Millennials, 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.
Millennials, millennials, millennials. Am I right?
Stop me if you have heard this one before:Read More
In a changing healthcare landscape, relying on the same old methods and systems to manage patient revenue is simply no longer effective. The pressing need for positive change calls for disruptive innovation, which is defined by Forbes contributor John Converse Townsend in his 2013 article as, “how industries transform to create more affordable and accessible products and services.” Many hospitals and small-scale health systems are seeking this kind of revitalizing disruption by switching to a new Patient Accounting System (PAS) to improve communication throughout the organization, drive efficiency, increase patient loyalty and empowerment, and boost cost savings while improving cash flow. Unfortunately, in most cases, a PAS conversion can be a massive headache. It takes the right people, tools, and technology to efficiently convert your PAS, but knowing the “symptoms” that lead to a need for disruptive patient revenue cycle innovation is the first step to making the switch to a successful solution.Read More
One of the most important aspects of a successful healthcare organization is effective revenue cycle management. Although in the past, patient accounts were managed primarily by bulky paper files, the 2009 HITECH ACT now mandates they are stored electronically. Electronic health record systems can make the work of billing and payment more efficient, but many are not set up to fit the new dynamic in health care-- addressing the patient as a payer. Therefore, these revenue cycle systems can still fall short in making sure patients are both empowered and informed about the cost of care, limiting their ability to become smarter healthcare consumers.Read More
Patient revenue cycle management is tough to navigate in all forms of healthcare, especially in dermatology. Use these five tips to discover issues in the revenue cycle of your dermatological practice so you can reduce the cost of collections and increase operating income.Read More
The following guest post was submitted by Jason Meyer, CEO of Frost-Arnett. For more information on the Frost-Arnett/Health iPASS 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.
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
CHICAGO – December 6, 2017 – HealthiPASS, a patient check-in and payment technology provider that helps patients and providers combat the new healthcare reality of higher patient out of pocket expenses, announced it has raised a $7.2 million Series A funding round, led by FCA Venture Partners, with participation from venture firms from the Bay Area to Boston including: OCA Ventures, Healthy Ventures, HealthX Ventures, Waterline Ventures and a small group of strategic investors. The funds will be used to further innovate and expand the patient payments platform and sell into ambulatory healthcare settings across the country.Read More
While the demand for healthcare services continues to rise with the aging of the Baby Boomer generation, the increased demand also comes with greater complexity. There are many challenges and obstacles preventing modern medical practices from maximizing their revenue potential.Read More
Topics: Revenue Cycle Management
Despite some uncertainty in the last few years, it’s still a great time to be in the healthcare business. Between 2016 and 2025, CMS projects over 5% growth in health spending; by 2025, this will represent nearly 1/5th of the U.S. GDP. Though changes to healthcare laws in the last few years have made things difficult for some, many hospitals and practices are still seeing good revenue.Read More
It’s wise for any business to focus on the core tasks they do well and outsource everything else. This is especially true in an industry like healthcare, where a practice’s primary function – improving patients’ lives with diagnoses and treatment – is extremely important.Read More