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

Decoding the Alphabet Soup of Healthcare Regulatory Compliance: Take Our New Facebook Quiz to Test Your Knowledge, and Be Entered to Win a $100 Amazon Gift Card!

Posted by Melissa Hornberger on Feb 6, 2019 1:09:03 PM

Are you like me with all kinds of items languishing on your Amazon wish list, or even in your cart, just waiting for you to have the cash to buy them? Do you also possess an encyclopedic knowledge of state and federal regulations that affect your patient revenue cycle and have just been yearning for a chance to put your knowledge to the test?

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Topics: Patient Payments, Webinars, patient bad debt, regulatory compliance, Giveaways

Health iPASS - Healthcare Information Services Partnership Bodes Well for Orthopedic Medical Practice Revenue Cycle Management

Posted by Imran Ahmad on Jan 30, 2019 10:53:28 AM

It's no longer a secret that medical practices across the country continue to struggle with collecting patient payments. By now, most of us know that the rise of high deductible health plans (HDHPs) are straining patients' wallets and pushing the need for providers to not only be more transparent about what patients owe up-front and post insurance claim adjudication, but also offer more flexible payment options and the ability to leave a payment-on-file for a specific encounter.

Quickly doing the math would lead one to realize that medical practice specialties providing services that result in high out-of-pocket patient expenses are more at risk from the repercussions of not modernizing their patient revenue cycle with technology that automates, increases price transparency into the cost of care, and presents more payment options including the ability to leave a payment-on-file and pro-actively set up payment plans for large balances.

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Topics: Patient Payments, patient revenue cycle, Partnerships, patient payment, HIS, patient bad debt

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