Welcome to “Pain Points,” a newsletter from Solvent Networks intended to discuss the problems that keep hospital leaders up at night and inform them about programs, services and products offered by our endorsed business partners that can help. We tackle pain points and present ready-to-deploy solutions.
PAIN POINT
Workers Compensation recovery eats up too much staff time for too little return.
SOLUTION
Let Park Dansan deal with the complexities of Workers Compensation recovery and payment maximization and watch your revenue increase.
Many hospital financial services leaders say that the amount of time their staff spend trying to collect Workers Compensation claims is not worth the revenue those claims generate. Often, after months of effort, they write the claims off as bad debt.
But there is a better way. Park Dansan, a Solvent Networks endorsed partner, is an industry leader in Workers Compensation recovery. Their team understands the complexities that can accompany Workers Compensation claims, such as payer communication, appropriate documentation, and underpayments.
“The labor-intensity and time to appropriately recover Workers Compensation claims can be taxing for a hospital’s internal staff, so it makes sense to place these claims with a Workers Compensation specialist,” said Dean Jenks, PhD, Park Dansan’s vice president for healthcare services. Despite the labor required to recover, Workers Compensation is a profitable payer, averaging the Medicare rate plus 40% in South Carolina.
One satisfied customer is Michael Womack, director of patient financial services at Lexington Medical Center, who said Park Dansan saved his operation the equivalent of a full-time staff member by handling complex, hard-to-collect claims and letting him redirect staff to more productive work.
“It’s an often-underappreciated source of revenue because it’s a small percentage of the overall volume,” Jenks said. “If claims are being written-off, there’s no downside to calling us. You end up with a maximized recovery instead of nothing.”
There’s no long-term obligation, and fees are discounted for SC hospitals. To learn more or set up a meeting, contact Solvent Networks or contact Jenks directly at djenks@parkdansan.com or 800.766.1551 extension 233.
As a division of the South Carolina Hospital Association, we understand the hospital business. Our ready-to-deploy solutions for your workforce, financial, operational and compliance needs can save money on your bottom line – or generate revenue that you can re-invest in improving healthcare for the people of South Carolina. For more information, visit Solvent Networks, follow us on LinkedIn or watch HERE. Access your network today.