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A Financial Clearing-House for the Health Industry
[By Staff Reporters]
SearchAmerica is a provider of healthcare solutions and personalized services to optimize the medical care revenue cycle. First incorporated in 1994, and privately held in Maple Grove MN, it has maintained an exclusive healthcare focus since 2001
A Payment Financial Clearinghouse
According to its website, www.SearchAmerica.com is a leading pioneer in financially clearing patients through address verification, prediction of payment and automated screening for charity, Medicaid and other government programs with Software-as-a-Service (SaaS) solutions and personalized services.
Trusted by 1,000 Hospitals?
Furthermore, the company says that it provides a complete range of real-time, integrated solutions and services that have helped more than 1,000 hospitals improve their revenue cycles. SearchAmerica‘s quality and accuracy is described as best-in-class and healthcare providers benefit from smarter data which produces a healthier bottom line.
Services Provided:
SearchAmerica accesses all three credit bureaus and other leading data sources, to help it improve financial clearing through:
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Bad debt reclassification
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Prediction of payment
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Customized reporting – forecasting (including IRS Form 990 Schedule H)
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Automated charity and Medicaid screening/enrollment
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Accurate, complete patient demographics, and
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Workflow application.
Assessment
To ensure that every SearchAmerica industry customer achieves its short and long term goals of improved financial clearing, the company employs experienced revenue cycle strategists, technologists, and other support professionals. These individuals work alongside every customer from implementation to rollout to continued long-term success.
More: And now, for a less flattering look from the patient perspective; please see BusinessWeek, December 1, 2008, page 081.
More:
Conclusion
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Filed under: Healthcare Finance, Practice Management | Tagged: debt collectors, Search America |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
More on SearchAmerica,
According to the Wall Street Journal, December 10, 2008, credit-reporting bureau Experian PLC agreed to acquire SearchAmerica Inc., a closely held company in the business of mining patients’ financial data to help hospitals determine how likely patients are to pay their medical bills.
With the $90 million purchase, Experian is getting heavily involved in health care at a time when hospitals are struggling to collect from both the uninsured and underinsured, while Equifax Inc. and TransUnion LLC, credit-reporting bureaus based in the U.S., also offer services that help hospitals get a sense of patients’ incomes and payment likelihood.
Jackie
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One in Five Americans Have Credit Blemishes Because of Medical Debts
One in five American consumers — 43 million people — have blemishes on their credit reports because of overdue medical bills, while medical debts make up more than half of collection items on credit reports, according to a newly released federal report. The Consumer Financial Protection Bureau released the report ahead of a public hearing on medical debt collection in Oklahoma City. The report follows the bureau’s finding last spring that medical debt can unfairly harm credit scores, which affect whether people can borrow money and what interest rate they pay.
The report found that consumers might be confused because there was not a standard length of time after which medical providers send bills to collections; some hospitals and physicians may send bills to collections after 30 days, while others may wait as long as 180 days.
Similarly, there is no rule about how soon collection agencies may report overdue accounts to credit bureaus, creating a black mark on a credit file. Unlike delinquent credit card debt, which often involves balances of thousands of dollars, the median unpaid medical collection amount is $207, the report found.
Source: Ann Carrins, The New York Times [12/11/14]
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