Maximizing provider returns with big data

Errors in any of the patient or insurance coverage data result in costly denials, increased days to collect, and higher labor costs. While the value of complete, correct patient and insurance data is proven, often information technology (IT) teams focus too narrowly on the cost side of the AR optimization technology equation. Self-pay analyzer tools mine big data to examine a patient’s medical debt score, available credit, proximity to the federal poverty level, and likelihood to pay so providers can more easily determine the best strategy for collaborating with patients to collect payments. The best and most innovative technology available to RCM professionals today leverages big data to reduce claim denials, capture more revenue, and reduce administrative cost.