According to the American Hospital Association’s Fast Facts on U.S. Hospitals, 2018 hospital closures have reached 30 a year, a pace that’s predicted to accelerate over the next year and a half.
Of 6,000 U.S. private and public hospitals reviewed by Morgan Stanley, 8 percent are at risk of closing and 10 percent are ‘weak.’
There are a thousand and one initiatives that hospitals can implement in order to increase revenue, but one huge opportunity is hiding in plain sight: physician billing.
The average physician or surgeon generates $1.56 million annually for their affiliated hospitals. When physician billing isn’t conducted consistently across the entire hospital or health system, huge amounts of revenue are left on the table.
Contract Management
When physician contracts are poorly managed, credentialing and enrollment processes are delayed and providers can’t bill.
With automated contract life cycle management technology, hospitals can bring everyone involved in physician contracts into one workflow, resulting in contracts being completed an average of a month faster than when they are done manually.
With the average daily billing total for a family practice physician averaging $5,500, that’s a windfall of $170,000 in cash flow.
Claims Denials
Claims denials are the leading cause of RCM headaches for healthcare organizations, according to a recent survey conducted by HIMSS Analytics. But getting to their source and ensuring you’re solving root causes and not just treating symptoms is a real challenge.
MedCom Solutions designs and implements proven software that helps both critical access hospitals and large multi-hospital health systems reduce claims denials and improve their revenue. Our Chargemaster, Pricing and Compliance solutions have yielded hundreds of millions in net revenue for hospitals across the country.
Discover What’s Holding Your Organization Back MedCom Solutions creates customized charge cycle solutions that reduce denials, enhance revenue, and sustain results. Our full listing of services can be applied to both professional and technical billing.
To learn more or to get started, visit our homepage or contact us today!
