Payment processing fees are a necessary evil for any business that accepts credit or debit cards. Most merchant processors charge a percentage rate based on the total dollar amount of the charge as well as a per-transaction fee. Some even charge an additional subscription fee for their service. High-volume practices are plagued by the per-transaction fees, and practices with high-dollar services, such as orthopedic surgeons, are overwhelmed by the percentages that claim bigger chunks of would-be revenue. Either way, providers are often hit by a mountain of unanticipated fees when they see a statement from their payment processor.Read More
Make no bones about it (yes, I just did that), the patient revenue cycle can be particularly challenging for orthopedic practices, more so than for many other medical specialties. Common orthopedic treatments and surgeries are some of the most common and expensive procedures out there, leaving many providers searching for a better way to get paid for their work while still remaining sensitive to the payment challenges faced by patients. For this post, we are going to take a closer look at the unique challenges faced by orthopedic practices when it comes to the revenue cycle.Read More
How many times have you been told that change is the only constant in life? It gets pretty old, am I right? Just because things are always changing doesn’t make it any easier, especially when it comes to making major changes to your practice workflow with new technology.Read More
Ever have too many errands to run, making you wish there was a one-stop shop for all your needs? What a time and energy saver that would be, am I right? Well, hey presto! If you’re an athenahealth user, we’ve got some great news for you! Health iPASS is now an MVP Marketplace Partner available in the athenahealth® Marketplace to athena’s growing network of 120,000 healthcare providers.Read More
Ever wish you could get a glimpse inside what your competitors are up to? Or perhaps get the inside scoop on how some practices seem to be enjoying high levels of operational success? Even if things are going well at your practice, it’s always nice to hear some of the steps others are taking that you might not have thought of. That’s why attending conferences can be such a great way to reinvigorate your efforts to create operational efficiencies and accelerate patient payments at your practice. Here are a few that Health iPASS will be attending in April.Read More
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
Think about all of the industries that require a deposit, payment, or a payment method on file before they will perform a paid service. Anytime you go to a hotel, or have work done to your home, or even order takeout, you either need to provide a payment method or turn over cash upon delivery. Not so with healthcare. Once a patient leaves their provider’s office, there is only a 40% chance that they will pay their bill. In 30% of cases, nothing is ever paid at all. Is that any way to sustain a business?Read More
Ever feel like collecting patient payments is somewhat of a crap shoot? Statistically, it is, especially if you rely on outdated billing and payment methods like sending paper statements and allowing patient A/R to stagnate over 90+ days because you never asked for patient payment assurance. Did you know that 60 percent of all patients never pay their medical bill once they leave the office? Yikes. I don’t like those odds at all!Read More
It's no longer breaking news that medical practices across the country are struggling to keep pace with collecting rising patient payments in the era of high deductible health plans (HDHPs) and rising out-of-pocket expenses. A recent athenahealth network study, for example, found that practices collect about 40 percent of patient balances at the time of service when patients owe less than $35, and just 6 percent of what they're owed when the patient's balance is over $200. Couple that with the fact that 30 percent of patients leave the office without ever paying their bill and 60 percent of all patients never pay their medical bill once they leave the office and it's clear that providers need a new approach to managing the patient revenue cycle.
Patients represent the most difficult demographic to collect from and in an era of rising healthcare consumerism, are much more cognizant of the cost of care and their choices on who should administer that care. Patients are also beginning to expect cost of care estimates both before, at, and after the point of service, and are demanding more convenient ways to pay for the cost of care - all factors that feed into the notion that the psychology of patients is changing and providers would bode well to respond to that change by re-evaluating their existing patient revenue cycle strategy and implementing changes that speak to these behavior shifts.
The simple fact of the matter is collecting money from patients once they leave the office is expensive, especially when a balance may be owed post insurance claim adjudication. That's why so many medical providers are evaluating revenue cycle solutions that can capture a payment-on-file at the point of service to cover these balances thereby lowering accounts receivable (A/R), days in A/R, and the overall cost to collect.
Since dermatology medical providers have one of the highest out-of-pocket cost estimates for patients, the need to modernize the patient revenue cycle through automation, higher levels of price transparency, and the ability to leave payment-on-file is particularly acute. That's why we will be attending the annual Association of Dermatology Administrators and Managers Conference this week in Washington, D.C., speaking with practice leaders and offering live demos of the Health iPASS patient revenue cycle solution to providers committed to making fundamental and sustainable changes to the way they collect patient payments.
Attending the ADAM conference this year? Stop by Booth #28 and see me to talk about strategies that can improve your patient revenue cycle and lower the cost to collect. Won't be able to make the conference? You can always see a demo of the Health iPASS patient revenue cycle solution by clicking "Schedule a Demo" below.
Topics: Revenue Cycle Management, Credit Card on File, Patient Payments, Patient Consumerism, Medical Billing, Dermatology, patient net collection rate, improve patient collections, provider bad debt, optimizing patient payments, patient payment, patient bad debt
Have you ever struggled to understand a difficult concept, but when presented with the right visual, everything clicked into place? Let’s face it, the healthcare patient revenue cycle is pretty darn complicated. Wouldn’t it be nice to have a bird’s-eye view of the challenges faced by medical providers in terms of collecting patient payments, with a focus on an innovative solution that directly addresses those concerns?Read More