As consumers, we’re all accustomed to paying for a flight in advance or providing a credit card number to hold a hotel reservation. However, paying upfront for medical procedures is essentially a foreign concept and times are changing.
As patient fees represent a growing portion of a practice’s overall revenue, providers can no longer afford to wait until services are rendered to capture a patient’s financial responsibility. In fact, as this Healthcare Finance News article points out, once patients leave the hospital following a procedure, they are 50 percent less likely to pay the bill. Read more
If you’ve ever surfed, photographed children, caught a football or participated in any activity requiring the alignment of specific circumstances, you’ve experienced the truth of the saying, “Timing is everything.”
This sentiment also applies to patient payment. Research has shown that the moment a patient leaves the healthcare organization after their visit, 50 percent are less likely to pay the bill. Read more
If you’ve visited the Art Institute of Chicago (or watched Ferris Bueller’s Day Off), you’ve probably seen Seurat’s painting, A Sunday on La Grande Jatte. A famous example of pointillism, it shows how numerous small dots, or points, work together to form a beautiful picture.
Similarly, the revenue cycle has a great many points, or processes and tasks that work together for a greater purpose: funding the practice’s mission. Individually, some points appear minor. Requesting a co-pay during an appointment reminder call, offering non-insured patients a discount to pay in full at time-of-service or identifying trends with patient payments and denials, could seem like a small task at the time they are completed. Added up, however, these points can have a major impact on metrics such as days in A/R, bad debt reduction and overall collections. Read more
The cost of healthcare is being shifted to patients – and it is business critical for your practice to be in a position to react to the changing tide. Learn more about this important trend as well as strategies to ensure your practice is prepared to collect from patients during this two-part webinar series.
During this two-part event, industry expert and author Elizabeth Woodcock, MBA, FACMPE, CPC, will discuss: Read more