Medical procedures and hospital stays that are covered by Third Party Liability (TPL) take place every day in health systems across the country. The patient, covered by the responsible party’s insurance, usually rests easy knowing that someone else is covering their medical expenses. You, as the provider, cannot be so confident.
Third Party Liability Claims filed through home, automobile or worker’s compensation insurance are more difficult to get paid in a timely manner by the responsible sources. Every year, a significant percentage of receivables are abandoned by health organization’s accounting departments that either don’t have the time, or the experience to collect the payments that are rightfully due.
Partnering with an experienced TPL solutions provider is a proven-way hospitals can more easily access this hard to recover revenue. Knowledge and experience are vital to maximizing collections. A reputable partner brings this necessary expertise with them to efficiently deploy strategies and commit the necessary time that guarantees higher payment rates.
These TPL service providers can come into your receivables department and help to identify TPL claims and payers you may not have discovered. Upon discovery of the correct payer, responsible parties are put on notice of the organizations rights to seek reimbursement. To ensure you get the full recovery, the partnering company will then repeatedly follow-up to make sure payments are delivered.
Considering all of this, teaming up with a TPL expert can save a health system a substantial amount of time, money, and man-hours (already exceedingly rare resources in most hospitals) that can be reinvested in more worthwhile pursuits like staffing expansion, new care programs and upgrades to equipment. Don’t give up on your revenue!
Signature Performance, in addition to the rest of our full suite of revenue cycle management services, offers third-party liability recovery for our clients. For one client, we were able to identify $2.2 million in revenue in just a little over a month.
Ashlee Johnson, Third Party Liability Operations Manager, has this to say, “TPL accidents can be a lengthy process with many avenues to pursue recovery. Signature’s TPL team has gained the necessary skills, knowledge and experience with state and federal laws to dramatically impact our clients’ TPL recoveries. Our teams proven negotiation tactics have ensured our clients received reimbursement in these cases.”
When looking for a TPL partner, consider Signature a knowledgeable member of your team. As a recognized and respected RCM solutions provider, we are dedicated to improving the health of our clients’ business and make the lives of those we work with better.