I’ll admit right up front, I am not a millennial. I’m sure that makes a few colleagues chuckle, but it puts this blog in perspective. I was recently conducting research for a blog on “patient-friendly billing for healthcare organizations.” What I discovered was a strong current referencing the influence millennials will have on purchasing--all purchasing.Read More
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.Read More
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.
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.Read More
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.Read More