Hospitals may be losing significant money if their revenue cycles aren't focused on collecting from patient accounts that are most likely to generate full reimbursement, according to an analysis from TransUnion Healthcare, part of credit and information management company TransUnion.
The analysis found that 30 percent of uninsured patients or patients who have out-of-pocket costs after insurance generate more than 80 percent of the hospitals' self-pay revenue.
Although hospitals are focusing more on cost control measures, they "still may be missing the most important part of the picture: an optimized revenue cycle which ensures earned revenue becomes paid revenue," said TransUnion Healthcare.
Dave Wojczynski, president of TransUnion Healthcare, recommended hospitals look at their current approach and determine which patients or accounts are most likely to result in full reimbursement.
"Determining which patients or accounts may present the best opportunities for payment is just one way a healthcare provider can increase their chances of maximizing reimbursements for services rendered," he said.
Editor's note: This story was updated on Dec. 14.
More articles on finance:
Investment income bolstered standalone hospitals' finances, analysis finds
US senator seeks information on how to reduce healthcare costs
Vermont hospital struggles to pay its bills: 7 things to know