In the immortal words of Ferris Bueller of the perennial 80s favorite Ferris Bueller’s Day Off: “Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.” And oh, how true those words are, especially these days where today’s big news is tomorrow’s forgotten Instagram post. If you picked up 80s Ferris and dropped him down in 2019, he would be in for a serious culture shock. Pop culture has been changing so quickly, it could make you dizzy. However, some things are slow to change and catch up the expectations of today. One industry that is notoriously change resistant? Healthcare.Read More
If you’ve spent any time on our website or have seen members of our sales team at a conference, you might have heard that our clients are collecting over 97% of residual balances when patients check in with Health iPASS and opt to keep a card-on-file (COF). When compared with the industry average of 12%, that’s kind of a big deal (insert winky face here). The true key to this kind of collection success is collecting payment assurance via establishing a card-on-file COF policy to pay for post-adjudication balances. That sounds great for practice managers, but what about the patients? Here are some of the objections that may arise regarding keeping patient payment information on file, and how to gently overcome them.Read More
Earlier in the month of December, Rajesh moderated our most recent Health iPASS webinar, a panel discussion centered on strategies to help medical providers collecct more patient payments in 2019. Rajesh presided over an impressive panel of healthcare experts that included John Hornberger, CEO of Orthopedic Center of Palm Beach County, Eric Brodsky, Principal at Epoxy and Executive Director of Illinois MGMA, and Joe Clark, CEO of Sierra Pacific Orthopedics. Rajesh moderated the discussion on the future of healthcare and how the “status quo” of paper statements and lack of technology use is a thing of the past. If you missed that webinar, a recording of it is available here.
This week is yet another opportunity to hear Rajesh and learn from his great insights on the future of the patient revenue cycle in healthcare. Tomorrow, January 22nd from 12-1 pm central time, Rajesh will be participating in the Association of Dermatology Administrators and Managers (ADAM) webinar entitled “ Preparing for 2019 and Beyond: Revenue Cycle Regulatory Legislation on the Horizon” will outline and discuss pending legislative framework changes on the horizon that could negatively affect revenue cycles and how providers can manage these changes and abandon the status quo.
With the rise of high deductible health plans (HDHPs), patient as a payer is becoming the new norm. Patients are demanding price transparency so they can clearly understand both before and at the point-of-service how much money they owe after a doctor’s visit. Over the last few years, there have been moves both at the state and federal levels towards establishing greater healthcare price transparency and reducing/eliminating surprise medical bills. In fact, as of June of 2018, 28 states now require hospitals, physicians, and/or healthcare plans to publish per-procedure costs.
With a significant push towards greater price transparency, data-driven healthcare pricing reform and transparency will only accelerate. While this is not a new initiative, the Colorado Transparency in Health Care Prices Act, which went into effect January 1st of 2018, is breaking new ground and may well serve as a model for ongoing efforts to increase healthcare price transparency for patients. As the healthcare industry is confronted with new cost transparency legislation, providers need to adapt.
You can register for the upcoming ADAM webinar by following this link. You may also download all our Health iPASS webinars by visiting the “webinar” page located under the Resources tab on our main site. We look forward to hearing more of Raj’s insights and we hope you are too. Read More
Here’s the good news! If you couldn’t view the webinar the first time around, you can now. The webinar is now available online. Here are some of the highlights from the entertaining and informative webinar on how to improve patient payment collection in 2019.
The panel touched on a lot of topics regarding the current state of the patient revenue cycle in healthcare. They discussed current patient revenue collection strategies—specifically what is and is not working--- and the difficulties of securing patient payment guarantees.
Additionally, the panel discussed the future of revenue cycle management. They talked about what is adding to the cost to collect, how the shift from fee for service to value-based care impacts future payment models, and how a medical practice can effectively address change management.
The webinar featured an informative discussion about several important topics in the healthcare revenue cycle. The main takeaway was that technology needs to be at the forefront of changes to the patient revenue cycle. Here are some of the panelists comments:
- “I think technology represents the future [of the revenue cycle],” said Eric Brodsky. “A more efficient way of applying it is the key.”
- The panel also mentioned how keeping up with the “status quo” of not using technology and delivering paper statements will ultimately sink medical practices, while also noting how use of technology has improved relationships with patients.
- “If status quo is your goal, you are not going to succeed. Everybody needs to be looking forward and changing that dynamic.” said John Hornberger. “We need to take advantage with patient revenue cycle technology, and through doing that we’ve been able to form a better relationship with our patients. We’ve moved from ‘traditional methods’ to technology.”
- “A lot of practices are still challenged with leveraging technology. The real issue is whether these practices are using these technologies to their fullest extent?” Eric Brodsky commented. “Paper statements are going by the wayside. You have to have multiple methods to be able to communicate with patients, whether it’s paper, e-mail, or even text.”
While all the panelists agreed that implementing these technologies are the only way to ensure practices collect most of the patient payments they are owed, they also talked about the hurdles that come with moving toward these technologies.
“The key for a successful implementation is educating the staff on why you’re doing it. Really explain to them where we are headed,” said Joe Clark. “Secondly is training staff and educating patients of the advantages of using card-on-file and kiosk systems.”
Downloading the Webinar
We have improved our website to give visitors easier access to Health iPASS content. You can find the webinar on our new “webinar” page under the resources tab. To listen to our informative webinar, visit the landing page and fill out the form on the page to get instant access to our webinars.
Has this webinar on how to improve patient payment collections motivated you to take action and explore your options? Let us know and we can set up a quick demo of our patient revenue cycle solution.