FinThrive Launches Innovative Analytics Solution to Boost Revenue
Introducing the Denials and Underpayments Analyzer
The next-generation analyzer is designed to protect hospital revenue with timely visibility and actionable intelligence.
FinThrive, Inc., a pioneer in healthcare revenue management software, has unveiled its revolutionary Denials and Underpayments Analyzer, a cutting-edge tool aimed at addressing two of the most prevalent and financially detrimental challenges in healthcare today: payer denials and underpayments. By leveraging advanced analytics, health systems can gain crucial insights to recover losses effectively.
The Financial Impact of Denials
Denials are a pressing concern for healthcare providers, affecting more than 10% of all claims submitted. The trend has escalated dramatically, with denial-related write-offs increasing threefold in recent years. Additionally, hidden underpayments can significantly undermine hospital revenue, leading to losses of between 1% and 3% of net patient revenue annually. A comprehensive analysis by FinThrive highlights that over 32% of medical claims were underpaid, accumulating to more than $5 billion in unrecouped reimbursements.
Enhanced Recovery Through Innovative Technology
The Denials and Underpayments Analyzer is engineered to improve recovery rates by as much as 20% compared to conventional methods. In particular, areas like appeals can witness recovery percentages soar to as high as 40%, translating to millions of dollars in regained revenue.
“Denials and underpayments are not just minor inconveniences; they are fundamental threats to revenue cycle management,” asserts John Yount, Chief Innovation Officer at FinThrive. “Our solution doesn't merely present data—it integrates seamlessly with operational workflows, offering a unified perspective designed to help organizations recognize risks and take proactive measures.”
Transformative Insights at Your Fingertips
This innovative solution falls within the FinThrive Analyze suite, allowing finance teams to enjoy clear, actionable insights that facilitate timely decisions. Not only does it provide strategic guidance for C-suite executives, but it also extends practical benefits to operational teams, enabling them to address issues swiftly and enhance efficiency.
A Voice from the Field
Nicole Clawson, VP of finance and revenue cycle at Pennsylvania Mountains Healthcare Alliance (PMHA), comments, “Denials and underpayments can lead to significant revenue losses for even the most efficiently managed health systems. Having a unified solution that offers real-time insights will greatly enhance transparency and control over challenging processes.”
Key Features of the Analyzer
The Denials and Underpayments Analyzer goes beyond simple problem identification; it empowers organizations to tackle issues head-on with detailed insights. It consolidates fragmented data into a single, actionable overview, enabling organizations to make informed decisions effortlessly:
- Line-Level Detail: Identify precise root causes for denial and underpayment trends using daily updated data.
- Expected Reimbursement Accuracy: Ensure consistency with calculations derived from payer contracts.
- Configurable Denials Classification: Categorize denial rules tailored for diverse plans effectively.
- Workflow Options: Easily integrate with existing workflows or utilize FinThrive’s denial management services.
- Impact: Act on insights to mitigate emerging risks and optimize revenue sustainably.
Unlike traditional static reports, this Analyzer operates seamlessly within existing systems, requiring no alterations to established workflows. Hospitals of various sizes can uncover revenue gaps efficiently and effectively.
The Commitment to Analytical Excellence
John Yount emphasizes, “Healthcare providers require a straightforward method to connect data points, expedite actions, and increase revenue recovery with minimal manual effort. Our commitment is to harness data effectively, delivering the insights our clients require right at their fingertips.”
FinThrive will feature live demonstrations of the Denials and Underpayments Analyzer at booth #631 during the upcoming industry conference.
About FinThrive
FinThrive is dedicated to enhancing revenue, reducing costs, and ensuring regulatory compliance across the healthcare revenue cycle. Their comprehensive, intelligent revenue cycle management SaaS platform encompasses patient access, charge integrity, claims management, contract management, automation, data analytics, and education. Currently, three out of five U.S. hospitals utilize FinThrive's innovative solutions to optimize their revenue cycles.
For more information, visit finthrive.com.
Frequently Asked Questions
What is the Denials and Underpayments Analyzer?
It's an advanced analytics tool from FinThrive that addresses payer denials and underpayments, aiming to recover lost revenue for health systems.
How does the Analyzer enhance revenue recovery?
The tool reportedly increases recovery rates up to 20% higher than traditional methods, especially in appeals processes.
What sectors can benefit from the Analyzer?
Primarily targeted at healthcare providers, it supports both operational teams and C-suite executives in managing revenue cycle challenges.
Are there any changes required to existing workflows?
No, the Analyzer integrates seamlessly with current systems without requiring workflow modifications.
What features does the Denials and Underpayments Analyzer include?
It offers line-level detail, accurate reimbursement predictions, configurable denial classifications, and actionable insights to drive financial performance.
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