The artist Henri Matisse once said, “What I dream of is an art of balance.” When it comes to the revenue cycle, many things can push your organization out of balance. Paper statements. Unclear balances. Slow payments. If you’re like many healthcare organizations, skyrocketing patient deductibles and complex patient collections are shifting the workload balance for billing staff, requiring them to spend more time and effort handling patient payments.
However, after-service balance billing – and the hidden costs often associated with it – won’t help optimize your revenue cycle process or improve customer service. Other organizations have worked to overcome this with by providing patient estimates before or at the time of service using Navicure® Care Estimator™.
One such group, Prima CARE, P.C., uses Navicure Care Estimator for high-end diagnostic tests. This has enabled them to increase time-of-service payments by more than $100,000 in just five months. The ability to provide estimates to patients has improved price transparency and increased patient satisfaction, as well as revenue cycle efficiencies.
Their goal is to collect 100 percent of the estimated balance for diagnostic services from patients, calculated from the expected amount their insurance provider will pay. And when needed, they can set up a convenient and automated payment plan with patient authorization and a credit card on file.
Bringing the balance back to balance billing has been good for the multi-specialty provider group and the 120,000+ patients they serve throughout southern coastal New England. Staff love its convenience and how quickly it has streamlined the billing process. Patients too like the improved clarity they now have about their portion of the bill as it provides them the ability to make informed decisions up front.