New Billing Solution Adds 1.3M To Area Hospital’s Bottom Line
Through the efforts of New York Medical Billing Firm, MAS, NY area hospitals may be able to reduce budgets while maintaining, or even increasing, services for patients thorough more productive follow up of outpatient billing receivables.
Long Island, NY March 13, 2012 – For most hospitals, budget shortfalls aren’t caused by poor reimbursement from insurers or uninsured patients. In fact, the overwhelming issue for hospitals tends to be the poor management of claims processing and payment, along with the inability to manage and train the proper staff to handle the sheer daily volume. These shortfalls can lead to sub-standard treatment, and even the closure of hospitals for the patients who need them the most.
“The old methods of managing outpatient medical billing just don’t work anymore” says Bill Baylis, president of Medical Account Solutions (MAS), a medical billing firm located in Merrick, NY, “the rules for billing are constantly changing and it’s become too complex of a job for the hospital to maintain. Hospitals really need to re-think they go about pursuing accounts receivables and if it’s in their best interest to go it alone.”
Having identified the core issues regarding the closures of many inner-city hospitals, MAS created a case study over a 5 year span utilizing a hospital in an inner-city setting. “The fact is that these facilities are already running on extremely tight budgets. They can’t afford the level of staffing it would require to employ experts in each type of billing department, but allowing the receivables to build up can lead to closure,” states Baylis. Over the 5 year span in just one hospital, MAS cleaned up 37,789 aged claims that were over 60 days old which resulted in an infusion of over $5.5M. This was able to be maintained despite adjustments to hospital administration, which can often derail budgeting efforts. This hospital can now rely on a steady 1.3 million annually to their bottom line through efforts of MAS.
“The volume is there,” says Balis, “but current systems aren’t getting the money into the hospitals in a timely manner. New systems are needed to capture the money owed to them for services rendered. The hospital’s business is to save the patient, but our business is to save the hospital. Let the experts stick to their expertise and things will run more smoothly.”
Medical Account Solutions