In terms of business finance, there are few things as frustrating as bad debt. The product has been delivered, or the service rendered, but when it comes time for payment, nothing. Recent studies have shown that medical practices accumulate roughly $66 billion in bad debt per year, and this statistic only grows over time as patients bear a larger burden of their healthcare costs due to the prevalence of high-deductible healthcare plans. When factoring in poor patient net collections and aged A/R, the big picture is bleak-- depicting a healthcare industry that is hemorrhaging money, forcing small to mid-sized practices to close their doors forever. What can providers do to staunch the flow of uncollected revenue and start putting money back in their pockets, where it belongs?
Two words: Health iPASS. If you’ve been on the fence about choosing or switching patient revenue cycle management partners, consider this: A recent analysis of Health iPASS client outcomes has revealed that clients have been able to collect an average 97 percent of residual balances when patients check-in using the Health iPASS kiosk and opt to keep a payment-on-file. Compare this with the 12 percent outstanding balance collection industry average, and the ROI for Health iPASS clients is pretty amazing.
Health iPASS provides payment convenience and flexibility, as well as cost estimates pre-arrival, at time-of-service, at claim submission, and pre-surgery. Our innovative patient revenue cycle management solution encourages patients to make pre-appointment payments on prior balances, allows quick and easy check-in and collection of co-pays, and enables additional flexibility for patients to pay post-adjudication balances online or via a smartphone app. Patients can also set up payment plans with their provider for large balances and keep a payment-on-file for effortless payment of residual balances for that visit. Ease of payment combined with greater price transparency pack a powerful one-two punch that has the potential to knock out bad debt and aged A/R for good.
For more information on how to “Join the 97% Club” made up of satisfied clients who have chosen to optimize patient payments by partnering with Health iPASS, check out our news release on the topic, or for a deep dive into our solution, download our new whitepaper.