Choosing Financial Freedom

Solutions Hospitals Can Use When Addressing Healthcare Underpayment

16 February 2021

Aubree Mccoy

Healthcare underpayment is a major issue all hospitals have to deal with in some shape or form. It will lead to lost revenue and for this reason, rectifying underpayment quickly is important for running a successful hospital practice. Here are a couple of solutions that can help you deal with healthcare underpayment effectively. 

Utilize Robust Reporting Tools

Before you can deal with healthcare underpayment, your hospital needs to know why it happened. That won't be a difficult thing to do if you utilize robust reporting tools from the very beginning. Then you'll be able to trace where the underpayment occurred and how it came to be, whether it's incorrect billing from an insurance provider or a mistake within your own team.

Reporting tools let you keep close watch on healthcare underpayment every day and provide meaningful data you need to see for a thorough and rapid response before underpayments start piling up and doing major damage.

Change Systems to Account for Common Errors Made

After using robust reporting tools for months and even years, you should have a pretty good idea of why healthcare underpayments happen within your particular hospital. You need to take advantage of this knowledge and change systems where common issues keep happening that lead to underpayments.

That might require you to train your staff that is responsible for medical billing more thoroughly. Or maybe you need to establish better lines of communication with insurance providers that your patients work with to avoid billing issues. Once you change these systems, underpayments won't keep happening for the same reasons.

Get Outside Help

If you tried dealing with healthcare underpayments within your own organization, that's a lot of time and resources you have to account for. Running a hospital already throws a lot of stressful things at you each day. For this reason, consider getting outside help when addressing healthcare underpayments.

It may be an individual consultant or an entire team of professionals that can perform audits to find out why healthcare underpayments continue to happen within your hospital. Having an extra pair of hands and eyes on this aspect of your hospital frees up your time to manage other things.

Your hospital will face healthcare underpayments. If you approach them with a proven formula — which might involve getting help from professionals and using analytical tools — then they don't have to keep causing frustration and costing your hospital money. Look for a company that provides healthcare underpayment revenue recovery solutions to learn more. 

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