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.Read More
It’s a difficult time to be a healthcare practice - which will still be true in 2017.
Collecting from patients, who are often paying out-of-pocket expenses, is a totally different process than collecting from insurance payers. Patients want different things -- they crave clarity, like to evaluate options and value user experience. We'll have to get used to patient payments: 74 percent of providers saw an increase in patient financial responsibility in 2015, according to InstaMed’s trends report.Read More
Many stakeholders have traditionally viewed healthcare as a physician-centered industry, devising care delivery models accordingly. However, surveys of patient satisfaction with this approach reveal that a different perspective is needed, especially as patients are making more decisions about, and taking increased financial responsibility for, their healthcare. When asked what they really want from providers, patients report that their most important concerns center around symptom relief and being respected as individuals.Read More
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.Read More
Collecting patient payments is a huge challenge across healthcare, and a major pain point for small to mid-size providers. Many blame patients themselves for not paying a bill once they receive it, which seems like a reasonable transaction to complete.Read More
Self-service patient technology is the way of the future. Even so, it takes a strategy to back it up and be successful--especially when handling patient payments.
As a healthcare provider, nothing is more important than the care you provide your patients. As a healthcare financial leader, nothing is more important than creating a healthy, sustainable, and profitable organization. Both goals rely heavily on the ability of your organization to provide patients with the healthcare experience they expect--and deserve.Read More