Healthcare revenue cycle teams are often bogged down in low-value tasks, new benchmarks reveal.
The healthcare industry has long grappled with issues of efficiency and cost, but a new study by MedEvolve, based on 30 million revenue cycle interactions, shines a light on just how much time and resources are wasted on tasks that don’t contribute to the bottom line. The findings are a wake-up call for hospitals and health systems to re-examine their workflow and measurement strategies.
**62% of revenue cycle interactions are deemed “non-value-add”**
MedEvolve’s research paints a stark picture of healthcare revenue cycle teams struggling with administrative burden and rework caused by denied claims. These so-called “non-value-add” interactions – which include tasks like re-keying data, answering phone calls, and sending follow-up letters – consume a staggering 62% of revenue cycle interactions. This is a staggering waste of resources, given that these tasks don’t directly contribute to patient care or revenue generation.
The study also highlights the significant impact of denied claims on revenue cycle teams. With over 25% of claims being denied, teams must spend considerable time and effort reworking the rejected claims. This not only adds to the administrative burden but also leads to increased costs and decreased productivity.
**30 million revenue cycle interactions were analyzed**
MedEvolve’s benchmarks provide a unique window into the inner workings of revenue cycle teams. By analyzing 30 million revenue cycle interactions, the company has compiled a comprehensive picture of the challenges facing healthcare revenue cycle teams today. The study offers valuable insights for healthcare providers, payers, and technology vendors looking to optimize revenue cycle operations.
What this means: Revenue cycle teams must prioritize process improvement and workflow optimization to minimize non-value-add tasks and maximize productivity. By implementing more efficient tools and strategies, healthcare organizations can reduce administrative burden, decrease costs, and improve the overall quality of patient care.
The findings of MedEvolve’s study should send a clear message to healthcare leaders: it’s time to rethink the way revenue cycle teams operate and to invest in solutions that prioritize efficiency and effectiveness. By doing so, healthcare providers can allocate more resources to high-value tasks and focus on delivering better patient outcomes.
