Back on December 31st, Rajesh was a guest on the eHealth radio podcast, " Tackling the New Dynamics of Patient Revenue Cycle Management in the Era of Healthcare Consumerism with Eric Michaels. On the podcast, Rajesh touched on several topics related to the reality and after effects of patients now being the primary payer in revenue cycle management.
Rajesh started the interview by discussing the fast rise of patient as the primary payer of healthcare expenses due to the sharp increase in high deductible health plans (HDHPs), and the fact that practices need to find a way to adjust accordingly. There are several different payment methods to ensure that practices are optimizing patient payments. One that Rajesh mentioned, and Health iPASS uses, is allowing patients to keep a credit card on file (CCOF) to pay for any residual balances that may be owed post insurance claim adjudication. Not only does the CCOF help patients manage healthcare expenses, it can also significantly improve medical practice cash flow by quickly reducing days in accounts receivable (A/R).
With the rise of HDHPs, patients are responsible for more of their medical bill. As a result, price transparency is becoming increasingly important in the revenue cycle. Rajesh also discussed how as a result of higher out-of-pocket (OOP) costs, trust between provider and patient is more important now than ever.
“Every patient that walks into their [doctor’s office] wonders how it will impact what comes out of their pocket,” said Voddiraju, “Trust has been sorely missing in healthcare. We need to be getting more patients to believe in the billing process.”
Patients are also looking for greater price transparency and a breakdown of what they may owe for specific procedures once their insurance process the claim. That's why offering cost estimates pre-arrival, at point-of-service, at claim submission, and pre-surgery is critical to establish price transparency that builds patient trust and patient retention.
“Consumers are beginning to demand [price transparency]. There needs to be a very consumer-friendly way to making the technology.” Rajesh mentioned, “Both consumer and state/federal regulatory demands are requiring practices to rethink their revenue cycle from the time of scheduling all the way through providing and promoting price transparency.”
Additionally, Rajesh also talked about about the Health iPASS patient revenue cycle solution. Practices using the Health iPASS revenue cycle solution are recognizing 97% collection of residual balances when patients check in using the Health iPASS kiosk and place a CCOF. He mentioned how Health iPASS is taking advantage of the new technology to improve the revenue cycle for medical practices.
“Health iPASS has been able to leverage technologies such as machine learning to study information available in medical billing systems and present this in real-time at the point of service through a user-friendly, easy-to-understand patient revenue cycle solution that brings a level of price transparency to the consumer on the front end.”
Lastly, Rajesh discussed the future of healthcare. He has mentioned many times that automation and technology are at the forefront of the future for the patient revenue cycle in healthcare. In one of our recent blog posts, he reiterated that the use of artificial intelligence (AI) and robotic process automation (RPA) to streamline back-end practice tasks such as insurance eligibility and patient demographic checks, patient payment posting, and appointment reminders, will become increasingly common.
Health iPASS would like to thank Eric Michaels and the eHealth Radio Netwoek for having Raj on their program and allowing him to share the benefits of the Health iPASS revenue cycle solution. You can listen to the podcast by following this link. Read More
Ah, the beginning of a new year. It’s a time to look back and do some self-reflection on what worked for you and what didn’t in 2018. A new year presents the opportunity to make a change for the better (who doesn’t love that?). And of course, it’s a time of predictions and hopes for the coming year. Wondering what’s next for your patient revenue cycle? Let’s consult our resident expert, Rajesh Voddiraju, on his 2019 patient revenue cycle and patient payment forecast. He dusted off his famed “patient revenue cycle crystal ball” once again in order to provide the following insights.Read More
As Health iPASS continues to grow as a company and demonstrate thought leadership on the patient revenue cycle, our website grows in lockstep to help bring you opportunities to learn and interact with our knowledgeable staff, partners, and industry experts. Recently, we published two new webpages under the “Resources” tab on our main site, the first to share our recent webinars on the patient revenue cycle and the second to bring you a new podcast content segment we have developed to help our community gain more insight into our innovative patient payment optimization tool and our company culture.
Direct Access to our Webinars
Health iPASS webinars are a great resource for education and insight into patient revenue cycle management solutions. We have assembled Health iPASS clients, partners, and industry experts to debate and discuss patient revenue cycle strategies, tactics, and best practices that will help collect more patient payments, lower the time and cost to collect, and increase operating income.
Under the Webinars tab, you will be able to download our webinars from the past year, including our most recent webinar on December 13th entitled “Getting Paid from Patients in 2019: What Works, What Doesn’t, and Why the Status Quo is No Longer an Option.” In this webinar, Joe Clark, CEO of Sierra Pacific Orthopedics; John Hornberger, CEO of the Orthopedic Center of Palm Beach County; and Eric Brodsky, Principal at Epoxy and Executive Director at Illinois MGMA discuss the current state of the patient revenue cycle and why maintaining the status quo in patient payment collection is no longer an option, as well as strategies to increase patient collections in 2019.
Among the other webinars included is the September 27th webinar with Kate Cullip, Business Office Director at Colorado Allergy & Asthma Centers. She and Health iPASS CEO Rajesh Voodiraju talked about how her medical practice has been able to collect more patient payments, reduce accounts receivable (A/R) and days in A/R, and lower the time and cost to collect since implementing the Health iPASS patient revenue cycle solution last year.
