Razor-thin margins and staffing shortages continue to negatively impact hospitals, health systems and physician groups. To trim costs, many healthcare organizations squeeze their revenue cycle management (RCM) budgets and opt for low-budget solutions that only deliver short-term gain.
Resolving accounts receivable in a timely manner to maximize revenues is a common challenge among healthcare organizations. That was the case with the University of California San Francisco (UCSF) and Marin Health.
Hospitals and health systems continue to struggle with staffing and revenue cycle challenges in the post-COVID-19 era. Children’s Hospital of Orange County (CHOC) CA is no exception. CHOC leadership wanted to explore how artificial intelligence (AI) could:
While 2022 was the worst financial year in history for hospitals, health systems and physician groups, the good news is that there is no better time than now to recover missed revenues. In fact, most provider organizations are owed millions of dollars that they either are not aware of or don’t have the staff and technology to recover.
Rising deductibles and the increased financial burden placed on patients have made it more difficult for patients to pay their medical bills, impacting healthcare providers’ ability to collect outstanding revenues.
Hospitals and health systems across the country continue to be plagued by staffing shortages that impact their ability to resolve accounts receivable (AR) and drive a healthy bottom line. As those accounts age, they become less collectible over time. One of the best solutions for resolving aged accounts is outsourcing those accounts at the right time to the right revenue cycle management (RCM) partner.
Most hospitals are missing at least $1M in revenue from Medicare bad debt. Unfortunately, most are unaware that this revenue is available and collectible.
F2 Healthcare (a Meduit company) can help. Our team has found missed value 100% of the time by leveraging advanced technologies that identify these missed revenues. Then we move to collect those revenues for you.
In 2022, healthcare providers experienced one of the worst financial years on record while payers reported record profits. This imbalance indicates that providers have the opportunity to leverage strategic revenue cycle processes to recoup and rebuild revenues. When healthcare providers and payer revenues are in balance, both industries benefit, as do patients.
Charlotte, NC – Meduit, one of the top healthcare revenue cycle solutions companies in the nation, announced today that its Employee Satisfaction Score continues to rise. Since beginning Employee Satisfaction surveys in 2018, Meduit has seen a steady increase in its mean score from 3.61 (2018) to 4.1 (2022) on a 5-point scale. Meduit also realized a 2% increase in the number of employees rating the firm between 4 and 5 for overall satisfaction. (See Figure 1.)
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.