering on the market, DMXDS provides both a graphical dashboard interface as well as a data mining/report interface that spans multiple layers of data throughout the billing cycle (pre-bill, payer front-end rejection, remittance denials) for the most comprehensive product offering. We do not solely focus on remittance (835) denials; we focus on every area of the billing cycle that could cause an organization a delay in cash flow.
According to the Advisory Board Company, the nation’s largest hospital research organization, the cost of denials to healthcare organizations range from one to three percent of total revenue. Approximately 90 percent of denials are preventable and 67 percent are recoverable.
What would improvement mean to YOUR cash flow?
Please Contact Kerry Elledge, 440-777-6305 ext. 2210, kerryelledge@quadax.com for more information.