DateTue, Oct 19, 2021, 12:00 PM – Tue, Oct 19, 2021, 01:00 PM
Proactive Revenue Recovery Strategies for Hospitals
Practices to Implement in a Pandemic Environment and Beyond
Tuesday, October 19, 2021
1 - 2 p.m. Eastern; noon - 1 p.m. Central; 10 - 11 a.m. Pacific
Financial challenges are the number one issue facing hospitals today. It is estimated that, compared to pre-pandemic levels, nearly twice as many hospitals in the U.S. will operate with negative margins in the wake of COVID-19. Hospitals and health systems across the country are not only looking for ways to improve financial health, but also ways to prevent revenue loss, uncompensated care and underpayments.
The key to solving the problem lies in the efficacy of claims management, not just the efficiency of the process. Repairing workflow issues alone will not address rising denial trends, which is a huge factor in revenue loss. Downstream denials often result from incomplete or inaccurate eligibility information during the admissions process. Automating registration and eligibility tasks reduces the risk of human error and makes the process easier and faster than ever before.
Instead of writing off revenue following a denial, hospitals need to shift to a proactive approach to prevent denials before they happen. Recent technological advancements have enabled expanded eligibility searches to uncover additional payers and helped hospitals collect more earned revenue.
ABILITY can help identify more active insurance coverage, including secondary and tertiary policies, and highlight patient eligibility for programs like Medicaid.
Identifying the appropriate payers at patient intake can help make denial management a thing of the past and secure your hospital’s future financial viability.
Attendees Will Learn:
- How to recognize areas of the organization that represent higher denial rates (emergency department vs. surgery center).
- How to identify all available, billable coverage for patients upfront, including eligibility for Medicare and Medicaid.
- How to prevent denials and collect more earned revenue.
Senior Vice President
ABILITY Network, an Inovalon Company