For those of you who may have missed us at the Becker’s Health IT + Revenue Cycle Conference in Chicago last week, we unveiled our latest eBook: How to Win the Cat and Mouse Game with Payers: A Provider’s Handbook to Getting Claims Paid.
It was a great conference, and we had some great conversations with many providers that are clearly focused on driving payments from both payers and patients alike. Our discussions included strategies that will control denials and accelerate payments from payers and get 91% of patients to pay their medical bill in full. Our next blog post will provide a recap of the Becker’s conference and the top things we learned.
In the meantime, below is the table of contents and the introduction to the eBook. At the end of this post is a link to access the full version – no forms to complete; no strings attached.
Healthcare has become a full-fledged dual-service industry: 1) providers of medical care and 2) purveyors of unsecured loans to consumers. There are few other industries in which an organization will advance millions of dollars in services without some sort of collateral or assurance those dollars will be recompensed in a timely manner.
Often the process of repayment chugs along frustratingly slow for healthcare providers. While the majority of medical costs are eventually repaid by commercial and government payers, providers still take a short-term cash flow hit from all the payment delays. For claims that are never reimbursed, the hit is much harder – costing approximately 1.9% of an average hospital’s net revenue.
Providers often refer to the challenges associated with repayment as a “game of cat and mouse.” And, perhaps it is. But whether that game is intentional or not, the end results are the same – providers suffer delayed or unpaid reimbursement for medical services and patients are unwittingly caught in the middle. The latter is something that neither party wants.
Wind River Healthcare has been in the payments industry for over 20 years – providing processing, security, and other payment related services to over 500 healthcare customers. As such, it has become our goal to mitigate the payment problem for our healthcare customers as well as other providers that are facing the same challenges.
We have found that employing the right mix of strategy, insight, and technology delivers the edge providers need to overcome ever-growing payment challenges. Thus, How to Win the Game of Cat and Mouse with Payers was born.
The strategies outlined in this guide have been proven, and we’re confident they’ll work for you too. So, let’s get started.