Latest news with #KodiakSolutions
Business Wire
24-06-2025
- Business
- Business Wire
Hospitals and Health Systems Can Find Help With Price Transparency Compliance and Pricing Optimization With Kodiak Solutions' Strategic Pricing Methodology
INDIANAPOLIS--(BUSINESS WIRE)--Kodiak Solutions offers hospitals a proven, technology-driven strategic pricing methodology to set prices across thousands of procedures and services to meet regulatory and market pressures. 'Hospitals have never faced more regulatory scrutiny on price transparency, and compliance requires public disclosure of prices... raising the stakes for making consistent, defensible prices.' --Tracey Coyne, Vice President, Kodiak Solutions Share Hospitals and health systems must comply with price transparency requirements under multiple federal laws or regulations, including the No Surprises Act, new inpatient and outpatient Medicare prospective payment regulations, and tightening rules from the Centers for Medicare & Medicaid Services (CMS). The business pressures of pricing are no less intense: Pricing strategy can affect an additional 0.25% to 0.5% of net revenue for health systems. 'The impact of pricing on revenue can make all the difference in a time of incredibly tight margins,' said Tracey Coyne, Vice President, Finance and Reimbursement Strategic Pricing Lead. 'Hospitals have never faced more regulatory scrutiny on price transparency, and compliance requires public disclosure of prices in most cases, raising the stakes for making consistent, defensible prices across thousands of procedures and services.' Kodiak Solutions experts partner with hospital and health system management teams to co-develop custom versions of Kodiak's strategic pricing methodology. The customized recommendations also are based on a provider organization's existing financial data as analyzed by Kodiak Revenue Cycle Analytics platform. The optimized, data-driven pricing strategy that results offers health systems: Improved rates based on the organization's market position, fee schedules, and payor mix; Standardized pricing within and across the organization's service lines, departments and care settings; Market-based pricing to attract and retain patients; and Consistent pricing that is defensible when publishing to the community. Hospitals and health systems that work with the Kodiak Solutions strategic pricing team receive an electronic upload of new prices, reports on changes in gross and net revenue by facility, department and payor, a price inconsistency report, and more. Kodiak Solutions recently hosted a webinar on pricing transparency, No Surprises Act compliance and other topics related to strategic pricing that is available online. To discuss Kodiak Solutions' strategic pricing methodology, call (463) 270-8252 to schedule an appointment with Coyne. About Kodiak Solutions Kodiak Solutions is a leading technology and tech-enabled services company that simplifies complex business problems for healthcare provider organizations. For nearly two decades as a part of Crowe LLP, Kodiak created and developed our proprietary net revenue reporting solution, Revenue Cycle Analytics. Kodiak also provides a broad suite of software and services in support of CFOs looking for solutions in financial reporting, reimbursement, revenue cycle, risk and compliance, and unclaimed property. Kodiak's 450 employees engage with more than 2,100 hospitals and 300,000 practice-based physicians, across all 50 states, and serve as the unclaimed property outsourcing provider of choice for more than 2,000 companies. To learn more, visit our website.
Yahoo
21-05-2025
- Business
- Yahoo
Rate of initial denials of medical insurance claims continued to rise in 2024, Kodiak Solutions' proprietary data show
Collection rate from insured patients declined by 8.3% last year compared with 2023 INDIANAPOLIS, May 21, 2025--(BUSINESS WIRE)--Hospitals, health systems and medical practices faced insurance claims practices that slowed payments for needed medical care in 2024 compared with 2023, new Kodiak Solutions revenue cycle data show. Medical providers also collected about $3 less for every $100 dollars that insured patients owed on their portion of their medical bills, the data also show. The data are from more than 2,100 hospitals and 300,000 physicians that use the Kodiak Revenue Cycle Analytics platform to manage their net revenue and monitor their revenue cycle performance. The initial denial rate on claims in 2024 increased 2.4% to 11.81% of claims in 2024. The rate climbed even as medical providers have managed to cut the rate of initial denials related to authorization issues by 7.7%. Denials related to questions of medical necessity and requests for more information (RFI) more than made up the difference, with the rates for both categories increasing by 5% and 5.4%, respectively. Kodiak Solutions first highlighted the increase in RFI initial denials in August 2024. "Payors appear to be using initial denials to slow payments, even though they ultimately pay approximately 90% of claims, a trend we have been tracking," said Matt Szaflarski, Kodiak's vice president, revenue cycle intelligence. "Even if the claims are ultimately paid, initial denials still cost hospitals, health systems and medical providers a lot of resources to overturn, and