We hope that you can join us today at 2pm EDT for a special webinar on the value of automating your patient revenue cycle to accelerate positive performance. We are pleased to be co-presenting today with Kate Cullip, Business Office Director at Colorado Allergy & Asthma Centers who has been using the Health iPASS check-in and patient revenue cycle solution since April of 2018.Read More
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?Read More
As famous artist and cultural icon Andy Warhol once said, “The idea of waiting for something makes it more exciting.” So true, but finally the wait is almost over!Read More
Health iPASS is excited to announce our newest partnership with Illinois Bone and Joint Institute (IBJI), one of the largest orthopedic group practices in Illinois. Our team has been working hard to develop this relationship, and we are proud that a market mover such as IBJI has selected us as their patient revenue cycle solution.Read More
Hey to all our otolaryngology friends! Time to get ready to chow down on some sweet and crispy beignets, spice things up with a few Cajun delicacies and… learn how to optimize your revenue cycle? Those things might not normally go together, but this coming weekend they do!Read More
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.
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.Read More
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.Read More
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.Read More
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.Read More