Probate Finder OnDemand™ is pleased to sponsor The Healthcare Issue on insideARM.
With an aging population, soaring costs of end-of-life care, and steep increases in the self-pay portion of patient receivables, growth in deceased patient receivables is inevitable. Estimates indicate that the nation’s 200 largest hospital systems generate more than $4 billion annually in deceased receivables. And, depending on the type of healthcare provider, deceased receivables can account for 4 percent to 50 percent of total receivables.
Yet many healthcare providers simply write-off their deceased receivables. Given the challenges of collecting deceased debt, including protecting relationships and reputation, it’s easy to understand why providers write-off these sensitive accounts. But is this the right approach?
Over the past few years, the struggling U.S. economy has created a challenging environment for many providers. In order to effectively manage costs and increase access to services in the communities they serve, providers will need to consider new and alternative opportunities to increase revenues or eliminate bad debt.
Recovery of deceased receivables, though complicated, represents a significant and growing revenue opportunity for providers. Especially when the recovery is managed through probate.
Probate offers providers an approach that strikes an effective balance between fiscal responsibility and patient sensitivity. Yet with more than 3,400 probate courts nationwide, and claim filing processes established at the individual court level, collecting through probate can be complex, time-consuming and expensive.
Fortunately, with the rise in web-based technology, easy automated probate recoveries are now possible. In fact, a number of forward-thinking healthcare organizations have already embraced a new online probate recovery solution. It produces powerful ROIs of 500 percent or more and creates entirely new revenue streams for these organizations. To learn more about this emerging technology, please visit probatefinder.com.