In this webinar, April E. Wilson, Vice President of Product Management, unpacks why the financial strain of bad debt exists today and shares many actionable approaches to increase cash flow and reimbursement in the revenue cycle.
Key takeaways include:
- What industry influences cause bad debt
- How to use automation to increase cash acceleration and reduce staff dependencies on coverage discovery processes
- How insurance discovery leads to a reduction in bad debt and why it is important to include with screening processes
- How this process reduces patient complaints and lowers account receivable days
Overview
The Public Health Emergency due to the Pandemic has expired, and hospitals are feeling the financial ripple effect of that now. According to the Census Bureau, more than 27 million people in the US were uninsured in 2021. Combined with the fact that we’re seeing historically high out-of-pocket maximums for patients, the financial impact on community and national healthcare systems is real and here to stay. Rising healthcare costs trickle down to patients who potentially owe more due to high deductible health plans while facing other economic challenges. Bad debt can be the result of late or non-payments, but innovative hospitals and providers can take a calculated approach to reduce the amount of debt on the books.
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