It is clear that health care in the United States is more expensive than in any other nation, but there are ways to reduce these expenses. Health information technology innovations or assistance from accounts receivable providers, who can detect suspicious disbursements and fees, can make a substantial difference to a practice's bottom line.
There have been instances in which members of a hospital's administration have been held responsible for Medicare fraud, but this doesn't have to be an ongoing concern if these facilities more performed like a business than a non-profit, Fortune Magazine reported.
At the Children's Hospital of Philadelphia (CHOP), this facility found its way to not only make the most out of its annual budget, but it generated a surplus of $150 million that allowed the practice to boost "its investment portfolio" while building new facilities, the source's contributor Shawn Tully added.
Part of CHOP's success story has a lot to do with keeping tabs on the practice's many sectors, like research, rent and uncompensated care from patients who cannot afford it.
The facility also has 30 satellite offices between central Pennsylvania and New Jersey, so the accounts receivable department cannot afford to make costly errors. In cases that they do, many of these procedures cost about 30 percent less at the secondary offices because of more affordable rent and average cost per employee.
"The reimbursements are about the same," CHOP's CEO, Dr. Steven Altschuler, told the source. "so we get better margins in those facilities."
Hospitals that wish to make the most out of their services may want to consider reaching out to an accounts receivable provider to mitigate these expenses more accurately, allowing physicians and other staff members to commit more time to pertinent, core tasks.