How Hospitals Can Generate More Revenue Without Alienating Their Patients and Communities
Increasing healthcare costs are translating into higher deductibles and out-of-pocket expenses, with medical debt now at nearly 60 percent of all debt collections in the United States. In some cases, hospitals have gotten adverse publicity from their collection efforts.
At the same time, an opportunity exists with better employed physician billing to improve reimbursement for the professional component services delivered by their employed physicians.
- Since physician billing and hospital billing are vastly different, hospital billing departments don’t always have the necessary skills, expertise or time to handle both types of billing accurately, efficiently, and expediently.
In addition, a hospital’s physician billing often fails to receive its due attention because PC billing is typically a fraction of large hospital bills. That’s why professional component reimbursement is often well below benchmarks. Said another way, while hospital bills are low-volume, high-dollar, physician bills are high-volume, low-dollar.
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