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

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

How a Patient Payment Collection System Impacts Consumer Confidence

Posted by HealthiPASS on Dec 16, 2016 12:13:41 PM

An effective patient payment collection system is a necessity for your healthcare organization's revenue cycle management. There's no question that the current trend in healthcare means that patients are paying a higher percentage of their own costs. For healthcare organizations and small practices, this means that the financial solvency of the organization relies on patient payments. In the past, these models often focused far more on payment through insurance and government funding. Securing patient payments isn't just about the financial bottom line. It also impacts healthcare consumer confidence.

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Topics: Patient Perspective, Patient Consumerism, Patient Check-In Kiosks

Eight Elements of a Software Solution That Meets Patient Needs

Posted by HealthiPASS on Oct 13, 2016 2:21:21 PM

Since the healthcare field is constantly evolving, it can be challenging to develop solutions that enable you to operate your practice more efficiently and provide a positive customer service experience for patients. Patients are making more decisions about their care than ever before. Providers need to incorporate best practices that encourage patients to partner with them in taking responsibility for their health. With an increasing emphasis on person-centered care, high-quality software should facilitate patient engagement. Patients who take an active role in their care have higher rates of recovery.  

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Topics: Patient Satisfaction, Patient Payments, Patient Consumerism

Consumer Deductibles Reset in January: What This Means For Your Practice

Posted by HealthiPASS on Oct 10, 2016 9:22:00 AM

As the effects of the ACA continue to ripple through the world of medical care, providers have seen their first quarter revenue cycle fall into disarray in recent years. Because patient deductibles reset in January, they'll face a use-it-or-lose it situation from now until the end of the year. Further, many deductibles have risen to levels many patients will find difficult to bear financially. Coupled with higher deductibles will be higher co-pays and possibly severe reductions in coverage for those whose insurance comes through an employer. What does all this mean for your practice?

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Topics: Patient Consumerism, Financial Transparency

Join Us For A 9-29 Webinar That'll Change How You Think About Patient Payments

Posted by HealthiPASS on Sep 27, 2016 10:57:55 AM

In the new healthcare economy, you can't afford to treat patient payments as an afterthought. With healthcare consumerism on the rise, those who don't optimize for self-pay payments will be left behind. David W. Johnson, author of Market vs. Medicine, joins us on Thursday,September 29 at 1 Eastern/12 Central to share his takeaways as a thought leader in healthcare market changes.

CLICK HERE TO REGISTER

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Topics: Patient Payments, Patient Consumerism

How to Adjust Collection Strategies to High Deductible Health Insurance Plans

Posted by HealthiPASS on Sep 19, 2016 8:39:10 AM

High deductible health insurance plans, or HDHPs, have become increasingly popular over the past decade.  While many consumers search for ways to save some tax dollars and cover their regular monthly expenses with healthcare that tends to cost less per paycheck, healthcare providers have been forced to explore creative new ways to collect payment from their HDHP patients.  Popularity has grown so much, in fact, that the CDC reported, "In the first 3 months of 2013, 32.5% of persons under age 65 with private health insurance at the time of interview were enrolled in a high deductible health plan (HDHP)."  In other words, you may be missing the mark on one-third of your revenue if your collection strategies don't align with the special circumstances that often surround high deductible health care plans.

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Topics: Patient Payments, Patient Consumerism

How to Evaluate the Effectiveness of your Patient Collection Process

Posted by HealthiPASS on Aug 26, 2016 1:51:34 PM

The financial health of a medical practice is every bit as important as the health of its patients. The financial managers of large practices, charged with ensuring profitability, have their work cut out for them. Between third-party payers, patient co-pays, deductibles and self-pay, conquering the revenue cycle requires focus and dedication if a practice is going to thrive. To ensure the business maintains the highest cash flow possible, periodic evaluations of patient collections will help uncover any disorganization infecting the process that results in more work for less return. 

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Topics: Revenue Cycle Management, Patient Consumerism

How to Leverage Consumerism to Stand Out in Healthcare

Posted by HealthiPASS on Aug 17, 2016 7:30:00 AM

Consumerism doesn’t have to be a pain point in medical revenue cycle management. Sure, the changes to the payment collection process impact collections strategies. But there’s a chance for nimble practices to adapt and end up in great shape. Last week we detailed how HDHPs could actually help some providers, and the same thought process applies to consumerism as a whole.

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Topics: Patient Perspective, Patient Consumerism