Health iPASS Insights

It’s Nearly Elective Procedure Season!  Better Upgrade Your Patient Revenue Cycle Technology

Posted by Corbin Blakey on Aug 11, 2018 6:00:00 AM

Even though we are still in the dog days of summer, signs of fall are already starting to manifest all around us. In stores, aisles of pool floaties, grill accessories, and sunblock are being replaced with school supplies. Swimsuits, shorts, and tank tops are on clearance. Before we know it, we will be enjoying football season, drinking cider, and raking up leaves.

Fall, (especially late fall) is also the season for patients to decide to finally have those elective procedures they have been thinking about. According to a recent analysis of claims data by Amino, nearly 30% of patient interactions for some elective procedures occur in October, November, and December. Perhaps now is the time to consider putting an effective patient revenue cycle management (RCM) tool in place before the scheduling of elective procedures even begins.

It All Begins with Price Transparency

You care about your patients. That’s why you became a medical provider. Whether the elective procedure you’ve recommended is medically necessary or not medically necessary, the recommendation was made in the best interest of the patient. Price transparency is the key to encouraging patients to follow through on your advice. When patients know what to expect regrading costs, they can budget and save for the upcoming expense.

The good news is that providing cost of care estimates can be so much easier than you think when you choose the right patient RCM solution. Health iPASS is leading the charge towards greater healthcare price transparency with our cost estimation tool that can provide valuable post-insurance adjudication estimates pre-arrival, at the time of service, at the time of the claim, and pre-surgery.

Being honest and upfront about pricing with patients builds trust and ultimately leads to higher patient satisfaction and better health outcomes over time.

Update Your Payment Model

For lower-cost elective procedures that insurance does not cover, such as Botox, many providers routinely collect the full treatment cost at point-of-service. This same payment model could be adapted to fit insurance eligible, higher-dollar procedures and surgeries by providing pre-visit and pre-surgery cost estimates, asking for a pre-service deposit, and keeping a payment-on-file for post-adjudication residual balances.

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Topics: Revenue Cycle Management, Credit Card on File, Patient Payments, price transparency, patient revenue cycle, elective procedure

Introducing the Health iPASS Cash Flow Calculator: Our New Revenue Cycle Tool Evaluates Your Performance Against Industry Benchmarks

Posted by Rajesh Voddiraju on Jul 24, 2018 8:00:31 AM

The world of finance has always been a constant exercise in assessing performance and then comparing that performance to a standard, or benchmark. The healthcare industry is particularly acute at paying attention to benchmarks since many areas of performance are tied into meeting or exceeding standards in order to receive compensation, recognition, or to qualify for incentives and discounts. 

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Topics: Patient Payments, patient revenue cycle, Cash Flow Calculator, patient net collection rate

Finding Your Patient Revenue Cycle Oasis: Optimizing Dermatology Payment Models

Posted by Corbin Blakey on Jun 20, 2018 1:23:50 PM

You are a small to mid-sized dermatology practice, just trying to make your way in the world. Lately, you’ve found yourself in the middle of a revenue cycle jungle. The daily frustrations are driving up your emotional temperature and the stress is clinging to you like a wet blanket. You are struggling to work with multiple payers, and the claims denials keep coming at you like mosquitos, sucking the income away from your practice.

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Topics: Revenue Cycle Management, POS Technology, Patient Payments, Dermatology

Rhode Island Latest State to Enact Healthcare Price Transparency Legislation

Posted by Rajesh Voddiraju on Jun 11, 2018 12:53:25 PM

The idea seemed simple. Create a medical insurance group and establish a network of care rendered by  doctors and other professionals who have agreed by contract to treat patients in accordance with the medical insurance group's guidelines and fee schedules. Stay inside the network and associated medical fees are covered. Go outside the network and risk facing pricey medical bills that the insurance company won't cover.  Simple in concept yes, but as managed care evolved in the U.S. and cost containment initiatives became more complicated to administer, many doctors and providers began to drop from managed care networks in favor of more lucrative payer models, but this created even more reimbursement complexities and confusion. 

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Topics: Revenue Cycle Management, Patient Satisfaction, Patient Payments, price transparency, out of network

Transforming Your Practice with Patient Revenue Cycle Technology

Posted by John Trader on Jun 4, 2018 12:05:07 PM

The theme for this year's 2018 New Jersey Medical Group Management Association (NJMGMA) Practice Management Conference is "Transforming Through Technology" which is quite apt when you consider the industry wide push to adopt and implement new technological tools that create efficiency, improve patient retention, and increase revenue. From new cloud data storage solutions to electronic scheduling to patient portals to tablets in the exam room, new health IT tools are permeating practices seeking ways to cut costs, improve the quality of care, and add to their bottom lines.

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Topics: Revenue Cycle Management, Patient Payments, The HealthiPASS Solution, Conference Announcements & Recaps

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 Satisfaction, Patient Payments, Patient Retention, Patient Check-In Kiosks, Medical Billing, healthcare payments, Patient Collections, Innovation

Let Us Explain How to Future-Proof Patient Net Collections at the #AAOE2018 Conference!

Posted by Corbin Blakey on Apr 9, 2018 2:04:33 PM

Join Us3Millennials, millennials, millennials. Am I right?

It’s pretty much impossible to live in the U.S. today and not hear about how the generation known as “millennials” are changing everything from the way we eat and drink, to real estate markets, to the very shape of the U.S. economy itself. As you may know, millennials are expected to overtake Baby Boomers in population by 2019, and Generation Xers are expected to surpass Boomers in population by 2028.

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Topics: Revenue Cycle Management, Patient Payments, The HealthiPASS Solution, Millennials

Encouraging Front Office Staff to Embrace Patient Revenue Cycle Tools: A Three-Step Approach

Posted by Jessica McNamara on Apr 5, 2018 6:00:00 AM

Stop me if you have heard this one before:

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Topics: Revenue Cycle Management, Patient Satisfaction, Patient Payments, Financial Transparency, patient pay

New Podcast: Unraveling the Mystery of how to Optimize Patient Net Collections in Healthcare

Posted by Rajesh Voddiraju on Mar 21, 2018 6:00:00 AM

When David Williams from Health Business Group asked me to be a guest on his podcast to talk about the current state of patient payments in healthcare, I jumped at the opportunity. Not only are David and his team dialed in to the latest innovative healthcare technology, they are experts in best practices and benchmarking, helping companies navigate and solve the complexities of issues such as how to optimize the patient revenue cycle.

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Topics: Patient Payments

Health iPASS to Co-Present Webinar on Decreasing Workloads and Increasing Revenue for Medical Practices

Posted by John Trader on Feb 5, 2018 6:04:16 PM

Health iPASS President and CEO Rajesh Voodiraju is scheduled to co-present a webinar to The Association of Otolaryngology Administrators (AOA) entitled: Decreasing Workloads and Increasing Revenue on Wednesday, February the 7th from 1 - 2pm EDT. Rajesh will share the hour with our friends at DoctorConnect and will discuss the power of automating the patient revenue cycle and how this impacts patient empowerment and subsequently, patient satisfaction.

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Topics: Patient Payments