October 4th, 2016 (Updated January 12th, 2021)
As a healthcare automation company, Databound improves revenue through efficiency and automation. Every day, we streamline hospital revenue management tasks and business processes for our customers, giving them more efficient operations and increasing their revenue. A few years ago, we were working with several Alaska Native hospitals that led us to develop BOOSTTM, our private payer recovery search solution. We helped these facilities search for additional funds and realized that we could find millions of dollars by identifying third-party payers for a large number of their patient encounters.
One of our customers, Norton Sound Health Corporation (NSHC) is a tribally owned and operated, independent, not-for-profit healthcare organization serving 10,000 local Inupiat, Siberian Yup’ik and Yu’pik people of the Bering Strait region. The system includes a regional hospital, nursing home, and 15 village-based clinics. By partnering with Databound NSHC identified more than 11,000 encounters with insurance eligibility that they were able to claim, and so far has received nearly $2,000,000 in payments for those patient visits. In addition to recovering revenue, the solution has also saved numerous hours of personal time.
John Wyman, Team Manager for Patient Financial Services at NSHC said: “Without Databound’s solution we would miss a lot of money and spend countless hours manually cross-checking patient benefits with insurance providers.” Wyman goes on to say “The additional funds we collected will significantly help with our key initiative to fund our Sobering and Wellness Center, which is a vitally important project to help people free themselves of addiction and substance abuse.”
The NHSC results are only one example of the results that can be seen using BOOST. Our customer data shows that there is almost $100 to be claimed for each patient served by a healthcare facility. What could you do with almost $100 more to spend on every patient you have? To learn more about Norton Sound’s success, click here to read our case study or call us at (877) 327-3683 to talk about how we can help increase your healthcare budget.