How Can Hospital Board Members Save Our Hospitals? Financial
Statements are inaccurate!
The problem is that
Hospital CFO’s are not aware of the problem: In most instances, $5 million dollars in annual losses are buried.
Accounts receivable departments seem to be neglecting to report accurate financial losses for services rendered in No Fault and Workers Compensation cases.
• The average hospital foregoes collection of approximately $ 5 million EVERY YEAR,
of No-fault and Workers Compensation reimbursements.
Accounts receivable departments seem to be neglecting to report accurate financial losses for services rendered in No Fault and Workers Compensation cases.
• The average hospital foregoes collection of approximately $ 5 million EVERY YEAR,
of No-fault and Workers Compensation reimbursements.
• Frequently, hospitals even experience a 0% payment rate for many of these services
Many accounting clerks represent three to five year outstanding insurance covered claims as “pending payment” – when in reality, they are NEVER paid, and/ or drastically underpaid.
The reason for this is very simple: it takes providers years to get paid, and when they do, they receive a pittance for their services.
The tragedy is even worse for Hemorrhaging Hospitals: the problem is that Hospital CFO’s are neither aware of the problem nor how to fix it….
