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MDaudit’s 2024 Benchmark Report Highlights Escalating Financial Risks in Healthcare Revenue Cycle Management

Nov 6, 2024 1 minute read

MDaudit is featured in Healthcare Business Today for its 2024 Annual Benchmark Report, which reveals a fivefold increase in dollars at risk from payer audits and a surge of over 125% in coding-related denials. The report indicates that external audit volumes more than doubled in 2024 compared to 2023, with total at-risk dollars reaching $11.2 million per MDaudit customer. These findings underscore the pressing need for healthcare organizations to overhaul their revenue cycle management (RCM) strategies to mitigate financial risks and improve cash flow stability.​

The report also highlights a significant rise in medical necessity-related denials—75% for outpatient claims and 140% for inpatient claims—further emphasizing the challenges faced by healthcare providers. To address these issues, MDaudit recommends a hybrid auditing strategy that combines retrospective and prospective audits, leveraging technology and analytics to proactively identify and correct billing errors. CEO Ritesh Ramesh emphasizes that investing in real-time monitoring of billing risks and integrating clinical documentation improvement (CDI), billing, coding, and RCM programs are crucial steps toward achieving financial resilience in 2025.​

Read the full article here: MDaudit’s 2024 Benchmark Report Reveals a Fivefold Increase in Dollars At-Risk from Payer Audits While Coding-Related Denials Surged by Over 125%.

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