Health iPASS Revenue Cycle Insights

Optimize Patient Payments and Join the 97% Residual Balance Collection Club With Health iPASS!

Posted by Rajesh Voddiraju on Sep 26, 2018 3:00:00 AM

In terms of business finance, there are few things as frustrating as bad debt. The product has been delivered, or the service rendered, but when it comes time for payment, nothing. Recent studies have shown that medical practices accumulate roughly $66 billion in bad debt per year, and this statistic only grows over time as patients bear a larger burden of their healthcare costs due to the prevalence of high-deductible healthcare plans. When factoring in poor patient net collections and aged A/R, the big picture is bleak-- depicting a healthcare industry that is hemorrhaging money, forcing small to mid-sized practices to close their doors forever. What can providers do to staunch the flow of uncollected revenue and start putting money back in their pockets, where it belongs?

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Topics: The HealthiPASS Solution, price transparency, Patient Payments, provider bad debt, Patient Collections

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 There’s just something so satisfying about seeing an outdated and sometimes completely trashed house be transformed into something beautiful and functional.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 Collections, healthcare payments, Medical Billing, Patient Check-In Kiosks, Patient Payments, Patient Satisfaction, Patient Retention, Innovation

Want Engaged Asthma Patients and Caregivers? Make it Easy for them to Understand the Cost of Care

Posted by Greg Rakas on Mar 18, 2018 2:25:56 PM

Patients and providers have at least one thing in common: Both are frustrated by the costs and paperwork associated with asthma care. That shouldn’t come as a surprise: The total cost of treating asthma and its associated conditions in the U.S is $82 billion annually, according to research published in the Annals of the American Thoracic Society.

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Topics: Patient Collections, Asthma Clinics

Attending 2018 AMGA Conference? Stop by Booth #705 for Answers on how to Improve Patient Revenue Cycle

Posted by Dave Thompson on Mar 8, 2018 8:58:13 AM

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.

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Topics: Patient Collections, healthcare payments, Patient Debt, Financial Transparency, Patient Check-in

Health iPASS Named a "Startup to Watch" by Built In Chicago

Posted by John Trader on Jan 16, 2018 1:35:30 PM

We received word today that Health iPASS was named one of the "50 Startups to Watch" in 2018 by Built in Chicago! We take pride in our talent and mission to fundamentally change patient payments in healthcare by bringing transparency, convenience, and trust to revenue cycle management. This is a great honor for us!

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Topics: Patient Collections

4 Ways to Increase Patient Revenue Collection in 2018

Posted by HealthiPASS on Dec 21, 2017 11:00:00 AM

As the share of out-of-pocket expenses continues to rise parallel to the surge of consumer-directed health plans (CDHP), it becomes harder for healthcare practice managers to maintain accurate and timely patient payment collection methods. Keep in mind that physician and ambulatory care patient payments now total over $200 billion a year and continue to soar as a larger percentage of total revenue. Adopting a modern revenue cycle solution that improves patient payment technology and virtually guarantees payment is now mission critical.

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Topics: Patient Collections, Patient 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

7 Simple Strategies for Improving Patient Collections

Posted by HealthiPASS on Jan 17, 2017 9:20:00 AM

As a healthcare professional, you want to deliver the very best care and experiences to your patients, but you also need to do right by your business. If you haven't set your practice up for success by employing patient collection best practices, your revenue cycle management (RCM) processes are likely forcing you to lose out on essential income.

If you're trying to improve patient collections in your medical organization, take a look at these seven simple strategies:

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Topics: Patient Consumerism, Patient Payments, Patient Collections, Financial Transparency