What you can expect for your hospital?
Identify your total patient-responsible bad debt from your most recent fiscal year. Taking a conservative first step, in the first month after go-live you should see a 5% to 10% increase in new patient revenue captured. In the next 90-180 days, revenue should increase to 40%, then to 60% in the next 180 days. In comparison to the historical success rates from the RCM industry, these recovery rates may seem outlandish or frankly impossible for your hospital or hospitals to achieve. However, there is no business, financial or technical limitation that will stop the patient revenue capture rate at 10% or 15%. The only factor affecting the ramp in revenue recovery is the rate at which hospital staff enrolls patients. With the right policy directives, training (provided by VestaCare’s specialists and onsite per diems) and performance incentives, all hospitals, no matter their patient demographic, should be able to reach the 40%-50% revenue capture level. Further performance is also achievable in most all cases.
VestaPay is proven effective in the ER, as well as for outpatients, inpatients, surgery and ancillary service departments. To learn more about how VestaPay can benefit your hospital, call VestaCare at 858.454.7800.