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

Peeling Back the Flawed Exterior of the Healthcare Industry with Health iPASS Founder and CEO Rajesh Voddiraju on MedCity News

Posted by Imran Ahmad on May 3, 2018 12:22:43 PM

I don’t know about you, but I love watching the show Fixer-Upper on HGTV. There’s just something so satisfying about seeing an outdated and sometimes completely trashed house be transformed into something beautiful and functional. Have you ever seen an episode where nothing seems to go right, and the house turns out to have all kinds of hidden problems beyond the issues that are immediately visible to the eye? Host Chip Gaines goes to knock down an unappealing interior wall, only to find black mold lurking in the joists, or a rotten wooden is exterior is removed, revealing an infestation of—eek—termites! Now the homeowner is forced to dish out all kinds of additional money they were not ready to spend.

Regrettably, the healthcare industry is like that. Once you peel back the already flawed exterior, even more problems become evident, and on and on until it is apparent that the system is more broken than most even realize.

This issue is discussed at length in this May 2018 MedCity News "Medcitizens" article by our founder and CEO Rajesh Voddiraju entitled, “The Hidden Costs of Healthcare’s Hidden Costs.” The article begins by highlighting a disturbing trend that has emerged in the healthcare industry over the last ten years—small to mid-sized practices being forced to close their doors due to soaring costs and decreased revenue. The healthcare providers from these practices are then often absorbed by larger healthcare systems and hospitals.

Unfortunately, these large healthcare systems and hospitals simply do not provide the same level and quality of some types of preventative care, as evidenced by this study. Worst of all, the increased consolidation of medical practices may well lead to increased healthcare costs for everyone. 

In his MedCity News Medcitizens article, Rajesh helpfully outlines some “fixer-upper” measures medical providers can   take in order to stop the insidious spread of these hidden costs that eat away at their bottom line like   termites. These measures include: Read More

Topics: Patient Satisfaction, Patient Payments, Patient Retention, Patient Check-In Kiosks, Medical Billing, healthcare payments, Patient Collections, Innovation

See a Demo of the Health iPASS Patient Revenue Cycle Solution at NE MGMA this Week!

Posted by Nicole Lemanski on May 1, 2018 1:38:28 PM

The pressure is on for medical practices to implement modern patient revenue cycle solutions that have the capability to address the rising tide of "patient as a payer."

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Topics: Self-Service Technology, Patient Check-In Kiosks, Medical Billing, Digital Payments, patient pay, Innovation, Conference Announcements & Recaps

Is Improving Your Revenue Cycle the Secret to Patient Retention?

Posted by Allyson Howard on Apr 18, 2018 7:38:12 AM

In a world where online bill payment has become the norm, the healthcare industry has woefully lagged behind when it comes to providing convenient and transparent billing and payment methods.

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Topics: Revenue Cycle Management, Patient Consumerism, Patient Retention, Medical Billing

Frost-Arnett CEO Offers Insight on Strategic Partnership to Improve Patient Net Collection Rates

Posted by Jason Meyer on Feb 15, 2018 4:30:50 PM

FA.pngThe following guest post was submitted by Jason Meyer, CEO of Frost-Arnett. For more information on the Frost-Arnett/Health iPASS partnership, please click here.

The proliferation of high deductible health plans (HDHP) has resulted in a dramatic increase in the amount of healthcare that is paid directly from the patient. Per The Kaiser Family Foundation, a nonpartisan think tank, in 2016 the average deductible was $1,478, up 49% from 2011. Further, it is estimated that 25% of Americans now have high-deductible plans and there is no signs of that slowing down. As the out-of-pocket portion of the overall healthcare bill has increased dramatically, so has the amount that healthcare providers write off and end up in the bad debt setting. This has CFO’s, Directors of Revenue Cycle and Physician Practice Managers looking for alternative ways to collect more from their patients at the time of service.

With over 125 years of experience, Frost-Arnett is intimately familiar with the issue of collecting patient balances and the growing issue it is presenting our clients. As such, we continually monitor the marketplace for alternative ways we can help our clients improve collections, reduce accounts receivable outstanding and increase cash flow. We were very intrigued by the Health iPASS solution from the moment that we met Rajesh and his team. The front-end of the healthcare system – especially in the physician practice setting - has been historically very inefficient in collecting the patient portion. 

Typically that position is staffed by someone who has likely not been with the practice for a long time, has no incentive to ask for co-pays or past due balances and typically has not been trained to handle that process efficiently. Additionally, often the technology for the practice to estimate the patient pay portion of their bill is not present at the time of check in. So the point of service is not equipped to estimate and collect that amount at the time of the visit.
 

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Topics: Patient Check-in, Revenue Cycle Management, Point of Service Payments, Patient Consumerism, The HealthiPASS Solution, Patient Check-In Kiosks, Patient Debt, Medical Billing, healthcare payments, patient pay

Technology that Improves Patient Payments beyond Existing Merchant Fees

Posted by HealthiPASS on Jul 5, 2017 10:40:00 AM

It’s no secret that collecting on outstanding medical debt can be challenging, especially after the procedure is complete. Nine out of every 10 physician practices believe they should collect a patient’s financial responsibility before they leave the office or hospital.

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Topics: POS Technology, Healthcare Technology, Medical Billing, Digital Payments

How HealthiPASS Works with Third-Party Medical Billing Companies

Posted by HealthiPASS on Jun 30, 2017 10:15:00 AM

It’s wise for any business to focus on the core tasks they do well and outsource everything else. This is especially true in an industry like healthcare, where a practice’s primary function – improving patients’ lives with diagnoses and treatment – is extremely important.

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Topics: Revenue Cycle Management, Financial Transparency, Medical Billing

How HealthiPASS Differs from Competitors

Posted by HealthiPASS on Jun 29, 2017 11:14:37 AM

According to Becker’s Hospital Review, medical payments in the U.S. are a $3.3 trillion market. Advancements in payment collection technology help providers reduce the frequency of underpayment, whether they are collecting from patients or insurance companies.

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Topics: Financial Transparency, Medical Billing, Digital Payments

Utah Has Changed The Law With Patient Debt Collections. Is Your Practice Ready?

Posted by HealthiPASS on May 1, 2017 12:31:52 PM

Medical practices in Utah must adhere to the new Healthcare Debt Collections Amendment (HB128), requiring healthcare providers not to send any unpaid patient bills to collections or report them to a credit bureau without following a new notification requirement.

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Topics: Financial Transparency, Medical Billing, Patient Collections

5 Ways To Help Healthcare Patients Avoid Medical Debt

Posted by HealthiPASS on Jan 24, 2017 10:05:00 AM

Unfortunately, patient debt equates to reduced revenue with high risk of non-recovery, so it's wise to help patients avoid accumulating medical debt. Most patients want to compensate their healthcare providers, but many find it increasingly difficult in these days of high deductible, high co-pay plans that already come with substantially higher price tags. In a 2011 report published by the medical financial consultancy, Deloitte, it was noted that, "Health Reform endeavors to increase the number of Americans who have health insurance. While this is great, what is concerning is the increase in bad debt from patients with insurance. In fact, the bad debt attributable to insured patients is steadily increasing over the past 3 years." These last six years have proven that this trend shows no sign of abatement.

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Topics: Patient Debt, Medical Billing, healthcare payments

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