It was a whirlwind week for the Health iPASS team, but we have all returned from our travels renewed and excited for our many upcoming 2020 initiatives.
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.
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
Here’s the good news! If you couldn’t view the webinar the first time around, you can now. The webinar is now available online. Here are some of the highlights from the entertaining and informative webinar on how to improve patient payment collection in 2019.
The panel touched on a lot of topics regarding the current state of the patient revenue cycle in healthcare. They discussed current patient revenue collection strategies—specifically what is and is not working--- and the difficulties of securing patient payment guarantees.
Additionally, the panel discussed the future of revenue cycle management. They talked about what is adding to the cost to collect, how the shift from fee for service to value-based care impacts future payment models, and how a medical practice can effectively address change management.
The webinar featured an informative discussion about several important topics in the healthcare revenue cycle. The main takeaway was that technology needs to be at the forefront of changes to the patient revenue cycle. Here are some of the panelists comments:
- “I think technology represents the future [of the revenue cycle],” said Eric Brodsky. “A more efficient way of applying it is the key.”
- The panel also mentioned how keeping up with the “status quo” of not using technology and delivering paper statements will ultimately sink medical practices, while also noting how use of technology has improved relationships with patients.
- “If status quo is your goal, you are not going to succeed. Everybody needs to be looking forward and changing that dynamic.” said John Hornberger. “We need to take advantage with patient revenue cycle technology, and through doing that we’ve been able to form a better relationship with our patients. We’ve moved from ‘traditional methods’ to technology.”
- “A lot of practices are still challenged with leveraging technology. The real issue is whether these practices are using these technologies to their fullest extent?” Eric Brodsky commented. “Paper statements are going by the wayside. You have to have multiple methods to be able to communicate with patients, whether it’s paper, e-mail, or even text.”
While all the panelists agreed that implementing these technologies are the only way to ensure practices collect most of the patient payments they are owed, they also talked about the hurdles that come with moving toward these technologies.
“The key for a successful implementation is educating the staff on why you’re doing it. Really explain to them where we are headed,” said Joe Clark. “Secondly is training staff and educating patients of the advantages of using card-on-file and kiosk systems.”
Downloading the Webinar
We have improved our website to give visitors easier access to Health iPASS content. You can find the webinar on our new “webinar” page under the resources tab. To listen to our informative webinar, visit the landing page and fill out the form on the page to get instant access to our webinars.
Has this webinar on how to improve patient payment collections motivated you to take action and explore your options? Let us know and we can set up a quick demo of our patient revenue cycle solution.
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!
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.
It has been a whirlwind few weeks at Health iPASS as we have been making final preparations for the National MGMA 2018 Conference. There’s nothing quite like finally seeing our custom-designed booth on the trade show floor, our check-in kiosks that are redefining the patient revenue cycle set up and ready, our new video looping on multiple TVs in the background, and our team’s smiling faces, pumped up and ready to share the Health iPASS solution with conference attendees (gazes wistfully into the distance). Ah well, I’m sure you’ll forgive me if I wax poetic.Read More
We are excited to announce Health iPASS is offering a free webinar on the value of automating the patient revenue cycle with our partner Colorado Allergy & Asthma Centers. Attendees will learn how to identify revenue cycle inefficiencies, the value of revenue cycle automation, and much more by attending our live webinar 2 - 3pm ET on September 27, 2018. Get the straight dope on the most pressing issues facing medical practice patient revenue collection directly from our founder and CEO Rajesh Voddiraju as he co-presents with Kate Cullip from Colorado Allergy and Asthma Centers. Webinar attendees can expect to gain an understanding of the following:Read More