MDaudit is featured in Healthcare IT Today’s November 24, 2024 edition of “Bonus Features,” which reports a significant 125% increase in medical coding denials compared to the previous year, as revealed by MDaudit’s 2024 Benchmark Report. The report also notes that external audit volumes more than doubled in 2024 over 2023, with total at-risk dollars increasing fivefold to $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: Bonus Features – November 24, 2024 – Only 16% of patients prefer online pharmacies, medical coding denials up 125% in the last year, plus 27 other stories.
