HFMA ANI Update: Orbograph Breaks Record for Demonstrations at a Show
OrboGraph Marketing VP Joe Gregory mans the booth at HFMA ANI
The HFMA ANI conference in Las Vegas, Nevada concluded yesterday. The sessions and keynote presentations were well coordinated and integrated with the theme — “Out of the Box” — for the finance and revenue cycle groups within hospitals.
The challenge of our healthcare revenue cycle and payment process is to understand how one can actually attain a level of simplicity when the inherent complexity of patient care makes the overall process very difficult to manage. Just as so many medical problems can occur with a patient forcing a doctor visit, that’s kind of how it feels when a hospital has to build a financial model…so many things can go wrong!
Take for example the topic of denied claims. Hospitals and physician groups submit millions of claims for processing at Medicare, Medicaid, and commercial insurance companies (payers) every day. There are layers of possible errors and missing information in these claims, as each insurance payment requires their own nuances. Certain industry sources state that the overall percentage of denied claims is only 1-2%. Meanwhile, many hospitals have 30-40%. Ultimately, these complexities give rise to opportunities for companies like OrboGraph (finally the tie-in).
At HFMA ANI, OrboGraph’s booth, 1334, was abuzz with activity. Not only were the concepts of electronifying and eliminating remaining paper remittances and payments catching interest, but our new HPAC Denial Analytics demonstration caught the eyes of many; 68 to be exact. This breaks an old demonstration record for OrboGraph from years back with the APEX product at a show where we had about 50.
One thing is for sure: denied claims are not going away. By using denial analytics to simplify the process by identifying trends to resolve and prioritize work, while integrating Correspondence Letters into the process, many hospitals are going to reduce their receivables by 5-10% while improving their internal processes.