Low Balance Accounts
Low balance claims are typically underworked because business office resources are directed toward more lucrative account balances. Convergent works low balance accounts cost effectively by using customized systems and processes designed to manage high volumes of low balance claims. By aggressively pursuing third-party payers on low balance accounts, hospitals increase cash, reduce write-offs, and demonstrate to their payer community that every segment of their AR is worked comprehensively.
Problem
About 80 percent of accounts typically represent only 20 percent of a hospital’s accounts receivable. These high volume, low balance accounts are a significant financial opportunity in aggregate, but too often working them thoroughly is not possible because of staffing limitations.
Solution
Convergent’s dedicated Low Balance Claim Resolution Department has the tools and processes specifically designed to work high volumes of low balance accounts cost effectively. With Convergent focusing on low balance claims, hospitals can redeploy staff to concentrate on higher balance accounts and increase their cash flow.
Result
With a Convergent Low Balance program, hospitals realize significant improvement in reimbursement on low balance accounts, use their existing staff on higher value claims, and improve service to patients.