|
Processing and resolving Motor Vehicle Accident, Workers' Compensation, and General Liability Claims is frequently a difficult endeavor for most business office staff. Yet, appropriately identifying and managing these claims through the payment process is critical to the financial health of today's health care organizations.
Injury claims comprise a rather small portion of a facility's annual revenue (3-10%), and a simple break-even analysis often proves the effort/expense is actually "running in the red." Many healthcare professionals have discovered they are investing 30-60% of their staff's time to deliver only 3-10% of the revenue. Furthermore, due to a lack of specialized expertise, most office staff does not possess the experience/knowledge to properly identify liability claims. Even when properly identified, most hospitals do not have the system architecture to segregate these pay classes. As a result, many liability claims are errantly submitted to a commercial payer, where reimbursement is reduced to "mere pennies on the dollar" (i.e. 30-40% of their injury related cases).
|