How “moving the needle” in music is applied to healthcare
If you had a band in high school that practiced in your parents’ basement, you know the universal parental reaction to “moving the needle” when it comes to that loud sound coming from below: No, thank you. Especially after hearing a song like Stairway to Heaven for the fifth time in one afternoon. Originally, that’s exactly what a moving needle measured: noise. In a VU meter (or volume unit meter), the louder the noise, the more the needle moves.
With the many changes driven by healthcare reform, physician practices have many needles to move. One organization, Central Maine Orthopaedics (CMO), faced several challenges typical of today’s new patient payment environment: patients frequently didn’t pay at the time of care, payment processes were manual and time-consuming, and staff spent a great deal of time trying to collect post-service payments.
In addition to reducing cost to collect, CMO leadership wanted to empower patients to make payments by:
- Providing a cost estimate at time of care
- Offering various payment options such as online bill pay and payment plans
- Using automation to offer patients ease and convenience—and ensure they continue to make monthly payments until their balances are paid in full
To date, CMO has moved the needle quite a bit: In the six months of using Navicure® Payments™, the practice tripled the amount of patient payments taken via automated scheduling. CMO also reduced paper statements by 28 percent, which saves almost $11,000 per quarter.
Learn more about How to Retool Patient Collection Procedures to Boost Revenue from the RevCycleIntelligence article to find out about CMO’s payment process redesign.