On average, about 30 percent of a physician practice’s total revenue comes from collecting directly from patients, rather than payers.* This percentage has been increasing steadily, and the recent growth in patient payment responsibility undoubtedly has many healthcare organizations longing for the days when writing off patient responsibility as bad debt was a viable financial option. The good news is that with the right people, processes and tools in place collecting from patients at or near the time of service is completely doable. Many resources, including the white paper, Patient Collections: Business Critical for Today’s Medical Practices, written by industry-expert Elizabeth Woodcock, MBA, FMPCE outline how you can achieve collections success.
Plus, with the new Navicure Payments Calculator you can learn what type of cash flow improvements you could expect by improving patient collections processes and implementing an automated tool. Read more
Think about the preparation efforts it takes to run a marathon or complete a triathlon. Both take meticulous planning, dedicated training and encouragement from supporters in order to successfully complete them. When those steps are followed, the results are worth it. This also holds true for patient collections, which requires ongoing efforts to prepare and reap the benefits. The longer you put off training, updating processes and collecting outstanding balances, the harder it is to improve collections and total revenue cycle management (RCM). Read more
With only a few months remaining until the ICD-10 implementation, you need to get to the finish line fast. Learn where you should be on the transition timeline and how to get all the pieces in place now by attending a live webinar on Tuesday, July 21 at 1:00 pm EDT/10:00 am PDT: ICD-10-CM Three Months Out. Register now!
Thanks to everyone who attended our webinar, Strategies for ICD-10 Appeal Success, on June 16th. During the webinar Tammy Tipton, discussed how to make your appeal process ICD-10 ready.
To learn more, click here to download a recording of this webinar. After you’ve listened, let us know if you have any questions or comments.