How Healthcare Organizations Can Improve Their Insurance Verification Process
In the healthcare industry, accurate insurance verification is crucial for patient care and overall revenue. Despite its importance, many healthcare...
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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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