The news from Washington D.C. this week that a bipartisan effort is underway to increase healthcare price transparency and lower costs was quite timely and sure to be a topic of discussion at the 2018 AMGA conference in Phoenix, AZ. Couple that news with the recent TransUnion Healthcare analysis that revealed patients experienced an 11% increase in average out-of-pocket costs during 2017, rising from $1,630 in Q4 2016 to $1,813 in Q4 2017 and you have the perfect storm for an in-depth discussion on adopting modern patient revenue cycle tools to address the rising level of patient payments in healthcare. That's where we at Health iPASS enter the picture.Read More
The 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.
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
Today's healthcare consumerism focuses far more on patient control in their treatment and medical decisions.. There are a number of reasons for the shift from patient to consumer, from the reforms to bring about more value-driven care to the fact that patients today are paying far more out of pocket. While you can discuss the reasons behind these changes infinitum, the current overwhelming data shows that organizations that thrive have changed their protocol to a more consumer centric approach. The patient check-in protocols represent simple initiatives your organization can institute which make a tremendous difference in consumer satisfaction.Read More
The time of year in which we give thanks for the things that make our lives wonderful is upon us. While we're certainly thankful for family, friends, and good health, we'd be remiss if we, as a company, didn't express our gratitude for some of the things that make our patient billing and payment industry so great.Read More
As high-deductible health plans become the rule rather than the exception and physicians collect increasing amounts of revenue from patients rather than insurers, providers need to offer payment flexibility through multiple channels to ensure they collect as much revenue as possible. Additionally, as tech-savvy consumers rely on electronic forms of payment, they are less likely to have cash on hand to cover co-pays and deductibles. The fact that "cash is no longer king" should create an impetus for providers to establish methods of payment that patients will be motivated to use.Read More
If you’ve made it to the point that you’re considering using a patient payment portal to improve your collection of the patient yield, you’re in a great place. Study after study on revenue cycle management and medical billing shows that patients prefer an option that gives them transparency, confidence and convenience, and are receptive to paying under these conditions. Basically, they want the ability to pay comfortably and securely on their own terms.Read More
If you’ve ever been on the other side of the RCM process, you probably can understand some of the chief patient frustrations. Surprises in timing, coverage or costs can irk even the savviest of healthcare consumers.Read More
Healthcare providers continue to move away from outdated processes and tools in favor of technology that can meet the demands of a new health economy. In particular, they seek patient-facing tools to deliver value and cut costs.
One such tool can be found in patient check-in kiosks, an innovative system that allows patients to better manage their financial experience, while at the same time cutting costs for provider groups.Read More
Think about the last time you bought something online. For most of us, that probably wasn’t too long ago. And most of us would agree the process was pretty convenient. The evolution of eCommerce practices have shaped what consumers expect from their buying experience. What's even more interesting is how those eCommerce practice have trickled into patient billing, reshaping the way that providers think about their patients as healthcare consumers.Read More
What would a perfect patient journey look like? That might depend on who you’re asking. For patients trying to navigate their healthcare journey in an increasingly complex environment, the perfect journey is one where they feel empowered to make informed decisions with convenient solutions. Empowering the patient in their healthcare journey has never been more important.