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MDaudit's 2024 Report Highlights Rising Financial Risks for Healthcare Providers
In 2024, the healthcare sector faced heightened financial pressures as external audit volumes more than doubled, revealing a fivefold increase in at-risk dollars per MDaudit customer. This rise in scrutiny has seriously impacted cash flow, with coding-related denials surging over 125%. The report underlines a pressing need for healthcare providers to revamp their revenue cycle management (RCM) strategies.
Additionally, payer-driven audits increased by 100%, compounded by a significant rise in Medicare Advantage plan denials. Many providers are now reevaluating their participation in these plans. MDaudit emphasizes that technology and analytics are key to addressing billing issues, with gains in auditor productivity observed through increased use of proactive audits.
MDaudit advocates for a strategic shift towards real-time risk monitoring and enhanced compliance efforts to safeguard financial stability in 2025.
R. P.
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