While the demand for healthcare services continues to rise with the aging of the Baby Boomer generation, the increased demand also comes with greater complexity. There are many challenges and obstacles preventing modern medical practices from maximizing their revenue potential.Read More
Despite some uncertainty in the last few years, it’s still a great time to be in the healthcare business. Between 2016 and 2025, CMS projects over 5% growth in health spending; by 2025, this will represent nearly 1/5th of the U.S. GDP. Though changes to healthcare laws in the last few years have made things difficult for some, many hospitals and practices are still seeing good revenue.Read More
It’s no secret that collecting on outstanding medical debt can be challenging, especially after the procedure is complete. Nine out of every 10 physician practices believe they should collect a patient’s financial responsibility before they leave the office or hospital.Read More
It’s wise for any business to focus on the core tasks they do well and outsource everything else. This is especially true in an industry like healthcare, where a practice’s primary function – improving patients’ lives with diagnoses and treatment – is extremely important.Read More
According to Becker’s Hospital Review, medical payments in the U.S. are a $3.3 trillion market. Advancements in payment collection technology help providers reduce the frequency of underpayment, whether they are collecting from patients or insurance companies.Read More
Medical practices in Utah must adhere to the new Healthcare Debt Collections Amendment (HB128), requiring healthcare providers not to send any unpaid patient bills to collections or report them to a credit bureau without following a new notification requirement.Read More
Unfortunately, patient debt equates to reduced revenue with high risk of non-recovery, so it's wise to help patients avoid accumulating medical debt. Most patients want to compensate their healthcare providers, but many find it increasingly difficult in these days of high deductible, high co-pay plans that already come with substantially higher price tags. In a 2011 report published by the medical financial consultancy, Deloitte, it was noted that, "Health Reform endeavors to increase the number of Americans who have health insurance. While this is great, what is concerning is the increase in bad debt from patients with insurance. In fact, the bad debt attributable to insured patients is steadily increasing over the past 3 years." These last six years have proven that this trend shows no sign of abatement.Read More
As a healthcare professional, you want to deliver the very best care and experiences to your patients, but you also need to do right by your business. If you haven't set your practice up for success by employing patient collection best practices, your revenue cycle management (RCM) processes are likely forcing you to lose out on essential income.
If you're trying to improve patient collections in your medical organization, take a look at these seven simple strategies:
Today's healthcare consumerism focuses far more on patient control in their treatment and medical decisions.. There are a number of reasons for the shift from patient to consumer, from the reforms to bring about more value-driven care to the fact that patients today are paying far more out of pocket. While you can discuss the reasons behind these changes infinitum, the current overwhelming data shows that organizations that thrive have changed their protocol to a more consumer centric approach. The patient check-in protocols represent simple initiatives your organization can institute which make a tremendous difference in consumer satisfaction.Read More
It seems like just yesterday we were talking about last year's successes and making plans for 2016. Somehow, 12 months came and went, and here we are at the beginning of another new year!
Naturally, great medical RCM and financial leaders have likely been in budget and forecasting modes for the past weeks or months, so the changes that may come with the approaching new year aren't likely going to be a huge surprise to your practice. That said, it's not always about balance sheets and income statements if you're trying to set your medical practice up for a successful future. (Although, well-thought-out goals will absolutely facilitate financial happiness for your healthcare organization.)Read More
Topics: Medical Billing