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

Satisfied with your Practice revenues? This may surprise you

Posted by HealthiPASS on Jul 6, 2017 10:25:00 AM

Despite some uncertainty in the last few years, it’s still a great time to be in the healthcare business. Between 2016 and 2025, CMS projects over 5% growth in health spending; by 2025, this will represent nearly 1/5th of the U.S. GDP. Though changes to healthcare laws in the last few years have made things difficult for some, many hospitals and practices are still seeing good revenue.

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Topics: Revenue Cycle Management, Patient Debt, Digital Payments

5 Ways To Help Healthcare Patients Avoid Medical Debt

Posted by HealthiPASS on Jan 24, 2017 10:05:00 AM

Unfortunately, patient debt equates to reduced revenue with high risk of non-recovery, so it's wise to help patients avoid accumulating medical debt. Most patients want to compensate their healthcare providers, but many find it increasingly difficult in these days of high deductible, high co-pay plans that already come with substantially higher price tags. In a 2011 report published by the medical financial consultancy, Deloitte, it was noted that, "Health Reform endeavors to increase the number of Americans who have health insurance. While this is great, what is concerning is the increase in bad debt from patients with insurance. In fact, the bad debt attributable to insured patients is steadily increasing over the past 3 years." These last six years have proven that this trend shows no sign of abatement.

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Topics: Patient Debt, Medical Billing, healthcare payments

John Oliver Segment on Debt Shows Importance of Collecting Early

Posted by HealthiPASS on Jun 8, 2016 9:39:51 AM

This week, healthcare debt made the news in a big way.

John Oliver, host of the HBO show “Last Week Tonight,” out-Oprahed Oprah with a giveaway worth nearly $15 million dollars, by far the largest in television history.

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Topics: Revenue Cycle Management, Patient Debt