Collecting more of what is owed to your organization in today's environment of increasing patient responsibilities, higher write-offs and growing expenses has become extremely important. As consumers take on more responsibility in their healthcare, utilizing flexible electronic payment and administration services will have a positive effect on the financial health of your organization.
Dealing with Bad Debt
Bad Debt (6% in 2010)
Provider collection rates run at 50 to 70 percent for small-dollar liabilities for insured patients and fall to about 10 percent of self-pay patients. Uncollected revenues represent 4 to 6 percent of hospital gross revenues. In 2010, bad debt reached some $65 billion.
--McKinsey & Company
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