Thanks to everyone who attended our webinar, Trends in Patient Payments: Best Practices for Collecting, on July 24th. During the webinar revenue cycle expert and author Elizabeth Woodcock, MBA, FACMPE, CPC, discussed the current patient pay trend and strategies to ensure that practices are prepared to collect from patients.
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.
Participants can earn 1.0 Continuing Education Unit (CEU) from the AAPC.*
*This program meets AAPC guidelines for 1.0 CEU in Core B. On Demand product requires successful completion of a Post-Test for continuing education units. Granting of prior approval in no way constitutes endorsement by AAPC of the program content or the program sponsor.
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