they also slow cash flow." Kodiak Solutions data show that true accounts receivable (AR) days increased 5.2% year-over-year. Provider organizations collected 34.46% of amounts owed by insured patients, down 8.3% from 2023's self-pay rate for insured patients of 37.58%. Lessons from revenue cycle leaders Conversations with leaders of health systems that were recognized in Kodiak's annual Revenue Cycle Performance Awards yielded tips for improving performance that are detailed in the May 2025 Kodiak RCA Benchmarking Analysis. These high-performing revenue cycle teams shared three attributes: A close working relationship with clinical leaders Accountability for team members to revenue cycle performance metrics Strong relationships with payors. To learn more about the data and insights Kodiak Solutions can provide to benchmark your revenue cycle performance, contact Szaflarski at (463) 270-8123. About Kodiak Solutions Kodiak Solutions is a leading technology and tech-enabled services company that simplifies complex business problems for healthcare provider organizations. For nearly two decades as a part of Crowe LLP, Kodiak created and developed our proprietary net revenue reporting solution, Revenue Cycle Analytics. Kodiak also provides a broad suite of software and services in support of CFOs looking for solutions in financial reporting, reimbursement, revenue cycle, risk and compliance, and unclaimed property. Kodiak's 450 employees engage with more than 2,100 hospitals and 300,000 practice-based physicians, across all 50 states, and serve as the unclaimed property outsourcing provider of choice for more than 2,000 companies. To learn more, visit our website. View source version on Contacts For Media:Vince Galloro(312) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
21-05-2025
- Business
- Business Wire
Rate of initial denials of medical insurance claims continued to rise in 2024, Kodiak Solutions' proprietary data show
INDIANAPOLIS--(BUSINESS WIRE)--Hospitals, health systems and medical practices faced insurance claims practices that slowed payments for needed medical care in 2024 compared with 2023, new Kodiak Solutions revenue cycle data show. 'Payors appear to be using initial denials to slow payments, even though they ultimately pay approximately 90% of claims, a trend we have been tracking." -- Matt Szaflarski, Kodiak's vice president, revenue cycle intelligence Share Medical providers also collected about $3 less for every $100 dollars that insured patients owed on their portion of their medical bills, the data also show. The data are from more than 2,100 hospitals and 300,000 physicians that use the Kodiak Revenue Cycle Analytics platform to manage their net revenue and monitor their revenue cycle performance. The initial denial rate on claims in 2024 increased 2.4% to 11.81% of claims in 2024. The rate climbed even as medical providers have managed to cut the rate of initial denials related to authorization issues by 7.7%. Denials related to questions of medical necessity and requests for more information (RFI) more than made up the difference, with the rates for both categories increasing by 5% and 5.4%, respectively. Kodiak Solutions first highlighted the increase in RFI initial denials in August 2024. 'Payors appear to be using initial denials to slow payments, even though they ultimately pay approximately 90% of claims, a trend we have been tracking,' said Matt Szaflarski, Kodiak's vice president, revenue cycle intelligence. 'Even if the claims are ultimately paid, initial denials still cost hospitals, health systems and medical providers a lot of resources to overturn, and they also slow cash flow.' Kodiak Solutions data show that true accounts receivable (AR) days increased 5.2% year-over-year. Provider organizations collected 34.46% of amounts owed by insured patients, down 8.3% from 2023's self-pay rate for insured patients of 37.58%. Lessons from revenue cycle leaders Conversations with leaders of health systems that were recognized in Kodiak's annual Revenue Cycle Performance Awards yielded tips for improving performance that are detailed in the May 2025 Kodiak RCA Benchmarking Analysis. These high-performing revenue cycle teams shared three attributes: A close working relationship with clinical leaders Accountability for team members to revenue cycle performance metrics Strong relationships with payors. To learn more about the data and insights Kodiak Solutions can provide to benchmark your revenue cycle performance, contact Szaflarski at (463) 270-8123. About Kodiak Solutions Kodiak Solutions is a leading technology and tech-enabled services company that simplifies complex business problems for healthcare provider organizations. For nearly two decades as a part of Crowe LLP, Kodiak created and developed our proprietary net revenue reporting solution, Revenue Cycle Analytics. Kodiak also provides a broad suite of software and services in support of CFOs looking for solutions in financial reporting, reimbursement, revenue cycle, risk and compliance, and unclaimed property. Kodiak's 450 employees engage with more than 2,100 hospitals and 300,000 practice-based physicians, across all 50 states, and serve as the unclaimed property outsourcing provider of choice for more than 2,000 companies. To learn more, visit our website.
