Mind-Blowing Statistics About Hospital Accident Liens
Hospitals are probably missing out on revenue by not actively pursuing hospital accident liens. Unfortunately, the number of motor vehicle accidents that result in injury are mounting. From 2014 to 2015, there was a 14 percent increase in accidents within injury. The majority of patients injured in an auto accident are self-pay. It is estimated that approximately 25 percent lack any commercial or government health insurance. As a result many hospital accident liens are being overlooked.
Auto Injury Claims Continue to Increase
The number of auto injury claims continue to rise at a staggering rate. Bodily injury claims increased by 32.3 percent from 2005 to 2013. The average claim was $11,738, but by 2013 it had reached $15,506, according to a study by the Insurance Research Council (IRC). The study went on to show that the average cost of Personal Injury Protection (PIP) claims also experienced a dramatic increase of 38 percent. The price of claims went from $5,802 to $8,017.
States With Legal Protection For Secure Payment
Now, 37 states have legal protection laws that allow hospitals to secure payment from self-pay patients if they were injured in an auto-related accident. These laws are considered hospital lien laws.
Little Known Facts About Auto Crashes and the Resulting Injuries
- 18 billion is spent on medical care as a result of auto-related injuries.
- In 2014, 2.5 million people went to the emergency room as a result of an injury that was sustained in an auto accident and 10 percent ended up being hospitalized for further treatment.
- About $57,000 per person is spent on inpatient hospitalization after an auto accident.
- The average cost of an emergency room visit after an auto accident is $3,300 per person.
- For every fatality as a result of an auto-accident, eight other individuals typically end up hospitalized and 100 individuals are taken to the emergency room.
- Approximately 3 percent of a hospital’s revenue comes from auto accidents and workman comp specialty claims.
- In the United States, people spend more than a million days in the hospital as a result of auto vehicle accidents.
Increasing Revenue From MVA Claims
Motor Vehicle Accident (MVA) financial class is an ideal way for hospitals to garner revenue. Ideally, MVA’s need to be treated as a separate financial class by hospital billing. When comprehensively managed, MVA financials have the ability to render far more revenue than the typical 2 percent that hospitals have historically collected by erroneously billing them to health insurance or self-pay only.
- MVA claims need to be treated separately and have their own financial class.
- MVA claims are notoriously difficult to manage but with proper management, they can return substantial revenue.
- Patients need to be directly engaged to make sure that all information gathered about the accident is accurate. Identification of all payment resources needs to be gathered immediately to minimize the patient’s financial responsibility.
- All insurance leads need to be properly vetted and billed correctly the first time.
At the Midland Group, we understand what it takes to optimize the revenue garnered from hospital accident liens. Please contact us today to see how we can help ensure that all MVA claims are handled and billed correctly.
