Hospitals and health systems have lost significant revenue, including bad debt from Medicare accounts, because of the impact of the COVID-19 pandemic. While the Centers for Medicare and Medicaid Services (CMS) provide reimbursement for roughly $3.5B of unpaid deductible and coinsurance amounts per year to hospitals for Medicare bad debt, nearly every hospital in the U.S. has an average of over $1M in recoverable net revenue. Many organizations simply do not have the staff to identify and collect these missing dollars.
Meduit’s case study Maximizing Recovered Revenues from Medicare Bad Debt Claims spotlights a large academic medical center and how F2 Healthcare (a Meduit company) helped them identify and recover millions in missing revenue.
Medical center leadership selected a software vendor (not F2/Meduit) to partner with them on identifying bad debt from uncollectible Medicare accounts to file on their cost report with CMS. The vendor installed its software at the medical center in 2015 to produce the Medicare Bad Debt logs to be filed with the associated cost reports for FY 2016 – 2018.
In 2018, F2 Healthcare was engaged to perform a “second look” to ensure that no value was being missed. F2 identified an additional $2.3 million of missed Medicare Bad Debt for FY2016 – FY2018 as well as a significant compliance issue from 2016 and another $2.3 million in missed Medicare Bad Debt for FY2013 – FY2014.
Learn more about maximizing revenues from Medicare Bad Debt claims in the case study, which you can download here: