Back on December 31st, Rajesh was a guest on the eHealth radio podcast, " Tackling the New Dynamics of Patient Revenue Cycle Management in the Era of Healthcare Consumerism with Eric Michaels. On the podcast, Rajesh touched on several topics related to the reality and after effects of patients now being the primary payer in revenue cycle management.
Rajesh started the interview by discussing the fast rise of patient as the primary payer of healthcare expenses due to the sharp increase in high deductible health plans (HDHPs), and the fact that practices need to find a way to adjust accordingly. There are several different payment methods to ensure that practices are optimizing patient payments. One that Rajesh mentioned, and Health iPASS uses, is allowing patients to keep a credit card on file (CCOF) to pay for any residual balances that may be owed post insurance claim adjudication. Not only does the CCOF help patients manage healthcare expenses, it can also significantly improve medical practice cash flow by quickly reducing days in accounts receivable (A/R).
With the rise of HDHPs, patients are responsible for more of their medical bill. As a result, price transparency is becoming increasingly important in the revenue cycle. Rajesh also discussed how as a result of higher out-of-pocket (OOP) costs, trust between provider and patient is more important now than ever.
“Every patient that walks into their [doctor’s office] wonders how it will impact what comes out of their pocket,” said Voddiraju, “Trust has been sorely missing in healthcare. We need to be getting more patients to believe in the billing process.”
Patients are also looking for greater price transparency and a breakdown of what they may owe for specific procedures once their insurance process the claim. That's why offering cost estimates pre-arrival, at point-of-service, at claim submission, and pre-surgery is critical to establish price transparency that builds patient trust and patient retention.
“Consumers are beginning to demand [price transparency]. There needs to be a very consumer-friendly way to making the technology.” Rajesh mentioned, “Both consumer and state/federal regulatory demands are requiring practices to rethink their revenue cycle from the time of scheduling all the way through providing and promoting price transparency.”
Additionally, Rajesh also talked about about the Health iPASS patient revenue cycle solution. Practices using the Health iPASS revenue cycle solution are recognizing 97% collection of residual balances when patients check in using the Health iPASS kiosk and place a CCOF. He mentioned how Health iPASS is taking advantage of the new technology to improve the revenue cycle for medical practices.
“Health iPASS has been able to leverage technologies such as machine learning to study information available in medical billing systems and present this in real-time at the point of service through a user-friendly, easy-to-understand patient revenue cycle solution that brings a level of price transparency to the consumer on the front end.”
Lastly, Rajesh discussed the future of healthcare. He has mentioned many times that automation and technology are at the forefront of the future for the patient revenue cycle in healthcare. In one of our recent blog posts, he reiterated that the use of artificial intelligence (AI) and robotic process automation (RPA) to streamline back-end practice tasks such as insurance eligibility and patient demographic checks, patient payment posting, and appointment reminders, will become increasingly common.
Health iPASS would like to thank Eric Michaels and the eHealth Radio Netwoek for having Raj on their program and allowing him to share the benefits of the Health iPASS revenue cycle solution. You can listen to the podcast by following this link. Read More
Hey to all our otolaryngology friends! Time to get ready to chow down on some sweet and crispy beignets, spice things up with a few Cajun delicacies and… learn how to optimize your revenue cycle? Those things might not normally go together, but this coming weekend they do!Read More
Even though we are still in the dog days of summer, signs of fall are already starting to manifest all around us. In stores, aisles of pool floaties, grill accessories, and sunblock are being replaced with school supplies. Swimsuits, shorts, and tank tops are on clearance. Before we know it, we will be enjoying football season, drinking cider, and raking up leaves.
Fall, (especially late fall) is also the season for patients to decide to finally have those elective procedures they have been thinking about. According to a recent analysis of claims data by Amino, nearly 30% of patient interactions for some elective procedures occur in October, November, and December. Perhaps now is the time to consider putting an effective patient revenue cycle management (RCM) tool in place before the scheduling of elective procedures even begins.
It All Begins with Price Transparency
You care about your patients. That’s why you became a medical provider. Whether the elective procedure you’ve recommended is medically necessary or not medically necessary, the recommendation was made in the best interest of the patient. Price transparency is the key to encouraging patients to follow through on your advice. When patients know what to expect regrading costs, they can budget and save for the upcoming expense.
The good news is that providing cost of care estimates can be so much easier than you think when you choose the right patient RCM solution. Health iPASS is leading the charge towards greater healthcare price transparency with our cost estimation tool that can provide valuable post-insurance adjudication estimates pre-arrival, at the time of service, at the time of the claim, and pre-surgery.
Being honest and upfront about pricing with patients builds trust and ultimately leads to higher patient satisfaction and better health outcomes over time.
Update Your Payment Model
For lower-cost elective procedures that insurance does not cover, such as Botox, many providers routinely collect the full treatment cost at point-of-service. This same payment model could be adapted to fit insurance eligible, higher-dollar procedures and surgeries by providing pre-visit and pre-surgery cost estimates, asking for a pre-service deposit, and keeping a payment-on-file for post-adjudication residual balances.
You are a small to mid-sized dermatology practice, just trying to make your way in the world. Lately, you’ve found yourself in the middle of a revenue cycle jungle. The daily frustrations are driving up your emotional temperature and the stress is clinging to you like a wet blanket. You are struggling to work with multiple payers, and the claims denials keep coming at you like mosquitos, sucking the income away from your practice.Read More
Millennials, millennials, millennials. Am I right?
It’s pretty much impossible to live in the U.S. today and not hear about how the generation known as “millennials” are changing everything from the way we eat and drink, to real estate markets, to the very shape of the U.S. economy itself. As you may know, millennials are expected to overtake Baby Boomers in population by 2019, and Generation Xers are expected to surpass Boomers in population by 2028.