Companies using incentive programs reported a 79% success rate

Statistic Info

To motivate your staff about improving collections, offer incentives to get employees encouraged to properly manage denied claims and payments. Set up an incentive program in which employees are motivated to boost the office’s collection rate.

Annual revenue increases are 3 times higher in companies that use a tangible sales incentive over those that don’t use an additional incentive. When incentive programs are working, the potential for growth is much, much higher.

Author: Achievers Solutions

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Physician Practices

Nearly 1/3 of beneficiaries age 65+ said they turn to an insurance broker or agent

88% of physicians describe the prior authorization burden as high or extremely high

Approximately 80% of physicians also said prior authorizations at least sometimes result in treatment abandonment

With prescription drug prices rising at an average rate of 31.6%, physicians can expect patients to search for solutions to their expensive prescription bills

Managing provider preferences is the top scheduling challenge, according to 31% of executives surveyed

44% of healthcare businesses plan to implement customer experience strategies in 2023

57% of physicians say social media changed their views on medications

Prior authorizations are a paperwork burden that takes up physicians’ & staff’s time while delaying care for patients, according to 93% of doctors surveyed by AMA

52% of U.S. patients said healthcare providers dismiss their described symptoms

Nearly 75% of patients turn to online reviews as the first step when searching for a new physician

Revenue Management

Healthcare organizations will increase their cybersecurity budgets, in some cases by more than 15% compared to 2022

Demand for contract labor costs this year should normalize at about 60% higher than 2019 levels

Medicare Advantage enrollment is expected to reach a milestone this year, exceeding 50% of the total Medicare population in 2023

An estimated 5 million to 14 million are expected to lose coverage as states resume eligibility checks

63% of CEOs identified inadequate Medicaid reimbursement as a concern

Over the last year, medical care prices grew by 3.1%

The researchers found that, overall, medical deductibles were higher in 2023 than in 2022

The healthcare industry could save almost $25 billion, or 41%, by fully automating administrative transactions

Smaller party annual revenues exceeded $1 billion in more than 15% of last year’s transactions, coming in just below the previous year’s historic high of 16.3%

The federal budget will extend incentive payments for alternative payment models for an additional year, through 2025. However, the incentive payments will be at 3.5% instead of 5%

More 2015 Stats

Companies using incentive programs reported a 79% success rate