Welcome to this week’s edition of I-conic Solutions’ Healthcare Insights, where we bring you the latest updates and trends shaping the healthcare industry. As healthcare faces mounting challenges, such as increased claims denials and evolving patient preferences, staying informed is critical for driving efficiency and improving patient outcomes.
In this week’s highlights:
Medical Coding Denials Soar by 125%
Medical coding denials have surged by an alarming 125% compared to last year, as reported by MDaudit. This sharp increase is coupled with doubled audit rates in 2024 and a 51% rise in clinical denials over the past three years. These figures emphasize the pressing need for more robust denial management strategies and technological solutions to streamline revenue cycle operations.
Patient Preferences Shift Away from Online Pharmacies
A recent survey reveals that despite the rise of retail pharmacy closures, only 16% of patients prefer using online pharmacies. Meanwhile, 44% of Americans turn to prescription coupon sites like GoodRx to manage medication costs. These findings highlight the importance of personalized patient engagement and accessible in-person healthcare services.
Provider-Payer Relations Under Strain
A joint survey by HFMA and Cedar found that 58% of provider financial leaders report deteriorating payer relations over the past three years. Furthermore, 87% of respondents believe this friction is negatively impacting care delivery. Strengthening communication and adopting innovative RCM solutions can mitigate these challenges and enhance collaboration.
Rising Labor Expenses in Hospitals
Hospital labor expenses have increased by 5.2% year-over-year, driven largely by rising wages. The need for operational efficiency and optimized resource allocation is more pressing than ever to counterbalance these financial pressures.
At I-conic Solutions, we recognize these challenges and are committed to delivering innovative solutions that address these complexities. From managing denials and improving payer relations to enhancing patient experiences, we strive to be your trusted partner in navigating the evolving healthcare landscape.
Let’s work together to transform challenges into opportunities.
