According to Richa Singh of Collection Rx, 5-10% of healthcare revenue is lost due to lack of time and technology associated with the work involved to follow up on the cost of collections resulting from unprocessed claims, missing documents, and denials. In many instances, providers overlook claims that are not properly processed and, as such, miss out on revenue. More importantly, almost 40% [...]
Patient satisfaction is an important goal for providers for reasons going way beyond a desire to be kind humans. It’s the first part of the Institute for Healthcare Improvement Triple Aim.[i] Better patient satisfaction has been associated with better medical outcomes and with reduced readmissions.[ii] Patient satisfaction scores influence reimbursement, both for the Inpatient Prospective [...]
Patients’ financial liability in paying for healthcare services is almost unrecognizable from that prior to the early 2000s; yet many organizations, including clinical laboratories, have struggled to modernize their collection practices in turn. As a result of this mismatch, labs risk not just losing out on uncollected revenue, but also wasting time and resources on futile or minimally [...]
Healthcare may be the only industry where a company has no idea how much it will get paid for services rendered, or whether or not it will be paid at all. This is especially challenging for laboratories that are on the cutting edge with new procedures and technology.