Health iPASS Revenue Cycle Insights

Visit Health iPASS (Booth #28) and See a Demo of our Patient Revenue Cycle Solution  at the Association of Dermatology Administrators and Managers (ADAM) Conference this Week

Posted by Corbin Blakey on Feb 26, 2019 8:01:20 AM

It's no longer breaking news that medical practices across the country are struggling to keep pace with collecting rising patient payments in the era of high deductible health plans (HDHPs) and rising out-of-pocket expenses.  A recent athenahealth network study, for example, found that practices collect about 40 percent of patient balances at the time of service when patients owe less than $35, and just 6 percent of what they're owed when the patient's balance is over $200. Couple that with the fact that 30 percent of patients leave the office without ever paying their bill and 60 percent of all patients never pay their medical bill once they leave the office and it's clear that providers need a new approach to managing the patient revenue cycle. 

Patients represent the most difficult demographic to collect from and in an era of rising healthcare consumerism, are much more cognizant of the cost of care and their choices on who should administer that care. Patients are also beginning to expect cost of care estimates both before, at, and after the point of service, and are demanding more convenient ways to pay for the cost of care - all factors that feed into the notion that the psychology of patients is changing and providers would bode well to respond to that change by re-evaluating their existing patient revenue cycle strategy and implementing changes that speak to these behavior shifts

The simple fact of the matter is collecting money from patients once they leave the office is expensive, especially when a balance may be owed post insurance claim adjudication. That's why so many medical providers are evaluating revenue cycle solutions that can capture a payment-on-file at the point of service to cover these balances thereby lowering accounts receivable (A/R), days in A/R, and the overall cost to collect. 

Since dermatology medical providers have one of the highest out-of-pocket cost estimates for patients, the need to modernize the patient revenue cycle through automation, higher levels of price transparency, and the ability to leave payment-on-file is particularly acute. That's why we will be attending the annual Association of Dermatology Administrators and Managers Conference this week in Washington, D.C., speaking with practice leaders and offering live demos of the Health iPASS patient revenue cycle solution to providers committed to making fundamental and sustainable changes to the way they collect patient payments. 

Attending the ADAM conference this year? Stop by Booth #28 and see me to talk about strategies that can improve your patient revenue cycle and lower the cost to collect. Won't  be able to make the conference? You can always see a demo of the Health iPASS patient revenue cycle solution by clicking "Schedule a Demo" below. 

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Topics: Revenue Cycle Management, Credit Card on File, Patient Payments, Patient Consumerism, Medical Billing, Dermatology, patient net collection rate, improve patient collections, provider bad debt, optimizing patient payments, patient payment, patient bad debt

Top Three Patient Payment Objections to Keeping a Card-on-File, and How to Change Their Minds

Posted by Billy Kopp on Feb 16, 2019 6:00:00 AM

If you’ve spent any time on our website or have seen members of our sales team at a conference, you might have heard that our clients are collecting over 97% of residual balances when patients check in with Health iPASS and opt to keep a card-on-file (COF). When compared with the industry average of 12%, that’s kind of a big deal (insert winky face here). The true key to this kind of collection success is collecting payment assurance via establishing a card-on-file COF policy to pay for post-adjudication balances. That sounds great for practice managers, but what about the patients? Here are some of the objections that may arise regarding keeping patient payment information on file, and how to gently overcome them.

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Topics: Credit Card on File, price transparency, patient revenue cycle, patient payment, 2019 patient revenue cycle predictions

Top Three Patient Revenue Cycle Misconceptions—And a Winner of Our Facebook Quiz Giveaway!

Posted by Allyson Howard on Dec 15, 2018 6:00:00 AM

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.

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Topics: Credit Card on File, Patient Payments, The HealthiPASS Solution, automation

Boosting Patient Payments Through Increased Price Transparency

Posted by Kenny Levine on Sep 5, 2018 6:00:00 AM

In the movie Field of Dreams, Iowa farmer Ray Kinsella repeatedly hears the now famous phrase, “If you build it, they will come,” whispered by a ghostly baseball player who is glimpsed walking through the cornfield. Kinsella is inexplicably compelled to build a baseball field on his farm in hopes that legendary baseball players will play on his property. Can those in the healthcare industry cock an ear for just a moment to hear a similar distant call? If you listen closely, you can hear it on the wind: “If you inform them, they will pay.” 

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Topics: Credit Card on File, Patient Consumerism, price transparency, patient revenue cycle

It’s Nearly Elective Procedure Season!  Better Upgrade Your Patient Revenue Cycle Technology

Posted by Corbin Blakey on Aug 11, 2018 6:00:00 AM

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.

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Topics: Revenue Cycle Management, Credit Card on File, Patient Payments, price transparency, patient revenue cycle, elective procedure

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