Category: Healthcare
How to Reduce Patient Stress in Healthcare Collections
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.
Hospital Collections Must be More Patient-Friendly Than Ever
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
Helping Health Systems Find Lost Reimbursement & Revenue
As patient financial responsibility grows, healthcare systems must prioritize how to improve medical billing process and boost patient billing efficiency to protect both patients and their bottom line. Hospital Revenue Recovery: What is RCM and Why Is It Important? Revenue Cycle Management (RCM) refers to every administrative and clinical step—from patient registration and insurance verification
Facing Facts: Adapting to Patient Consumerism with Debt Collection Help
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
Are You Ready for a 501(r) Checkup?
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
Avoid these 5 mistakes with late patient accounts
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 Cost of Uncompensated Care for MN Health Systems
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
New Price Transparency Order Results in More Confusion
Effective January 1 based on a mandate from the Trump administration, hospitals are now required to post their list prices on the hospital’s website in an attempt to move towards price transparency for healthcare consumers. Unfortunately, the approach some hospitals have taken isn’t of much value to the patient community and doesn’t resolve the problems
Patient consumerism: Why a patient-friendly billing and payment system matters
To boost your bottom line, it may pay to consider patient consumerism when dealing with your patients. Because when a patient schedules a visit for medical care, they’re not simply thinking about the quality of care. They’re thinking about the value they’re getting from the visit, even if they have medical insurance coverage. Here are
Revenue cycle secrets for clinics and practices to reduce the number of A/R days
It would be an understatement to say our health insurance system has seen a seismic shift in the past decade. It makes revenue cycle management a challenge because patients, not insurance companies, are paying for a larger share of their medical visits. According to one study, a patient’s cost-sharing payments for medical care have outpaced
