TransUnion Healthcare Identifies More Than $1 Billion in Insurance Payments for Hospitals
TransUnion Healthcare (NYSE:TRU) announced today that its eScan healthcare solution has identified more than $1 billion in insurance payments for its hospital clients. In the last three years alone, eScan has helped hospitals recover more than $500 million in payments for unpaid medical services. Previously, hospitals would have categorized this money as uncompensated care – the sum of a hospital’s “bad debt” and charity care.
“Uncompensated care is a multi-billion dollar issue for hospitals because it’s virtually impossible to account for all healthcare coverage upfront due to factors such as system interoperability issues and errors during the registration process."
Hospitals may also miss coverage due to confusion over status or a missing policy ID that prevents the querying of demographic data. Furthermore, Medicaid expansion, annual enrollment through the Affordable Care Act, changing rules for charity care and consumer choice are contributing to issues in properly validating insurance coverage.
TransUnion Healthcare provides hospitals with solutions to help discover patients' coverage that was initially not verifiable or inaccurately captured by hospital staff on the front-end of the revenue process. TransUnion's products have helped more than 1,000 hospitals and thousands of physician partners identify over $5 billion in uncompensated care revenue, which has now resulted in more than $1 billion in reimbursement delivered to its hospital clients.
“When looking to make improvements with our bad debt/charity care processes, we partnered with TransUnion who offered great insights and solutions to help us make the improvements we were looking for,” said Warren Fuller, vice president of finance at Indian River Medical Center.
According to the United States Department of Health and Human Services, hospitals lost an estimated $27.3 billion in uncompensated care in 2014 — the sum of a hospital's "bad debt" and charity care.
”We are very excited to support our hospital clients in recovering significant monies owed to them,” said McCarthy. “This helps them to be more efficient and effective, and put their resources toward their true mission: providing the best patient care possible for the populations they serve.”
For more on this topic, read our blog posts Digging into the Data: Trends in Uncompensated Care and Tips to Fight Uncompensated Care Losses or visit the TU Healthcare blog feed.
To learn more about eScan, a post-service eligibility system designed to maximize reimbursements and reduce uncompensated care costs for a hospital or health system, visit www.transunionhealthcare.com.
About TransUnion HealthcareTransUnion Healthcare, a wholly owned subsidiary of credit and information management company TransUnion, empowers providers with Intelligence in an Instant® by providing data and analytics at the point of need. TransUnion offers a series of data solutions designed to provide greater ease of use, accuracy and transparency in the revenue cycle process thereby assisting providers in lowering their uncompensated care. TransUnion Healthcare was recently rated the highest performing vendor by the KLAS 2014 Patient Access Report for its patient payment estimation and propensity to pay solutions. www.transunionhealthcare.com
About TransUnion (NYSE:TRU)Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Latin America and Asia. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.
We call this Information for GoodSM. http://www.transunion.com/business