Humberto Zamora – Original Creator of The Hospital Lost & Found Department
Depending on who you believe, a whopping 30 – 35% of hospital revenue is supposed to come from patients these days. But it doesn’t.
Hospital accounts receivables are at an all time high. As many as 85% of patients who receive a hospital bill for their share can’t pay.
Health plans have been shifting more financial responsibility to patients in the form of higher deductibles and out-of-pocket expenses. That’s a problem because most Americans don’t have two nickels to rub together.
Hospitals know they can’t squeeze blood out of a turnip so they make up their revenue loss through turbocharged managed care contracts. This is a time honored method employed to recoup “bad debt” from every patient who walks through their door.
FINANCING WIZARDRY
An illustrative math calculation explains the financial wizardry underpinning American health care financing:
Billed Charge = $100,000
Medicare Amount = $10,000 (Most hospitals accept Medicare payment as payment in full)
Managed Care Contract Allowed Amount = $50,000 (500% of Medicare payment)
Patient’s Share of Allowed Amount = $15,000 (Deductible, co-insurance), (150% of Medicare payment)
Patient can’t pay $15,000. Hospital receives $35,000 from insurance company
Hospital earns 350% of Medicare via insurance payment, more than three times they get from Grandmaw & Grandpaw
Hospital makes a butt load of money @ $35,000. Anything more is found money.
Patient sent to collections, credit is ruined, dog dies and wife sues for divorce
FOUND MONEY BUSINESS
But things don’t have to be that way says a company in business helping hospitals to collect more from deadbeat patients.
They advertise their model enables “hospitals to secure 100% of patient revenue prior to treatment and dramatically increase revenue.” They are a late entrant in the Found Money business.
Humberto Zamora was one of the first entrepreneurs in the Found Money business who saw an opportunity well before anyone else did. From humble beginnings he earned millions helping hospitals collect Found Money.
With 18% of our economy going to health care hospital account receivables are at all time highs with billions of dollars of unpaid medical debt up for grabs.
The Happy Hospital in the math example above earns an extra $15,000 in Found Money and gifts a portion of that to the Lost & Found department.
The dog revives and wife returns. Life is good.
