Your hospital could be leaving money on the table from patient accounts that may have been incorrectly paid by the health plan or government fee schedules, and you’re not alone. According to recent data from the American Medical Association, 7% of paid medical claims were found to have errors, and denied claims averaged about 5%.*
Fortunately, there’s an easy solution: MedAccuPay™. MedAccuPay™ delivers found money to your hospital’s bottom line and helps improve revenue cycle management (RCM) processes to increase future revenue streams.
How MedAccuPay™ Works
MedAccuPay™ specializes in identifying unpaid and underpaid balances from closed patient accounts from all types of payors, including government, commercial, and self-funded. We identify a full 1% to 2% on average of a hospital’s net revenue in additional collections and then apply our expertise to collect those revenues.
For a $250 million hospital, an additional 1% to 2% of found revenue is finding $2.5 to $5.0 million in new revenue added to your bottom line.
The MedAccuPay™ Process
Our well-structured process is driven by RCM experts and supported by advanced technology to deliver more money to your bottom line. And we take care of it all from start to finish. The MedAccuPay™ team:
- Analyzes the last 6 to 12 months of data for a hospital on claims that are closed
- Applies our state-of-the-art technology platform to compare paid claims to payor contracting obligations
- Pursues variances with the payors to pay the hospital the full owed amount
- Delivers reports on underpayment sources where errors occur throughout the revenue cycle for complete visibility
- Recommends policies, procedures, and contract language to improve claims payment accuracy
- We can also apply our zero balance accounts platform to third-party RCM vendors to ensure that they are finding all of the money owed to the hospital
And here’s the best part. There are no service fees from Meduit. MedAccuPay™ fee is on a contingency basis, virtually free of charge, considering you didn’t know about this additional cash. Recovered cash goes straight to your bottom line. If we don’t find anything, we don’t charge anything.
Find and recover the additional cash that is owed to you now. To get a risk free Zero Balance Assessment, call to speak with a Meduit RCM solutions expert: (877) 615-6360.
*Source: Becker’s Hospital CFO Report, There’s Gold in the Zero Balance Review, February 21, 2017, www.beckershospitalreview.com/finance/there-s-gold-in-the-zero-balance-review.html