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

Boosting Patient Payments Through Increased Price Transparency

Posted by Kenny Levine on Sep 5, 2018 6:00:00 AM

In the movie Field of Dreams, Iowa farmer Ray Kinsella repeatedly hears the now famous phrase, “If you build it, they will come,” whispered by a ghostly baseball player who is glimpsed walking through the cornfield. Kinsella is inexplicably compelled to build a baseball field on his farm in hopes that legendary baseball players will play on his property. Can those in the healthcare industry cock an ear for just a moment to hear a similar distant call? If you listen closely, you can hear it on the wind: “If you inform them, they will pay.” 

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Topics: Credit Card on File, Patient Consumerism, price transparency, patient revenue cycle

True Symbiosis: Health iPASS Announces Strategic Partnership with DoctorConnect

Posted by Rajesh Voddiraju on Aug 29, 2018 3:00:00 AM

Take a look around in nature, and you will see thousands upon thousands of examples of symbiotic relationships between different organisms. Symbiotic relationships are those in which both parties experience mutual benefits. Think of the clown fish and anemone in Finding Nemo. As Health iPASS continues our mission to lead patient revenue cycle management we continuously seek this type of win-win relationship with those who swim in our same industry fishbowl.

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Topics: Patient Consumerism, The HealthiPASS Solution, healthcare payments, patient revenue cycle, revenue cycle, Partnerships

Paperless Billing Helps You “Get More Green” with Our Patient Revenue Cycle Management Solution

Posted by Allyson Howard on Jul 21, 2018 6:00:00 AM

Jim Henson’s beloved character Kermit the Frog famously said, “It’s not easy being green.” However, due to the technological advances in our modern society, going green has actually become simpler and more beneficial to businesses and consumers than ever. How can healthcare providers do their part? One significant step in the right direction is switching to a paperless billing and payment system.

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Topics: Patient Consumerism, patient pay, Paperless Billing

Visit Us in Booth #9 at the Utah MGMA Conference and Learn How to Promote Price Transparency and Improve Patient Net Collection Rates

Posted by Mark McGregor on May 15, 2018 6:00:00 PM

A December 2018 report released by Price Waterhouse Cooper’s (PwC) Health Research Institute forecasted price transparency as one of the top 12 driving forces in healthcare in the coming year, and this prediction has proven to be quite accurate. While transparency in prescription drug costs appears to be on the horizon at the federal level, more and more states are enacting price transparency legislation for general healthcare and care-related procedures.

After a damning 2014 report by the Catalyst for Payment Reform and the Health Care Incentives Improvement Institute which gave 43 out of 50 states an “F” on healthcare price transparency, many states are moving to make a change. For example, Colorado’s Transparency in Health Care Prices Act, which went into effect in January of 2018, requires hospitals to post self-pay prices for the 15 most common procedures. As Health iPASS heads to the 2018 Utah MGMA conference, we can’t help but wonder how this recent legislation in Colorado will affect price transparency for its neighbor, Utah.

Adopting a revenue cycle management tool like Health iPASS can help your practice weather the storm as state legislation and consumer demand for healthcare price transparency continue to increase. Come visit Mark McGregor at Booth #9 at the Utah MGMA conference to find out how Health iPASS can help your practice provide greater price transparency while increasing your operating income, lowering collection costs, and boosting patient engagement and satisfaction.

Colorado’s 2018 price transparency legislation is only the beginning of this watershed year for healthcare. At the time of this post, at least 16 other states are working on ways to lower costs and help patients understand their healthcare financial responsibilities. No matter where you look, it appears that there’s a healthcare price transparency storm brewing, and it’s coming your way. It begs the question, where’s your umbrella? Read More

Topics: Patient Check-in, Revenue Cycle Management, Patient Consumerism, The HealthiPASS Solution, Financial Transparency

Crain's Chicago Business Interviews Health iPASS Founder & CEO  RajeshVoddiraju

Posted by Melissa Hornberger on Apr 20, 2018 9:37:13 AM

In an article posted April 19th, 2018 based on an interview with Health iPASS CEO Rajesh Voddiraju, Crain’s Chicago Business senior reporter John Pletz asks the question, “How much will you owe for that doctor's appointment?” This very question is what drove Rajesh to found Health iPASS after his own family was faced with medical billing frustrations due to a lack of clarity in the patient collection process.

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Topics: Patient Consumerism, The HealthiPASS Solution, Innovation

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

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 Payments, Patient Consumerism, Financial Transparency, Patient Collections

Why Healthcare Consumerism Is Changing Medical Check-Ins

Posted by HealthiPASS on Jan 12, 2017 9:40:00 AM

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.

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Topics: Patient Check-in, Patient Consumerism

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