Companies using incentive programs reported a 79% success rate
Statistic Info
To motivate your staff about improving collections, offer incentives to get employees encouraged to properly manage denied claims and payments. Set up an incentive program in which employees are motivated to boost the office’s collection rate.
Annual revenue increases are 3 times higher in companies that use a tangible sales incentive over those that don’t use an additional incentive. When incentive programs are working, the potential for growth is much, much higher.
Author: Achievers Solutions
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Physician Practices
Coding Drives Up Medical Billing Costs in the US
1 in 5 adults say they or a family member have received an unexpected medical bill in 2022
90% of medical practices shared that costs have risen faster than revenues in 2022
20% of households in the United States have medical debt
Americans owe at least $195 billion in medical debt
75% of patients utilize either healthcare provider or payer/insurance websites
HIPAA compliance is not enough to protect patient records
Paid medical collection debt will no longer be included on consumer credit reports
Companies using incentive programs reported a 79% success rate
Revenue Management
Healthcare spending for all causes increased by $1.4 trillion
A denial rate of over 10% is a clear warning sign and a call to action
Paid medical collection debt will no longer be included on consumer credit reports
The slowly increasing claim denial rate stood at 23% in 2020
Companies using incentive programs reported a 79% success rate