Enhancing Healthcare Revenue Streams: Key Steps for Your RCM Team to Improve Patient Collections
According to a recent survey from the Healthcare Financial Management Association (HFMA) and Eliciting Insights, hospitals and health systems find...
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In 2020, 47% of hospitals saw increases in bad debt and uncompensated care.1 Incomplete or inaccurate patient demographic information, an unverified primary payer, resource constraints and more contribute to this deficit. At a time when margins are tighter than ever, it’s critical for healthcare organizations to get fully reimbursed for care rendered. Identifying active, hard-to-find coverage at the point of care can make a big impact on your bottom line.
While many revenue recovery efforts can be done successfully through in-house processes, an experienced partner can help your team realize reimbursement opportunities that are often missed.
Read on to learn the three most common sources of missed coverage so you can take steps to combat them.
Commercial plans represent the greatest reimbursement potential, as 50 to 60% of the billed revenue (“sticker price”) for care is covered by a commercial plan, compared to 10% covered by Medicaid.
Contact us today to learn how FinThrive insurance discovery solutions can help you maximize your organization’s recoveries—helping you identify hard-to-find coverage when it matters most.
Source
Kaufman Hall 2020 Performance Improvement Report
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