Statistics have it that hospitals actually collect only 30% of patients’ balances with some even collecting less than that.
If you are in charge of your hospital finances you need to know why this is happening and how to fix it.
Hospitals are single-handedly the most difficult to manage institutions in any economy because of their complex organization and the fact health professionals are not expected to be business oriented. Health care professionals in finance and general accounts personnel face various challenges in revenue cycle management and often have to outsource third party medical billing services to cater to their needs. Patient collections after insurance claims have been paid is especially tasking because of the poor strategies geared towards collecting the funds.