Cycle Up

Meduit’s Net Promoter® Score (NPS) for 2023 is in, and we are proud to report Meduit has achieved a rating of 62. To compare, other companies received these scores: 

Did you know you can test the health of your hospital’s revenue cycle in just 1 to 2 minutes compared to your peer of similar size? Find out how your healthcare organization compares with national peer averages now. https://www.meduitrcm.com/calculator/

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Meduit is one of the nation’s leading revenue cycle solutions companies with decades of experience in the RCM arena, serving more than 1,100 hospital and physician practices in 48 states. Meduit combines a state-of-the-art accounts receivable management model with advanced technologies and an experienced people-focused team that takes a compassionate and supportive approach to working with patients. Meduit significantly improves financial, operational and clinical performance, ensuring that healthcare organizations can dedicate their resources to providing more quality healthcare services to more patients. For more information, please visit www.meduitrcm.

Is your healthcare organization taking advantage of innovative tech-driven solutions to achieve financial resilience? If not, you may be losing ground financially.

On Friday, September 22, the Consumer Financial Protection Bureau (CFPB) announced it has begun the rulemaking process to “remove medical bills from Americans’ credit reports.” For more than a year now, the CFPB has taken aim at the Fair Credit Reporting Act (FCRA) slowly chipping away at legal, proper practices of the nation’s healthcare providers and their partner collection agencies with false and misleading claims.

In the first three months of 2023, approximately one-third of inpatient and outpatient claims submitted by providers to commercial payers went unpaid for more than 90 days. Many were outright denied. (Source: Becker’s Hospital CFO Report).

Claim denials that were once reserved for a sliver of expensive medical treatments have become a more common occurrence for ordinary medical care. Current payer practices combined with AI and computer algorithms are denying claims by the thousands every month.

Healthcare systems are slowly recovering from the financial pressures of COVID-19. Though margins are moving in the right direction, they still remain slim.

The Good News

Most hospitals with Medicare claims are missing more than $1 million in revenue that is owed to them and waiting to be retrieved. Though Medicare provides reimbursement for $3.5 billion per year for Medicare bad debts, hospitals typically underreport those debts by 4% – 7% every year. That’s earned cash not hitting the bottom line.

Claiming the Gold