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.
It can help you learn how much revenue might be left on the table, and conversely, how much opportunity you have to increase patient collections. For instance, a 20-provider practice that spends approximately $12,000 annually on patient statements and collections letters may be able to gain an additional $8,800 in monthly revenue, or $105,600 in just one year by updating and automating systems.
See how your practice can potentially increase revenue by trying the Payments Calculator today!
*Deborah Walker-Keegan Webinar, “Keep You Revenue Cycle from Flat Lining”, data by Clayton Christensen