Is your AR Out of CONTROL?
In the past, 80% to 100% of office visits reimbursement came from insurance companies, while the patients’ responsibility was limited to a small deductible or co-pay. Therefore, it made perfect sense to concentrate on collecting from third-party payers and not as much on patients’ responsibility.
Did you know $60 Billion in bad debt occurs annually in the U.S. How much of this is yours?
The past number of years, especially under The Affordable Care Act, witnessed a shift in higher amounts being required to be paid by patients. It is not uncommon for patients to be responsible for a minimum of 30% up to 100% for an office visit. It is estimated that physicians collect about 50% of outstanding patient balances, resulting in approximately $60 Billion in bad debt annually in the United States.
Is your financial policy current? Is your financial policy enforced?
As patient responsibility amounts continue to increase, it is paramount for medical offices to implement patient billing solutions by adopting new procedures and training their staff accordingly.
Does your front office staff understand proper co-pay collection?
By implementing patient billing solutions procedures, front office staff will have to be trained on how to identify the proper amount of co-payment to be collected. Additionally, the office financial policy will have to be updated or re-written and communicated to current and new patients.
Are you leveraging technology to increase your cash-flow?
Technology can streamline and make the process of identifying patient responsibility and collection easier and in some cases automatic. A current and robust practice management system along with a secure credit card processing system are just a couple examples of how technology can be used to implement and simplify patient billing solutions, as well as, reduce A/R days outstanding.
Did you know financial responsibility is no longer a taboo subject?
As providers and consumers of healthcare we have to develop a new mind-set. Providers have to change the way they interact with their patients regarding financial responsibility. It is no longer considered taboo to have an open dialogue with patients, or should we call them customers, regarding money and payment matters. Consumers of healthcare today more than ever are more involved in making decisions regarding their healthcare and are more educated about healthcare in general. Therefore, they are more willing to pay out-of pocket for more of the care.
Are you holding your profitability back?
To be successful and profitable in this new world of patient collections, providers must implement staff training, employ state-of-the art tools and engage their customers.
Let us heal your cash-flow, while you heal your patients
At Progressive Healthcare Solutions we free you to be a doctor. Our tools are customizable and adaptable to fit each customer’s unique needs and workflow creating patient billing solutions. For more information and for a free practice analysis contact us at info@PHCSLN.com.
