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.
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% [...]
By definition, consumerism is a social and economic order that encourages the acquisition of goods and services in ever-increasing amounts. In an abstract sense, it is the consideration that the free choice of consumers should strongly direct the choice of what is available and how, which then directs the economic organization of a society.1