Hospitals are leaving 8, 9, and potentially 10 figures on the table in “miss timed” payments.
Payors are to pay hospitals for Cleared Claims within a specified time period which is dictated by State Law, typically from 20 to 45 days for electronic claims, with punitive interest after the required payment period has lapsed.
The biggest hurdle has been creating a clean data map. Several law firms attempted in 2002/2003, by hiring Wall Street wiz kids, MBAs and quantitative analysts, “quants”, and spent over a year digging through data.
They were unsuccessful in 2002/2003.Fast forward to today, and there is one Prompt Pay Data Company that once an agreement is signed, can provide an analysis in 20 business days, via a HIPAA Secure-FTP of the data.
An entire team of law firms, expert witnesses, are part of the team, which handle the notice to the Payors, arbitration as per the insurance contract, and collection of the funds, all on a contingency basis.
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