NewswireToday - /newswire/ -
Phoenix, AZ, United States, 2010/07/19 - Cooper University Hospital of New Jersey selects Integrated Health Management Services, LLC, to maximize Medicare reimbursements for complex or aged accounts - IHMSLLC.com.
Following a nationwide search, Cooper University Hospital chose Integrated Health Management Services, LLC, (IHMS) to assist with the billing and follow up of Medicare accounts 60 days or older.
Cooper University Hospital’s expertise in the neurology, cardiology and orthopedic fields made it a provider of choice for aging patients throughout the Cherry Hill/Camden and Philadelphia area. As the volume of these Medicare-eligible patients began steadily increasing, the hospital’s billing and recovery department was dealing more and more with one of the most complex payers in the industry. The sheer number of Medicare claims, coupled with a maze of complicated regulations surrounding the program, often made it difficult for the facility to collect all of the funds to which it was entitled.
In 2009, hospital administrators decided the key to increasing overall cash flow was to partner with an organization possessing specific expertise in Medicare and access to Highmark Medicare Services, also known as a Medicare Administrative Contractor or MAC. After narrowing down the list to three candidates, IHMS, a Phoenix-based health care receivables firm, met the criteria that hospital management was looking for.
Cooper University Hospital’s decision to partner with an outside billing and recovery organization was not an unusual one. Tough economic times and the need to expand in order to serve a growing, often aging, patient base has led many hospital administrators to seek more innovative methods of ensuring a steady revenue stream. With the help of IHMS, the hospital will be more financially equipped to continue its efforts to support the community, such as the recent expansion of a new $220 million patient care facility in Camden, New Jersey.
“By utilizing the expertise of IHMS for aged and possibly complex Medicare reimbursement scenarios, my team will be able to focus on more effective billing practices and increasing revenue capture. Meanwhile, the dollars recovered by IHMS will help to further facilitate our mission and our commitment to the community,” said Charles Reitano, Director of Patient Financial Services for Cooper University Hospital. “We are confident that we can shorten our days outstanding on our Medicare accounts by partnering with IHMS.”
For IHMS, the challenge ahead is to support the hospital’s mission to provide outstanding health services and medical care, while managing the ever increasing volume and complexity of third party claims. One way of meeting this challenge involves assigning case managers who already possess firsthand Medicare experience at the county or state level.
Bob Lamaster of IHMS affirms the importance of building a team with direct working knowledge of the Medicare side of the billing and recovery equation. “Because our people know the system from the inside out, they can easily identify and resolve barriers to payment such as filing, coding and electronic billing issues. They can also ensure that Medicare payers follow the contracts they have in place with providers to cut down the rate of denials,” Lamaster said.
These and other cash recovery strategies will prove invaluable to hospitals striving to maintain and even improve their quality of care in the middle of a recession. As hospital administrators seek more creative and effective ways to collect from Medicare and other third party payers, companies such as IHMS will help keep revenue streams open and flowing.
About Cooper University Hospital
Cooper University Hospital is the flagship of The Cooper Health System. It is the premier university hospital serving South Jersey and the Delaware Valley. Currently the core clinical campus for the Robert Wood Johnson Medical School in Camden, Cooper recently announced plans to expand its role as a leader in medical education and research with the creation of the Cooper Medical School of Rowan University. This four-year allopathic medical school in partnership with Rowan University will seat its first class in 2012. Cooper is renowned for Signature Programs in cardiology, cancer, critical care, trauma, orthopedics and neurology. Cooper is in the midst of a $600 million expansion of its Camden Health Sciences Campus - including a new $220 million patient Pavilion which opened in 2008. Cooper continues its regional expansion with the opening of new and expanded facilities throughout Camden, Burlington and Gloucester Counties.
Contact: Charles Reitano, Director of PFS
Cooper University Hospital
E: Reitano-charles[.]cooperhealth.edu / P: 856-382-6450
About IHMS, LLC
Formed in 1996, IHMS (ihmsllc.com) is a health care receivables firm specializing in third party billing and eligibility services. It is our goal at IHMS to build long-term strategic partnerships with the providers we serve. To achieve this objective, we have developed the expertise to meet a full spectrum of receivables management needs. Our emphasis on government payers including Medicaid, Arizona Healthcare Cost Containment System (AHCCCS), Medi-Cal and Medicare provides a distinct focus for IHMS and is making a difference in the world of health care receivables management.