Psst—how would you like to make $100 for two minutes of your time? If that sounds good to you, sorry to say that you missed your chance—this time. If you follow Health iPASS on any of our social media channels, you might have seen our quiz entitled, “Are You a Patient Revenue Cycle Expert?” which tested participants on their knowledge of some surprising statistics behind collecting patient payments. Those who took the quiz were entered to win a $100 Amazon gift card, just in time for holiday shopping.Read More
2018 proved to be yet another challenging year for medical providers tackling the growing risk of collecting patient payments. The surge in high deductible health plans and the sharp rise in patient out-of-pocket expenses for the cost of care over the past 5 - 6 years is catching up with practices who have maintained patient revenue cycle status quo and not proactively implemented technological solutions that drive automation and streamline workflow to more effectively collect a larger percentage of what patients owe.
Join us tomorrow for a panel discussion webinar as we look back at some of the most important events of the past year that impacted the patient revenue cycle, discuss the current barriers that exist to guaranteeing patient payments, and forecast what may lie ahead in 2019 that could further impact the ability of medical providers to improve patient collections (*hint - it's not continuing to do business as usual).
We have assembled a smart panel of medical practice CEOs and are pleased to welcome the Executive Director of Illinois MGMA to share their insight, real world experience, and prognostications of what the future may hold. The webinar will be moderated by Health iPASS CEO Rajesh Voddiraju.
There are still spots open for tomorrow's panel discussion webinar on strategies to improve patient payments in healthcare, we encourage you to sign up and sit in to learn and ask questions. We will be recording the session and distributing it to anyone who signs up to attend. Please share with a friend or colleague who you feel could benefit!
We hope to see you tomorrow for the webinar!
Relationships are important in any place of business. While we here at Health iPASS continue to form good working relationships with many medical practices around the country to help optimize their revenue cycle management and collect more patient payments, one of our most important relationships is not with a client at all. Health iPASS is a member of Matter, a healthcare incubator located in the Merchandise Mart in downtown Chicago.
What is Matter?
Matter is a Chicago-based healthcare incubator that assembles the brightest minds in health IT across the world working in every sector of healthcare: digital health, biotechnology, diagnostics and therapeutics. According to its website, in order to become a member of Matter, a company must be attempting to solve a meaningful healthcare problem, have the right entrepreneur or team in place to be successful, and have a compelling business strategy that Matter can help accelerate. Over 300 healthcare companies, including Health iPASS, have met these criteria and are now members.
There are several advantages that come with a Matter membership. Matter provides companies with a network that connects entrepreneurs with active investors and decision-makers from all different areas of healthcare. Getting feedback early on can often make or break startups, so Matter has mentorship programs for entrepreneurs, connecting them with some of the experts in the healthcare industry. Several Health iPASS staff members participate in the mentoring program to help others understand the most important aspects of working in the healthcare revenue cycle management ecosystem.
Additionally, Matter provides educational workshops as well as a host of seminars and events throughout the year. Our Venture Acceleration program helps startups build financial models, speed product development and raise capital. They also do not take equity in any of the startups they support. This allows Matter to provide companies with a neutral, unbiased approach toward improving our community members.
Chicago as a healthcare leader
We became a Matter member because we want to be a part of the vast Chicago health IT landscape. As experts in helping medical practices redefine patient revenue cycle management , we knew that our membership would positively contribute to our evolution as a market leader. In September 2017, the Health Care Council of Chicago (HC3) reported that healthcare comprises $69.7 billion, or 12.2 percent of Chicago’s economic production, making Chicago a major hub for the healthcare industry. Chicago also has a plethora of resources and incubators, like Matter, that help entrepreneurs gain capital and promote their brand.
Perks of Health iPASS being a Matter member
Being a Matter member has enabled us to exchange ideas and secure unbiased opinions and advice on our mission, what we do, and how we can improve upon what we have already built. Additionally, We have become more involved in collaborating with many of the healthcare leaders at Matter. We have become more active and engaging participants in the group, sharing our own wisdom and knowledge on revenue cycle management with the Matter community.
