Occasionally, I will get an email or a phone call from a VP of Revenue Cycle or a hospital CBO Manager asking me to help them find their state’s workers’ compensation fee schedule. I do my best to point them in the right direction, but more often than not I will try and better understand what their underlying question about work comp really is, as it is frequently NOT found in the fee schedule. That said, fee schedules are a good starting point for hospitals eager to learn more about their expected work comp reimbursement.
Topics: cash acceleration, WC reimbursement,, Work Comp Strategy, Healthcare financial challenges, Workers' Compensation Reimbursement, Revenue Cycle Management, Workers' Comp Billing, electronic filing
Most hospitals that I encounter have at least a few Preferred Provider Organization (PPO) Network contracts that include workers’ compensation. Some have dozens. These contracts range from super simple 1-page Letters of Agreement, to massively complex multi-line managed care agreements. Hospitals typically devote staff to developing and managing these contracts, but just as is true with Group Health or Commercial contracts, work comp contracts have the same propensity for errors and abuse and left unchecked these blunders could cost hospitals dearly.
It’s no secret that hospitals are continuously battling thin margins by working to put the correct partnerships, processes and systems in place to avoid the big misses. The players on the PGA Tour are constantly facing the same battles. Finding the right partners to help lower the margin of error each performance year is key.