While the COVID-19 pandemic flooded hospitals with patients in 2020, healthcare systems did not benefit financially. In most businesses, more customers mean more money. In the case of hospitals, those customers are patients. And while there has been a huge increase in hospitalizations as a result of the Coronavirus, hospitals are taking a hit financially.
How COVID-19 Is Costing Hospitals
Not only did the pandemic increase labor costs, but the cost of supplies as well. With emergency rooms becoming filled with patients infected with the virus, patients skipped essential care, which cost hospitals. Many smaller towns rely on the money that hospitals make, but with more money being used and less money being earned, this has damaged the economics of many areas.
In addition to this, hospitals have had to furlough staff members in order to try to recuperate the costs. Hospitals have been forced to pay more in travel wages for the limited pool of travel agency staff. And the prices for personal protective equipment are still up.
Recovering Money Lost From COVID-19
With all of this in mind, recovering money is more important than ever for hospitals. This is where ERISA Recovery comes in. As experts in collecting complex and aged claims, ERISA Recovery knows that the COVID-19 pandemic has been detrimental for many. ERISA Recovery collects these claims through the Federal ERISA appeals process at no risk for hospitals.
Claims are often settled for much less than they should be. ERISA Recovery goes back six to ten years, depending on the state that your hospital is in; in order to recover the money lost due to insurance companies not paying what they owe. We have been doing this for years, but 2020’s pandemic has offered a special kind of need for additional funds, as we mentioned – hospitals are not gaining money due to the influx in patients. When the number of patients is rising and money is depleting, ERISA Recovery can help recover the money so your hospital can continue with the work they’re doing to fight against the COVID-19 epidemic.
What Has ERISA Recovery Recovered?
After forming a new Client Partnership, ERISA Recovery was able to generate recovered funds from claims one to four years old. This was over just a 120 day period. You can see by the graph below how revenues continued to grow over several months.
In the case of this particular client, the first appeal was filed within three days of receiving the client’s report. The first appeal was then won within 3 weeks. In the first 120 days, ERISA Recovery was able to reclaim $1.1 million. In addition, $1.2 million are now in the appeal process and $8.2 million are in evaluation for appeal.
Could ERISA Recovery Help You?
With a free analysis, you can see if ERISA Recovery can help your hospital recover funds. With hospitals losing money due to the COVID-19 pandemic, recovering money is more essential than ever. As of January 25th, there have been 155K new cases. Rollout with the vaccine is slow-moving, which means the effect of the pandemic on hospitals will last for some time. ERISA Recovery can provide the same service they have for countless clients and recover money for you.