The coronavirus crisis has had an undeniable effect on the world. The pandemic has impacted every person and business in one way or another. During a public health crisis, it is understandable that independent medical practices and doctors have innumerable challenges to face. Having to spend time tracking down late payments is never ideal, but
The American Association of Healthcare Administrative Management (AAHAM) has announced that IC System’s Director of Healthcare Account Management, Kristina Gursky, will be part of the newly formed National Patient Financial Advocate Task Force. AAHAM developed the Task Force to review the standards of the healthcare industry; specifically, the practices and procedures involving patient financial interactions.
If you’re like most mid-size or larger healthcare organizations, chances are you only have a single-tier strategy for your receivables. You place your past-due accounts with one or more collection agencies, they attempt to recover a portion of the inventory, and that’s where collection efforts end. Many health systems in the industry manage their debt
Now more than ever, it’s no surprise that Americans feel stressed about their medical bills. CNBC reports that more than a third of all Americans (137 million) have struggled to cover the cost of their medical bills since the rise of high deductible health plans in recent years, leading to an increase in healthcare collections.
The patient experience is priority number one in healthcare today. Every interaction, whether it’s with the hospital staff or in the form of written communication, contributes to how patients evaluate the quality of the care they received. In cases where a patient must be sent for hospital collections on a past-due account, the importance of
There was a story out of Arizona recently about a patient with a hefty bill for healthcare services, and because he couldn’t afford to pay it outright, he was forced to sell his collection of X-Men comic books to resolve the matter. As a former comic book collector, my heart nearly broke. When you read
Given the rise of patient consumerism, being a physician or member of a practice now means you are split between two roles. The primary role involves what one traditionally thinks about when they think of a doctor, patient care. You encourage, preserve, and restore the health of your patients. But in recent years, you have
Nonprofit hospitals with tax exemption status have struggled to ensure compliance with 501(r) regulations ever since the final rules were released at the end of 2014 by the Internal Revenue Service. A recent inquiry into whether these hospitals meet the requirement of the 501(r) raises questions about what goes into 501(r) compliance, and how a
Chances are, your practice is faced with the challenge of a higher load of aging accounts receivable and the likelihood of needing medical bill collections services. Unlike a decade ago, the core strategy in lowering those A/R days is not necessarily centered on streamlining insurance company processes. This time, patients are the likely source of
The 2017 numbers are in: Minnesota healthcare systems provided $691 million in uncompensated care during 2017, up 19.2% from the prior year. But as a Minnesota collection agency, IC System has to wonder what do these numbers, reported by Becker’s, really mean and why are they important? First, let’s look closer at the issue. All