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Top Financial Concerns for Healthcare

1. Declining reimbursements
2. Unacceptably high Days in AR

Consider the Following...

1. Would net revenues increase by outsourcing revenue cycle functions?
2. Would that also reduce days in A/R?

Top Financial Concerns for Healthcare in 2019.jpg

Net Increase: $1,028,600
Percentage Increase: 6.9%
Percent Return on Additional Investment: 184.6%

* The above calculations are based on Medical Recovery Services' cost report data,
average gross billing from acute care and critical access hospitals in Arkansas, Iowa,
Kansas, Missouri and Oklahoma.

Interesting Data

Outsourcing - Financial Outcomes:

1. Net Cash Flow is Increased

  • 94% of 1st submission claims are resolved

  • 78% of hospitals having greater than 200 bed capacity saw a 6.2%

  • revenue increase by out-sourcing RCM operations.

  • 6.2% average cash flow increase


2. Days In A/R are Reduced

  • 20-21% reduction Days in A/R


3. Patient Satisfaction is Increased

  • A Patient Estimator installed by RMS company lets patients know

  • their financial obligations in advance (no surprise billing)

  • Data survey shows that 74% of satisfied patients will pay their bills

  • in full, thus reducing Days in A/R


4. Revenue Cycle Efficiency is Increased by:

  • Streamlining Workflows

  • Reducing Denial rates

  • Optimizing Account Resolutions

     

Additional Benefits:

1. You are Always Current With Industry Regulations

  • Through all their staff education programs, the RCM company keeps you current with rules & regulations of all payers


2. You Retain Oversight and Control

  • The RCM corporation is contractually accountable to you to perform to a certain success level


3. A Team of Highly Trained Healthcare Professionals Works for You

  • You will benefit from a large combined knowledge base of dedicated healthcare RCM professionals


4. You Have the Advantage of Economies of Scale

  • Expenses will be distributed across the entire RCM client base thus reducing overall operating costs


5. You Will Continue to Ensure your Competitive Edge by:

  • Developing efficient account resolution processes

  • Achieving better liquidation rates

  • Implementing aggressive payer denial follow-ups

  • Applying transparent POS collection practices

  • Employing innovative payment solutions

 

 

 

 

 

We welcome your comments and questions

contact Donald Tapella at Medical Recovery Services

Email: dtapella@mrsa1.net

Phone: (816) 229-4887, ext.112

Fax: (816) 229-4787

visit our website at http://www.mrsa1.net/