No one enjoys getting a bill, but patient-friendly statements make the process a bit more enjoyable. Providing a positive, patient experience is paramount in today's healthcare landscape, including interactions after an initial visit; especially with self-pay collections.
It is hard to ignore the increase in Accountable Care Organizations' (ACOs) popularity in urban America, but how do ACOs fit in rural America?
41% of Americans make New Year’s resolutions every January and on average one third are able to maintain their resolution through March.
With the tedium of detail and legal jargon contained in the MACRA legislation (over 2,000 pages in the final release), how are small and mid-sized organizations supposed to keep up with all the requirements?
The need for speed of money has taken over!
Instead of having to go to the bank and talk to a teller, you can now access your money anywhere with an internet connection or telephone. It now can take only mere seconds to wire money transfers and make payments instantly using an online portal or mobile application.
There are many areas where a revenue cycle management partnership can be of great benefit, but it can be hard to know when it is time to take that next step. To help, here is a list of indicators to look for.
Six Signs Your PFS Department Could Use a Revenue Cycle Management Partner:
There is a lot of information floating around about Early Out Self-Pay, an emerging healthcare service necessity, but as with many things, not all of it is based in fact.
As the Vice President of the OutPartnering™ Center and Executive Director of Early Out Self-Pay prior to that, I can help you gain some clarity by debunking the Top 5 Myths of Early Out Self-Pay that just don’t hold up in practice.
Myth #1: Propensity to Pay Account Scoring is Good
Some organizations measure the value of a self-pay department exclusively on its ability to collect cash. Cash collection is an important aspect of this department but fails to recognize the importance the of the self pay team in providing exceptional patient experiences. To adequately measure your self pay department you should be looking at a variety of Key Performance Indicators (KPIs) on a regular basis. These KPIs should have a balanced focus that includes measurement of staff performance, utilization of technology and patient experience. Within your self pay department there are several simple KPIs with easy-to-monitor best practice metrics.
Creating a successful OutPartnering™ relationship depends greatly on finding a partner that you have synergy with, one who is in it for the long run. When engaging with a new partner focus on meeting your immediate objectives for today but also ensure that you have goals for future growth.
Productive and lasting relationships can be enhanced through regular meetings with your vendor. Weekly or bi-weekly meetings via conference call can allow both parties to voice concerns, find resolution to current issues, find opportunities for improvement and establish common goals for the future as well as celebrate successes.
Do you have a hard time finding metrics that relate to your facility? Are you frustrated because the healthcare industry is overrun by “best practice” indicators, and plagued by the notion that every revenue cycle fits into a cookie cutter best practice model?
After many years in the industry providing services across numerous revenue cycles and reviewing client results, it became very clear to me that the standard “best practices” performance indicators touted in revenue cycle publications are not likely the best gauge of AR health for your individual facility.
The upcoming tax refund season is an ideal time to implement some strategies to increase collections. As patients get their tax return refunds they are presented with an opportunity to review their current financial situation. Historically, almost 50% of Americans pay down debt with their tax return refund. In many cases medical expenses are not at the top of their list because other debtors charge higher interest rates or offer settlements for payments in full. Now is a perfect time to give patients a compelling reason to pay their medical bill.
Do you spend sleepless nights thinking about how to maximize throughput within your revenue cycle functions? Throughputs can include increasing cash, decreasing days in revenue outstanding, improving customer satisfaction or maintaining compliance standards and the available strategies are often complicated by external factors such as: consumerism, newly insured patients, increases in patient liability, sophisticated payer edits, denials for payment and staff turnover.
Are you frequently reviewing your post ICD-10 risk mitigations plan? Did you even create a post implementation risk mitigation plan for your revenue cycle? If the answer is no to either of these questions don’t worry it is not too late to do something. The greatest risk areas in the revenue cycle is a delay in cash flow. You can start a simple risk mitigation plan by asking yourself some simple questions: