Low Balance Insurance Follow Up Case Study
Florida Health Network: Making Every Account a Priority
A Florida-based health system with multiple locations statewide and significant annual revenues had stratified their accounts receivables and decided to outsource their low-balance insurance accounts to a partner instead of trying to manage them within the organization’s internal team. After working with an RCM vendor to send all insurance accounts with balances of $5,000 and under at 60 days from claim submission, the hospital was still only collecting 25% of the $4 million in accounts being placed each month.
Within five years of partnering with Elevate Patient Financial Solutions®, the client’s liquidation rate on its accounts of $5,000 and under had improved by nearly 60%, and the ElevatePFS team has continued to maintain its success rate and work the inventory down to less than two times the monthly inflow on new accounts.
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