HealthiPASS Insights

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/HealthiPASS 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

Medical Billing Resolutions for 2017

Posted by HealthiPASS on Jan 4, 2017 11:28:48 AM

It seems like just yesterday we were  talking about last year's successes and making plans for 2016. Somehow, 12 months came and went, and here we are at the beginning of another new year!

Naturally, great medical RCM and financial leaders have likely been in budget and forecasting modes for the past weeks or months, so the changes that may come with the approaching new year aren't likely going to be a huge surprise to your practice. That said, it's not always about balance sheets and income statements if you're trying to set your medical practice up for a successful future. (Although, well-thought-out goals will absolutely facilitate financial happiness for your healthcare organization.)

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Topics: Medical Billing

Why Healthcare Technology is Poised for a Huge Year

Posted by HealthiPASS on Dec 29, 2016 8:17:42 AM

The healthcare industry has seen enormous changes in recent years. Of course, legislative policies have played major roles in making medicine what it is today, but the changes seen in this industry are far more reaching than anything Congress and Senate can bring to the table. Technology has single-handedly turned healthcare upside down, offering benefits and advantages to everyone involved. Practitioners and patients alike now enjoy more conveniences, fewer errors, and overall more delightful experiences as a result of the things technology has given us.

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Topics: Healthcare Technology, Medical Billing

3 Ways Patients Pay Medical Bills Differently Than They Want To Pay

Posted by HealthiPASS on Dec 12, 2016 1:32:41 PM

In a perfect world, we could all have everything we want. Alas, this will never be the case, but for medical providers looking for better revenue cycle management, insight into patients' minds may be the key to unlocking successful financial models. 

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Topics: Patient Check-In Kiosks, Medical Billing

What Consumers Want When Making Healthcare Payments

Posted by HealthiPASS on Oct 19, 2016 9:04:44 AM

In today's digital environment, consumers can complete financial transactions through a variety of devices. With the growth of online banking and retail, most businesses have developed consumer-friendly billing channels, providing clear invoices and a selection of payment options.

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Topics: Patient Payments, Medical Billing, Digital Payments, healthcare payments