In a recent HFMA Peer Review® Survey of 16 revenue cycle industry leaders, the drivers that determine quality workers’ compensation and motor vehicle accident claims solutions boil down to the triple aim of Service, Results, and Quality. To some, service may amount to responsiveness or the burden placed on the internal revenue cycle team. Beyond the collection itself, results were often related to efficiency, standardization, and compliance. And quality universally boiled down to subject matter expertise.
So why is all that important in a revenue class that often encompasses only 1½ to 2% of a hospital’s revenue? It is as simple as today, for a hospital, every dollar matters. Often, the lift comes because these complex accounts are handled by an expert who understands the language and knows what to expect and beca
use a typical revenue cycle has bigger fish to fry. Either way, revenue cycle leaders find greater collections and are more assured the collections are accurate when looking to a company that focuses on the niche. In fact, a participant in this same survey reported saving 2 FTEs as a result of outsourcing the management of this complex payer class. And, with the impeding financial pressures facing hospitals today, better results with fewer people is the holy grail.
What drives your decisions around where you focus your resources?
About MRA
MRA’s Peer Reviewed by HFMA® solutions are a result of 20 years of focus on specialty reimbursement niches, particularly in the area of accident-related medical claims. Our proprietary platform, AcciClaim™, enables an expert team of more than 250 specialists to manage the coordination of benefits and related billing processes to deliver improved financial performance, increased patient satisfaction, and enhanced billing compliance to leading health systems nationwide.
The solution, which is led by the industry’s leading team of specialized attorneys, revenue cycle experts and account resolution specialists, delivers improved revenue, increased patient satisfaction, and enhanced billing compliance from complex claims related to motor vehicle accidents and workers’ compensation injuries. MRA|Revecore proudly serves as a definitive source for specialty reimbursement services for hospitals and health systems nationwide. For more information, please visit www.mra.revecore.com.