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The Value of Outsourcing Medicaid Applications
Adam Rothman and John Anderson of Medicaid Done Right, a solution provider at the marcus evans LTC & Senior Living CXO Summit Fall 2015 and LTC & Senior Living CXO Summit Fall 2016, on improving the Medicaid application process.
NEW YORK, N.Y., Jul 06, 2015 - (ACN Newswire) - "The most important thing you can do in a long-term care (LTC) organization, apart from giving care, is to get the money through the door. However, the people who are entrusted with that are often burdened with many other tasks that come with the job," says Adam Rothman, Managing Partner, Medicaid Done Right.
"Organizations with many facilities must really refine their system to execute the best possible scenario at all times. With the sheer amount of human resources and dedication needed for Medicaid applications, it would be more cost effective to outsource the process," adds John Anderson, also a Managing Partner at the company.
Medicaid Done Right is a solution provider at the marcus evans LTC & Senior Living CXO Summit Fall 2015 and LTC & Senior Living CXO Summit Fall 2016.
- Applying for Medicaid is often complex and costly. How could LTC and senior living facilities improve the process?
Rothman - They could outsource the process to a company with the right infrastructure to handle it, so that their employees, who have to multi-task the process, have more time available.
Also, forms have to be submitted on a timely basis and often they are not, which causes bad debt or write-offs. If facilities were able to meet the time constraints as has Medicaid Done Right, they would be more efficient.
Faster and more accurate approvals lead to better cash flow, resulting in less bad debt.
- Why do some facilities not consider the outsourcing option? What are their unfounded concerns? Is this about losing control?
Rothman - When it comes to their funds and billing, most of them want to keep control, which is not the most economical solution. It might give them a sense of comfort, but it doesn't pay the bills.
Anderson - For nursing homes with multiple facilities, having one unified way of processing applications and one reporting system, leads to less confusion. When you are managing many facilities, improving cash flow can be a game changer. Every penny counts.
- How is outsourcing more economical?
Rothman - A typical application takes five to six hours. If you process six of those at five hours each, that is one employee's 30-hour work load. If you gave 30 hours to a business manager in a facility, they could collect much more from other payer sources than the cost of outsourcing them to us. It would free up enough time for them to go out and solicit more.
- Is this more important in an environment of reduced reimbursement?
Anderson - Cash is king. The faster you get their approval, the faster facilities get paid for their services.
- As the trend of consolidation continues in the healthcare industry, how will it impact how the application process is run?
Rothman - Medicaid rules are getting more complex. There are now more restrictions than last year, the paperwork process is more involved and case workers have less access. This will only get worse. Facilities do not need to fight the battle internally.
For more information please send an email to press@marcusevanscy.com or visit the event website below:
- LTC & Senior Living CXO Summit Fall 2015:
www.longtermcaresummit.com/AdamRothmanJohnAndersonInterview
- LTC & Senior Living CXO Summit Fall 2016:
www.longtermcaresummit.com/AdamRothmanJohnAndersonInterview
marcus evans group - healthcare sector portal -
www.marcusevans.com/reviews/healthcare
The Healthcare Network - marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.
- LinkedIn: www.linkedin.com/groups?gid=4394922&trk=hb_side_g
- YouTube: www.youtube.com/MarcusEvansHealth
- Twitter: www.twitter.com/meSummitHealth
- SlideShare: www.slideshare.net/healthcareseries
Please note that the Summit is a closed business event and the number of participants strictly limited.
About Medicaid Done Right
Founded in January, 2012, Medicaid Done Right (MDR) has unparalleled experience and success in the Institutional Care Plan-Medicaid arena. Headquartered in Clearwater, Florida, Medicaid Done Right also operates in Indiana, Kentucky, Michigan, North Carolina, Virginia and Wisconsin with plans seeded to expand Institutional Care Plan-Medicaid Services to other states.
Medicaid Done Right's primary purpose is to assist nursing home residents and their families to obtain the care they need through the application of Institutional Care Plan-Medicaid. Medicaid Done Right provides superior quality, more streamlined services, a greater-depth of Institutional Care Plan-Medicaid knowledge, including ever-growing relationships with pertinent community partners. www.medicaiddoneright.com.
Contact:Sarin Kouyoumdjian-Gurunlian
Press Manager, marcus evans, Summits Division
Tel: +357 22 849 313
Email: press@marcusevanscy.com
Source: marcus evans Summits
Sectors: Daily Finance, Daily News
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network. |
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