Psst—how would you like to make $100 for two minutes of your time? If that sounds good to you, sorry to say that you missed your chance—this time. If you follow Health iPASS on any of our social media channels, you might have seen our quiz entitled, “Are You a Patient Revenue Cycle Expert?” which tested participants on their knowledge of some surprising statistics behind collecting patient payments. Those who took the quiz were entered to win a $100 Amazon gift card, just in time for holiday shopping.
Now that the promotion is over, it’s time to select a winner. We’d like to congratulate Valerie Underwood from Canyon View Medical Group on her mini-windfall, courtesy of Health iPASS! $100 could go a long way towards stocking stuffers, or maybe something for yourself? You deserve it!
At Health iPASS, we enjoy hosting these giveaways and our Facebook quiz provided us with valuable insights on how much people really know about the truth behind the patient revenue cycle. We found a few common misconceptions that we’d like to unpack here:
Misconception: It costs the same amount to collect from patients as from other payers.
Truth: It actually costs 2-3 times more to collect from patients when you factor in staff hours and materials spent on collection-related tasks. With patients now making up more than 30 percent of the payer mix, no wonder traditional collection methods are no longer working!
Misconception: Patients do not want to keep a card-on-file (COF) for residual balances.
Truth: This one is a real game changer for practices hemorrhaging money by not collecting payment assurance at the time-of-service because they fear it would drive patients away. Keeping a COF is actually the #1 most patient preferred payment method for balances under $200. What are you waiting for? Update your financial policy to include the collection of payment assurance via a COF.
Misconception: Updating patient revenue cycle tools and strategies would not really make much of a difference to a provider’s bottom line.
Truth: Ready for a shocker? The healthcare industry could actually save $11.1 billion dollars a year by switching to electronic transactions and automating their revenue cycle. Those cost savings could then be passed on to the patient, lowering healthcare costs for everyone and improving healthcare outcomes.
As you can see, updating your patient revenue cycle with a solution like Health iPASS to optimize patient payments is like throwing a stone in a pond. The ripple effects could change the healthcare industry as we know it for the better.
If you’re already sold and you think Health iPASS might be the answer to your collection woes, schedule a demo of our innovative solution!