When David Williams from Health Business Group asked me to be a guest on his podcast to talk about the current state of patient payments in healthcare, I jumped at the opportunity. Not only are David and his team dialed in to the latest innovative healthcare technology, they are experts in best practices and benchmarking, helping companies navigate and solve the complexities of issues such as how to optimize the patient revenue cycle.
I strongly believe we are at a revenue cycle tipping point in healthcare, a juncture at which many providers are either going to move forward with existing inefficient processes that continue to frustrate patients and staff (and make it very difficult to retain patients) or adopt new, modern revenue cycle solutions that increase operating income by simplifying the check-in process and streamlining both time-of-service and residual payments.
Revenue cycle complacency can be very dangerous especially when you view in the context of shifting patient demographics and the new demands from younger generations of price transparency, convenience, and digitization. Not to mention the fact that patient payment out-of-pocket expenses went up again in 2017 with no signs of abating.
Topics covered in my podcast discussion with David:
- (0:17 )What are the problems with patient payments today?
- (2:40) What have physician offices been doing about it about it? How successful are those efforts?
- (6:30) How does HealthiPASS work?
- (11:50) With the four steps it sounds like you are allowing the physician office to educate the patient about the extent of their financial obligations under high deductible plans. Is that right?
- (13:09) How does the system interact with existing practice management systems? What is the impact on the office workflow?
- (18:51)The value proposition for physician offices is pretty clear, but what about for patients? Is it in a patient’s interest to use this system?
- (21:37) What are you doing to increase adoption?
- (26:08) How do you expect the market to evolve
Link to the full podcast: http://bit.ly/2DI1KWx - makes for great listening on your way to or home from the office!
Thank you again to David and his team at the Healthcare Business Group!
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