“Workers comp claims eat up too much staff time for too little return.”
Park Dansan, the industry leader in Workers Compensation recovery.
Most companies wouldn’t stay in business very long if staff spent 25 percent of their time on tasks that generated only 2 percent of revenues. But that’s what hospitals often face in trying to collect reimbursements through Workers Compensation. Often, even after devoting 90 to 120 days to the effort, hospitals write off the claims as bad debt.
South Carolina hospitals have another option. Park Dansan, a Solvent Networks endorsed partner, is considered the industry leader in Workers Compensation recovery. These claims are complicated for a number of reasons. The paperwork and time to resolution can be taxing. Many hospitals find it makes sense to turn those cases over to experts, especially if the claim seems to be headed toward a write-off.
Dean Jenks, Park Dansan’s vice president for healthcare services, says there’s no downside to calling them before writing off a bad debt. There’s no long-term obligation, and fees are discounted for state hospitals. So, hospitals end up getting the lion’s share of the revenue instead of nothing.
“Workers comp is an often-overlooked source of revenue because it’s a small percentage of the volume. But it’s a profitable payer,” Jenks said. “In South Carolina, the average Workers Compensation claim pays the Medicare rate plus 40 percent.”
One satisfied customer is Michael Womack, director of patient financial services at Lexington Medical Center, who says Park Dansan saves his operation the equivalent of one full-time staff member by handling complex, hard-to-collect claims so his team can spend their time more productively.
To learn more about Park Dansan and other ways we can help cure your pain points, go to SolventNetworks.com.