RCM tip of the day: How to maximize insurance collections

As hospitals face challenges with validation of insurance coverage, there are various best practices they can use to maximize insurance collections, said Lyman Sornberger, president and CEO of consulting firm Lyman Health Care Solutions.

He recommended that hospitals "capture insurance coverage at the benefit level" and "invest in pre-service validation with the patient and insurance for high-end service."

He also recommended automation of the insurance verification process, double-checking coverages that are greater than 60 days, and using a third-party law firm when necessary.

If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series.


More articles on healthcare finance:

Health systems made less money after ACA insurance coverage expansion, study finds
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ACA repeal, delay would lower federal revenue, balloon deficit, CBO says


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