Is Revenue Cycle Management Enough?

A lot of institutions like to claim they’re indispensible, but the truth is that only a few of them truly are. In the case of hospitals, however, there’s no need for chest-thumping; their presence–or absence–in a district truly is a matter of life and death.

That’s why it’s especially saddening to fear that in 2015 alone, another 10 hospitals around the country had to file for bankruptcy. The amount of debt involved varies from $2 million to $24 million, but the effect of these hospital closures have is the same: if someone is grievously ill, they have to be transported to a farther facility, a very risky proposition indeed.

Preventing Bankruptcy

Of course, hospitals are doing their best to avoid bankruptcy, with most of them employing revenue cycle management companies to help with billing collection, the lifeblood of every medical facility. Indeed, as noble as caring for the sick may be, running a hospital is first and foremost a business.

A Novel Solution

Fortunately, numerous ingenious companies have come up with a novel solution: Why not help patients learn about their medical coverage eligibilities so their healthcare can be subsidized by the government?

Indeed, while about 17.6 million Americans are now covered by Obamacare, many remain unaware of the many other medical benefits they can claim. By making sure that patients know about and enroll for these benefits is perhaps the best way to ensure healthy cash flow for all healthcare facilities.

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