According to a study by McKinsey on Payments, 15 cents of every dollar spent on health care in the United States goes to inefficiencies in the revenue cycle. This means that hundreds of millions of the nearly $3 trillion we spend on medical care each year cover claims processing, payments, billing, revenue cycle management and bad debt.
While it’s easy to talk about this waste in broad terms with respect to the American economy, individual care facilities suffer as a result. On a case-by-case basis, hospitals and care facilities may be losing even more than 15 cents on the dollar due to their inefficient billing and collection models.
When medical centers, hospitals, private practices and clinics choose to outsource receivables management, they streamline those tasks so that less energy and capital is wasted. Contact Professional Medical Services today to learn more about how our solutions can optimize the revenue cycle at your facility.