Additionally, visitors will be able to access our one-on -one webinar with John Hornberger detailing the challenges of collecting patient payments and how patient revenue cycle technologies like Health iPASS can streamline the patient payment process and significantly improve patient payment collections.
Health iPASS Podcasts
Additionally, Health iPASS has a new podcast content segment. Health iPASS podcasts will consist of interviews with members of the Health iPASS team, partners, clients, patient revenue cycle industry experts and thought leaders, and other select guests as part of an effort to help you understand more about who we are and learn strategies and best practices to help redefine your patient revenue cycle in light of heightened calls for healthcare price transparency and the rising trend of patient-as-payer. So far, we have only recorded one, but don’t worry, there are more on the horizon!
Our first podcast features an interview with Paul Prikazsky, Director of Client Success for Health iPASS. In the podcast, Paul discusses his role at the company and the role the Health iPASS Client Success team plays for the company. Paul also discusses the Health iPASS training and implementation process, specifically:
• How long does training and implementation take?
• What resources are required?
• Who at the medical practices are most involved in the training process?
• How much does Health iPASS charge for training?
We hope that visitors to the Health iPASS patient revenue cycle website will take advantage of these new resources not just by visiting the pages, but by also downloading the webinars and listening to our podcasts. The podcast with Paul Prikazsky provides examples of how our client success team works with practices to help make the implementation of our patient revenue cycle solution as effortless as possible. Meanwhile, the webinars allow people to discover the difference Health iPASS has made for a few of our clients to improve patient payment collections and reduce the cost to collect.
At Health iPASS, we help educate our community about the patient revenue cycle by providing thought leadership and educational content in addition to practical tips that can help any medical practice to collect more patient payments, reduce the time cost to collect , and increase operating income. This content is helping to spread the word about our vision while also giving real examples of how Health iPASS has worked in improving the patient revenue cycle for medical practices.
It’s almost the end of 2018, and it might be time to begin considering some resolutions for the coming year. Here’s one to begin exploring right now to collect more patient payments in 2019: automating your patient revenue cycle.Read More
Health iPASS is proud to announce that we have recently topped off our $7.2 million dollar Series A funding with an additional $3.0 million from QED Investors – the financial technology-focused venture capital fund led by Nigel Morris, co-founder of CapitalOne. This investment from QED Investors will allow Health iPASS to further our mission as we help medical practices optimize their patient revenue cycle and improve the patient experience from appointment to payment.Read More
As patient out-of-pocket expenses continue to rise, using the same old manual patient revenue cycle management (RCM) tools just isn’t going to cut it anymore. Did you know that after a patient leaves your office, there is only a 40% likelihood they will ever pay their bill? As the first post in our Health iPASS Features Spotlight Series, we are not going to begin at the beginning, but at the end, after your patient has walked out the door. Why? Because that is where the Health iPASS “rubber meets the road” - where our patient RCM solution makes a real difference in how (and how much) revenue your practice is able to collect from patients.Read More
Facebook quizzes can be fun, but most of the time they are fluff pieces created to suck away your time with very little long-term or educational value. Sure, sometimes it's tempting to “Find Out What Cheese You Are Based on Your Zodiac Sign” or discover “Do You Know More About Donuts Than Your Friends?” but what do you really get out of it beyond losing several minutes of your time your will never get back?Read More
Patients have begun to utilize patient portals as a means of better educating themselves on their own care and to more clearly communicate with their doctors. Patient portals have also played a key role to help optimize patient payments. The introduction of portals offers more convenient payment options for patients, helping to increase bill collections by 30 percent across medical practices. Have you adopted a patient portal at your medical practice? If you haven't, or your portal isn't performing as well as you expected, this post is for you.
What are Patient Portals
Patient portals are websites that allow patients to have 24-hour access to personal health information from anywhere with an internet connection. With a username and password, the portals allow patients to:
• Schedule appointments
• Receive eStatements and pay bills online
• Review lab results
• Request prescription refills
• Check benefits and coverage
One of the most notable features of patient portals is that they allow direct, secure communication between patients and doctors. This is great for patients as it allows immediate interaction and feedback to help make more timely, informed decisions about their care.
Benefits of Patient Portals for Providers
We have already discussed what portals can do for the patient, but they are also highly beneficial for providers. Many providers see portals as the primary tool for engaging patients and boosting patient satisfaction, retention and loyalty. A successful working relationship between patient and provider is increasingly important, and portals provide the direct interaction that is needed.
Building and sustaining strong relationships between patient and doctor is essential to improving overall care delivery. As a result, a patient is far more likely to trust and return to a doctor that they have a previously good relationship with and, perhaps more importantly, refer another patient to that provider for care. Ultimately this leads to better health outcomes.
Additionally, patient portals can accelerate cash flow for providers. By allowing patients to pay via a portal, providers are more likely to receive payments in full faster and with greater frequency. Plus, portals provide a convenient way for patients to pay on their own devices without the inconvenience of having to write a check and find a stamp.
You know what’s a great way to spend a crisp, mid-October weekend? Driving through the mountains, enjoying the changing fall leaves, and maybe stopping by a quaint roadside stand for some hot cider. If you are down in the Ozarks, why not stop by the Midwest AAOE Fall Meeting? Health iPASS will be there, sharing our patient revenue cycle solution with providers looking to optimize patient payments, boost patient engagement, and provide greater price transparency.Read More