RevCycle Intelligence February 28, 2024
A new analysis shows a sharp decline in the patient collection rate in 2022 and 2023 as providers write off more bad debt from patients with insurance.
Healthcare organizations are finding it harder to collect patient financial responsibility, a new analysis from Kodiak Solutions indicates.
The analysis of patient financial transactions from over 1,850 hospitals and 250,000 physicians nationwide showed a sharp decline in the patient collection rate, from 54.8 percent in 2021 to just 47.8 percent in 2022 and 2023.
Total payments made on the nearly 3 million fully resolved medical claims from commercially insured patients during the two-year analysis period were about $5.2 billion. However, the cash providers received was barely a quarter of the total charges, which...
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