“As macroeconomic headwinds continue to impact the U.S. healthcare market, providers often struggle to walk the fine line between the push for healthier patient outcomes and an unsustainable cost structure. At the same time, the provider revenue cycle is becoming increasingly complex,” said Dan Schulte, Senior Vice President, HGS Healthcare. “Providers need a strong partner to help them pursue smaller insurance claims properly and recover payments that go right back to their bottom line. We’re thrilled to have reached the $1 billion milestone and recover some of the toughest claims for our provider customers.”
The average hospital costs must fall 24% by 2022 in order for healthcare systems to break even, a recent Black Book Market Research LLC survey found. By getting denied insurance claims adjudicated, properly appealed and collected, HGS is able to contribute up to 5% to healthcare systems’ bottom line.
Having strong relationships with both payers and providers, HGS brings unique and in-depth expertise to provider revenue cycle management. To-date, the company has collected more than $3 billion in accounts receivable on behalf of healthcare systems.