Overview: Hospital Liens
This is a competitive era. Healthcare providers are facing reimbursement reductions across the board. Why not look for other sources of revenue and reimbursement? Liens are the single most overlooked area of potential. However, it is difficult to conduct a successful, efficient, cost-effective and risk-free lien process on your own. We know this because we work with hospitals across the country. You need a partner and MedFinManager™ is the national expert. Seize the opportunity to achieve significant benefits for your facility. MedFinManager’s range of services for hospitals center on two easy-to-use programs: our Consensual Lien Facilitation and Purchase Program; and our Statutory Lien Purchase Program.
In all states, hospitals have a right to accept a patient on a Consensual Lien-Basis. Consensual liens are a viable tool available to assist a prospective patient who is uninsured and does not have the personal resources to pay for the medical care at the time it will be provided. Typically, a consensual Lien is utilized for the patient who is presenting themselves in an elective situation and is pursuing litigation against the 3rd party who caused their accident related injuries.
Many hospitals do not accept patients on a consensual lien-basis, due to inherent financial risks such as long-term A/R and the potential for non-payment. However, with MedFinManager as your partner, these risks are eliminated and you can successfully capture a profitable revenue stream. Let us show you how!
Consensual Liens may represent a new revenue stream to you, but what about an existing reimbursement program such as Statutory Liens? What consensual liens are to an elective situation, statutory liens are often the tool of choice for emergency cases. Hospitals can protect their legal right to receive payment for services rendered through the perfection of a Statutory Lien; a process that varies from state to state. Many state civil codes recognize the legal right of hospitals, and certain other providers, to claim their full Usual, Customary and Reasonable [UCR] charges when they are forced to treat a patient as a result of EMTALA, when there is an injury from a trauma or an accident, and in which there is a responsible third party, called a tortfeasor.
While perfected statutory liens may serve to protect the hospital’s future payment, they do not guarantee it, nor do they provide immediate cash flow. The impact on aging Accounts Receivable from statutory liens can be tremendously adverse, if not managed correctly. The usual response is to bring in a costly outside agency. Why not take the smart route and let the experts at MedFin partner with you to increase your cash flow and not increase your costs? Contact us and let’s talk!
In conclusion, many hospitals are not comfortable with the entire lien process, while others make attempts to capture this additional reimbursement with varying degrees of success. Nevertheless, all hospitals are looking for additional revenue and timely reimbursement, but want this in a risk-free manner without an adverse impact to their Accounts Receivable. You need a partner – and MedFinManager is the national expert.
We invite you to further examine this section of our web site to gain an understanding of our valuable lien facilitation programs can benefit your hospital.
If you are a Director of Patient Financial Services, a Director of Patient Access, a Director of Managed Care, or a Chief Financial Officer with questions, or you are interested in obtaining further information about our valuable service, please do not hesitate to email email@example.com or call us toll free at (800) 238-5541.
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