Unlock Revenue and Maximize Reimbursements

Maximizing reimbursements has never been more important. To maintain strong financial health, providers must ensure their RCM technology is up to the task.

Watch this quick video from FinThrive's subject matter expert, April Wilson, as she explains:

How revenue leakage typically occurs, such as with underpayments, bad debt and denials
How to identify the biggest opportunities to fill prominent revenue gaps
Best practices for minimizing bad debt, including which tech solutions can help most

Video Transcript

Hi. This is April with your revenue recovery minute. So today we're talking about revenue leakage. Revenue leakage, which can be a variety of different factors can account for up to five percent of your total revenue.

There are several reasons why revenue just is leaking out of your facility. The first one can be under payments. Different government programs, IME GME, reimbursement, shadow billing, transfer, DRG. There are several common reasons why underpayments can be creating revenue leakage within your organization.

The next one is denials. There are several reasons that claims get denied, and that definitely has an impact on your bottom line The third is bad debt. Bad debt is an interesting one because it often is due to patient nonpayment.

However, if you have best practice things in place such as financial assistance screening or consistent processes try to look for Medicare bad debt recovery.

These are all ways that you can help stop revenue leakage for bad debt. And then finally, there are several different safety net solutions that are in play, specifically, but insurance discovery is a great example. A patient may not present with any insurance at the time of service, but great products and great automation can help you find insurance coverage that was previously unknown to the tune of up to five percent of self pay accounts may actually have billable insurance.

From a best practice perspective, you want to have robust reporting and analytics as well as much as possible automation to help reduce any human error and increase efficiency across the revenue management.

Thanks, and have a great day.