While hospitals strive to focus on wellness and keeping their patients healthy, problems can arise behind the scenes when insurance claims are denied and bills are underpaid. This can be a common occurrence that hospitals encounter regularly, so it's important for medical facilities to find cost-effective ways of recouping any money that is owed. Healthcare underpayment revenue recovery solutions can help hospital accounting teams achieve that goal in a streamlined and efficient way. Here are 3 types of healthcare underpayment revenue recovery solutions currently available that a hospital could utilize.
1) Accurate Payment Solutions
Revenue recovery solutions that focus on payment accuracy during all aspects of the accounting process are ideal because there is a greater emphasis on payment integrity and proper billing from start to finish. Accurate payment solutions include functionality to recognize incorrect payments before they are applied. This helps to ensure that improper payments are significantly reduced early in the process. Most healthcare underpayment revenue recovery systems have built-in capabilities to automatically flag payments and claims that are potentially risky to create a greater efficiency and prevent avoidable losses. These solutions also have the ability to detect outliers in billing, such as inaccurate coding, so that adjustments can be made before claims are submitted.
2) Patient Communication Solutions
Some healthcare underpayment revenue recovery systems are built around creating a better experience for the patient. This type of solution usually provides an intuitive and easy-to-use online patient portal, personalized communications through automated messaging, and a centralized platform with transparent invoicing. All of these elements work together to improve patient collections and ultimately reduce underpayments. When the patient has a more convenient way to fulfill his or her own medical billing obligations, there is a greater likelihood of on-time and proper payment. Many patient communication solutions also offer financial counselors that can help patients understand what their payment responsibilities are and how to ask for assistance when necessary.
3) Risk Analysis Solutions
A good healthcare underpayment revenue recovery solution will use risk adjustment techniques to diagnose underlying issues within a healthcare organization's accounting workflow. Data analytics and reporting can help the hospital reduce any risk gaps while still improving the quality of patient care at the same time. This solution generally looks at factors other than just claims; it also considers additional aspects like pharmacy data and compliance management to determine an overall risk score. Hospitals can then use the information to take steps towards adjusting their workflow as needed and driving better results for increased revenue.
Regardless of the type selected, healthcare underpayment revenue recovery solutions help hospitals and other healthcare organizations make better decisions to ensure that any losses from underpayments are swiftly recouped or prevented altogether.
To learn more, contact a resource that offers healthcare underpayment revenue recovery solutions.