MDaudit is featured in Healthcare IT Today, where CEO Ritesh Ramesh discusses the critical importance of cross-functional collaboration, technology, and AI investments in maintaining healthy bottom lines for healthcare organizations. The article, titled “2023 Benchmark Report: Healthy Bottom Lines are Reliant on Cross-Functional Team Collaboration, Technology, & AI Investments,” highlights findings from MDaudit’s 2023 Annual Benchmark Report. The report analyzes data from over 650,000 providers and 2,200 facilities, revealing a fourfold increase in external payer audits in 2023, alongside rising patient volumes and surgical procedures. These challenges underscore the need for healthcare systems to proactively navigate an evolving landscape with strategic investments in technology and AI to enhance productivity and cost-efficiency.
The report also emphasizes the importance of breaking down silos between billing compliance, revenue cycle, coding, clinical operations, and pharmacy teams to optimize revenue opportunities and mitigate compliance risks. With commercial payers exhibiting higher denial rates for outpatient and inpatient claims compared to Medicare, and extended adjudication times impacting cash flows, the integration of AI and other advanced technologies becomes imperative. MDaudit’s insights advocate for a precise mix of technology, subject matter expertise, collaboration, and cross-departmental communication to navigate these challenges and establish a path toward long-term revenue success.
Read the full article here: 2023 Benchmark Report: Healthy Bottom Lines are Reliant on Cross-Functional Team Collaboration, Technology, & AI Investments
