Health iPASS Revenue Cycle Insights

A December 2018 report released by Price Waterhouse Cooper’s (PwC) Health Research Institute forecasted price transparency as one of the top 12 driving forces in healthcare in the coming year, and this prediction has proven to be quite accurate. While transparency in prescription drug costs appears to be on the horizon at the federal level, more and more states are enacting price transparency legislation for general healthcare and care-related procedures.

After a damning 2014 report by the Catalyst for Payment Reform and the Health Care Incentives Improvement Institute which gave 43 out of 50 states an “F” on healthcare price transparency, many states are moving to make a change. For example, Colorado’s Transparency in Health Care Prices Act, which went into effect in January of 2018, requires hospitals to post self-pay prices for the 15 most common procedures. As Health iPASS heads to the 2018 Utah MGMA conference, we can’t help but wonder how this recent legislation in Colorado will affect price transparency for its neighbor, Utah.

Adopting a revenue cycle management tool like Health iPASS can help your practice weather the storm as state legislation and consumer demand for healthcare price transparency continue to increase. Come visit Mark McGregor at Booth #9 at the Utah MGMA conference to find out how Health iPASS can help your practice provide greater price transparency while increasing your operating income, lowering collection costs, and boosting patient engagement and satisfaction.

Colorado’s 2018 price transparency legislation is only the beginning of this watershed year for healthcare. At the time of this post, at least 16 other states are working on ways to lower costs and help patients understand their healthcare financial responsibilities. No matter where you look, it appears that there’s a healthcare price transparency storm brewing, and it’s coming your way. It begs the question, where’s your umbrella? Read More

As a kid who was fascinated by science and machines, I was delighted to learn about the concept of the Rube Goldberg machine. If you don’t remember what a Rube Goldberg machine is, watch this video depicting a Rube Goldberg photo booth. I promise, you will be enchanted! A Rube Goldberg machine is defined in Webster’s Dictionary as “a comically involved, complicated invention, laboriously contrived to perform a simple operation.” These machines are often characterized by a long series of actions that finally loop around to complete a small task such as turning the page of a book or pouring breakfast cereal into a bowl. Rube Goldberg machines are classic fodder for the school science fair, intended to educate children about machines and entertain onlookers.

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Stop me if you have heard this one before:

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The news from Washington D.C. this week that a bipartisan effort is underway to increase healthcare price transparency and lower costs was quite timely and sure to be a topic of discussion at the 2018 AMGA conference in Phoenix, AZ. Couple that news with the recent TransUnion Healthcare analysis that revealed patients experienced an 11% increase in average out-of-pocket costs during 2017, rising from $1,630 in Q4 2016 to $1,813 in Q4 2017 and you have the perfect storm for an in-depth discussion on adopting modern patient revenue cycle tools to address the rising level of patient payments in healthcare. That's where we at Health iPASS enter the picture.

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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.

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According to Becker’s Hospital Review, medical payments in the U.S. are a $3.3 trillion market. Advancements in payment collection technology help providers reduce the frequency of underpayment, whether they are collecting from patients or insurance companies.

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Medical practices in Utah must adhere to the new Healthcare Debt Collections Amendment (HB128), requiring healthcare providers not to send any unpaid patient bills to collections or report them to a credit bureau without following a new notification requirement.

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As a healthcare professional, you want to deliver the very best care and experiences to your patients, but you also need to do right by your business. If you haven't set your practice up for success by employing patient collection best practices, your revenue cycle management (RCM) processes are likely forcing you to lose out on essential income.

If you're trying to improve patient collections in your medical organization, take a look at these seven simple strategies:

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As the effects of the ACA continue to ripple through the world of medical care, providers have seen their first quarter revenue cycle fall into disarray in recent years. Because patient deductibles reset in January, they'll face a use-it-or-lose it situation from now until the end of the year. Further, many deductibles have risen to levels many patients will find difficult to bear financially. Coupled with higher deductibles will be higher co-pays and possibly severe reductions in coverage for those whose insurance comes through an employer. What does all this mean for your practice?

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With all of the factors involved in treating patients and everything encompassed within delivering high-quality healthcare, it may seem almost too reductive to whittle everything down to a single essential word. But while there obviously are many factors to delivering great care that satisfies consumers, there’s one simple word that, if you implement this, can work wonders -- increasing both patient satisfaction and collections.

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