Strategic Partner Helps Hospital Collect +$7 Million from Lien Accounts in First Year
A multi-site regional hospital group wanted to improve the performance of its Third Party Liability (TPL) program but did not have the internal resources to accomplish its goals. It determined it would be important to partner with a company specializing in this area so that internal resources could return to core services and competencies.
Elevate Patient Financial Solutions implemented its TPL program, devoting highly trained and experienced staff who specialize in identifying accident accounts and responsible payors. Not only did ElevatePFS investigate the accounts, bill, and follow through to recovery, but – with ElevatePFS’ formulated lien process and thorough review – it also was able to incorporate the filing of statutory hospital liens the client previously did not utilize to strengthen collections.
Within first year of ramp, ElevatePFS collected over $7 million on lien accounts alone by implementing a structured lien program. On these accounts, ElevatePFS was able to recover an average 73% of charges for the client. This is a much higher grossing recovery rate than other payor groups, and the client was very happy with the results ElevatePFS delivered.
The Elevated Difference
Our in-house TPL experts work with insurance adjusters and attorneys, and coordinate benefits with available government and commercial insurance, allowing us to provide a level of experience and knowledge that most hospitals do not have in house. Because ElevatePFS provides a full portfolio of revenue cycle management solutions, we are able to seamlessly coordinate multiple service lines – e.g., TPL as well as Medicaid Eligibility, Workers’ Comp, etc. – to accommodate all patient accounts. This approach helps expedite reimbursement, increase collections, and avoid bad debt while maintaining compliance with governmental regulations and contractual agreements.