The collaborative environment has been beneficial for all involved. It has given us the ability to share ideas freely and easily, while also knowing that we are getting fair and honest feedback from some of the area’s premier healthcare professionals.
Chicago is a major healthcare hub and we are taking advantage of resources like Matter in order to leverage the knowledge and expertise of a diverse community. By seeking assistance and collaborating with some of the brightest minds in healthcare through our membership with Matter, we have been able to share our vision with several healthcare individuals and increase our footprint in the Chicago healthcare market and beyond. Matter might not be a big-name client, but through our membership, we are continuing to see how we can improve and refine our patient revenue cycle management solution as the market evolves.
It’s almost the end of 2018, and it might be time to begin considering some resolutions for the coming year. Here’s one to begin exploring right now to collect more patient payments in 2019: automating your patient revenue cycle.Read More
Health iPASS is proud to announce that we have recently topped off our $7.2 million dollar Series A funding with an additional $3.0 million from QED Investors – the financial technology-focused venture capital fund led by Nigel Morris, co-founder of CapitalOne. This investment from QED Investors will allow Health iPASS to further our mission as we help medical practices optimize their patient revenue cycle and improve the patient experience from appointment to payment.Read More
As patient out-of-pocket expenses continue to rise, using the same old manual patient revenue cycle management (RCM) tools just isn’t going to cut it anymore. Did you know that after a patient leaves your office, there is only a 40% likelihood they will ever pay their bill? As the first post in our Health iPASS Features Spotlight Series, we are not going to begin at the beginning, but at the end, after your patient has walked out the door. Why? Because that is where the Health iPASS “rubber meets the road” - where our patient RCM solution makes a real difference in how (and how much) revenue your practice is able to collect from patients.Read More
Facebook quizzes can be fun, but most of the time they are fluff pieces created to suck away your time with very little long-term or educational value. Sure, sometimes it's tempting to “Find Out What Cheese You Are Based on Your Zodiac Sign” or discover “Do You Know More About Donuts Than Your Friends?” but what do you really get out of it beyond losing several minutes of your time your will never get back?Read More
Patients have begun to utilize patient portals as a means of better educating themselves on their own care and to more clearly communicate with their doctors. Patient portals have also played a key role to help optimize patient payments. The introduction of portals offers more convenient payment options for patients, helping to increase bill collections by 30 percent across medical practices. Have you adopted a patient portal at your medical practice? If you haven't, or your portal isn't performing as well as you expected, this post is for you.
What are Patient Portals
Patient portals are websites that allow patients to have 24-hour access to personal health information from anywhere with an internet connection. With a username and password, the portals allow patients to:
• Schedule appointments
• Receive eStatements and pay bills online
• Review lab results
• Request prescription refills
• Check benefits and coverage
One of the most notable features of patient portals is that they allow direct, secure communication between patients and doctors. This is great for patients as it allows immediate interaction and feedback to help make more timely, informed decisions about their care.
Benefits of Patient Portals for Providers
We have already discussed what portals can do for the patient, but they are also highly beneficial for providers. Many providers see portals as the primary tool for engaging patients and boosting patient satisfaction, retention and loyalty. A successful working relationship between patient and provider is increasingly important, and portals provide the direct interaction that is needed.
Building and sustaining strong relationships between patient and doctor is essential to improving overall care delivery. As a result, a patient is far more likely to trust and return to a doctor that they have a previously good relationship with and, perhaps more importantly, refer another patient to that provider for care. Ultimately this leads to better health outcomes.
Additionally, patient portals can accelerate cash flow for providers. By allowing patients to pay via a portal, providers are more likely to receive payments in full faster and with greater frequency. Plus, portals provide a convenient way for patients to pay on their own devices without the inconvenience of having to write a check and find a stamp.
We’re sorry you couldn’t join us back on September 27 for our webinar on the value of automating your patient revenue cycle to accelerate positive performance. The webinar was presented by Health iPASS Founder and CEO Rajesh Voddiraju and Kate Cullip, Business Office Director at Colorado Allergy & Asthma Centers.Read More