Saturday, March 16, 2013

Can Hospital Boards Save Our Hemorrhaging Hospitals? Financial Statements Are Inaccurate!

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. 

• 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….