Hospitals and health systems nationwide struggle with staffing shortages due to COVID-19, according to the U.S. Department of Health and Human Services (HHS). Staff shortages are fueled by rising patient demand as well as increasing staff illness.
It is critical that hospitals be able to focus their staff on patient care. Reallocating staff from in-house RCM tasks to patient-facing tasks means that providers may be leaving some portion of unresolved accounts untouched. The longer those accounts go unresolved, the less collectible they become. To solve this problem, the healthcare market has looked to outsourced or global resources to get the work done, but how do you connect to reliable RCM resources domestically or off-shore?
Meduit Can Help
Here is where Meduit can help. Meduit resolves unworked accounts due to hospital staffing shortfalls before they fall into bad debt. Meduit can also call upon its resources in Central America, Mexico, India and the Philippines to resolve accounts in an efficient, cost-effective and timely manner.
A midsized regional hospital was under-resourced in their business office due to lack of qualified AR resolution employees available in their local marketplace. A segmentation of their AR revealed that once accounts reached 120+ days, the hospital staff was only working 2% of the accounts each month and collecting 15%, which equated to nearly $300,000 per month in collections.
To resolve these accounts, the hospital’s business office worked them in-house for 120 days and then outsourced to Meduit at day 121. Within the first 30 days of the project start-up, Meduit had worked 53% of the 120+ accounts. The hospital staff historically would have been able to work only 4% of the accounts over the same time period. Within 60 days, 79% of the 53% of accounts worked by Meduit had been resolved. These accounts were either paid, sent to self-pay for the patient portion or written off for a total resolution of 42% of the AR.
Collections increased by five times or nearly $1.5 million per month, with similar result trends projected for the following 60 to 90-day time period post go-live.
Find out more about how Meduit can provide the best cost and quality combination to meet your organization’s staffing needs: