To stay in the black, hospitals need to capitalize on every opportunity to capture hidden revenue on the back end. The traditional method for identifying insurance coverage missed at the point-of-service involves using internal resources to track down revenue that would have otherwise been lost to bad debt.
Now, many are taking their bad debt recovery and reimbursement efforts one step further by using external vendors that specialize in uncovering missed insurance on their self-pay patients — those which must pay the full balance for services rendered.
They also give proper attention to self-pay after insurance patients who owe money to a provider after a plan pays its portion of the bill. Yet, this still isn’t enough.