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

Ask These 3 Questions to Strengthen Your Patient Collection Strategy

Posted by HealthiPASS on Jul 27, 2016 7:30:00 AM

Collecting the patient’s share of their financial responsibility on medical bills isn’t easy unless your processes are highly functional and optimized to meet patient demand for transparency, convenience and confidence.

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Topics: Point of Service Payments, Patient Payments

Reports: Patient Financial Responsibility Increased In 2015

Posted by HealthiPASS on Jun 29, 2016 2:00:21 PM

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Topics: Point of Service Payments, Patient Payments

High Deductible Healthcare Plans Aren't Going Anywhere in 2017

Posted by HealthiPASS on May 25, 2016 1:49:06 PM

For a long time, many American workers qualified for and took advantage of insurance plans that covered most or all medical expenses, save a co-pay or reasonable deductible. Paying for healthcare wasn’t an engaging process for consumers, who knew that insurance would take care of the bill on their behalfs.

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Topics: Point of Service Payments, Patient Payments, Patient Consumerism

The 3 Must-Have Tools For Patient Payments In a New Health Economy

Posted by HealthiPASS on Apr 26, 2016 9:00:00 AM

Healthcare payments are stuck in the past. As a result, providers who practice the same approaches to collecting patient payments are suffering. Revenue cycle management relies on technology that is robust enough to deliver a modern approach to healthcare payments than what has been delivered in years past. 

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Topics: Revenue Cycle Management, POS Technology, Point of Service Payments, Patient Consumerism, Self-Service Technology

5 Simple Ways To Empower Patients To Make Upfront Payments

Posted by HealthiPASS on Dec 29, 2015 9:00:00 AM

Today, more than ever, healthcare providers who want their patient collection strategies to succeed need to be involved in how their patients pay. Patients have a lot of decisions to make about their healthcare, one of the most burdensome being cost. To ensure patients make payments on time, consistent education and engagement is required. 

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Topics: POS Technology, Point of Service Payments

5 Benefits to Using Patient Check In Kiosks

Posted by HealthiPASS on Nov 3, 2015 1:51:11 PM

Kiosks have been available in various businesses for many years, from airports to conference centers. Medical groups and private practices are now using this technology to streamline their front office procedures. As more practices use kiosks to have patients check-in for their appointments, they're finding a number of positive benefits, including patient satisfaction and the increased ability to meet Meaningful Use requirements put in place by the Affordable Care Act.

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Topics: Patient Check-in, Point of Service Payments

Revenue Cycle Benefits of Securing Point Of Service Patient Payments

Posted by HealthiPASS on Nov 3, 2015 12:36:57 PM

One of the side effects of the implementation of the Affordable Care Act is in patient payments. With rising deductibles, patients are often paying for a much greater portion of their yearly medical costs. For practice managers and financial leaders, how to best oversee revenue cycle management with regard to point of service patient payments has been made a priority. 

In order to flourish in this new healthcare landscape, many providers are turning to point of service systems which enable a patient's payment information to be captured upon check-in. As the patient-responsible portion of payments becomes a more significant portion of total revenue, technology that proactively collects these types of payments from patients is a necessity. 

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Topics: Revenue Cycle Management, Point of Service Payments