MedEvolve Blog

Stop Wasting Time Making Patient Phone Calls

Posted by Ashley Moore on Sep 4, 2018 1:42:07 PM
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Statistics show it no longer makes sense to use in-house resources to follow up on past-due patient accounts. If you aren’t collecting before or during the visit, your likelihood of collecting the balance at all decreases significantly.  

Relying on sending statements every month, making periodic phone calls and hoping balances will be paid is a strategy that's no longer effective. Now that your patients are one of your top payers, you need to be proactive and rethink your collection process to ensure success.  

It’s much more effective to automate these efforts so you can use your valuable in-house resources on more productive tasks.

Is your physician practice experiencing the 10-10-10 Rule?

This phrase refers to the ever-diminishing chances practices have of collecting on patient debt by manually calling homes and individuals. According to our findings:

  • Just 10 percent of calls made actually connect with a person.
  • Of those connected calls, only 10 percent reach the intended recipient.
  • And of those calls that are answered by the right person, just 10 percent are able or willing to pay.

Today, patients are the third-leading payer in the country behind Medicare and Medicaid. If practices continue to chase after collections with manual phone calls, patient debt will continue to pile up. Practices are businesses in the end, and now they're dealing with consumers, not just patients. In order to survive, let alone thrive, they must confront the new realities of healthcare. 

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Topics: Patient Account Resolution

Resolve to Check Eligibility in the New Year

Posted by Ashley Moore on Dec 11, 2017 8:40:52 AM

 

With a new year comes new insurance coverage for many patients. When resources and time are stretched thin, it's easy for some tasks to fly under the radar, like checking patient eligibility. However, to prevent delayed payments, each office should request insurance cards (and scan them) for any patient being seen for the first time in the new year. And, while you’re at it, be sure to double check and update demographic information, such as addresses, phone numbers, etc..

Inefficient upfront benefit verification processes open practices up to costly risks. Providing care to patients without the proper coverage will turn reimbursement into a considerably uphill, if not impossible, climb.

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Topics: RCM, RCM Best Practices, Patient Billing, Patient Account Resolution

Collecting from Patients – The Struggle is Real

Posted by Ashley Moore on Oct 5, 2017 11:53:24 AM

Check out our latest infographic which outlines the patient payment problem, best practices for patient account resolution and tips on how to improve collections at your practice. 

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Topics: RCM, RCM Best Practices, Patient Account Resolution, Patient Billing

Patient Collections & Self-pay Crisis

Posted by Ashley Moore on Jul 24, 2017 8:29:11 AM

As more of the financial burden of healthcare falls on patients, many are finding themselves underwater and unable to pay at the time of service. A consequence of this trend is rising patient debt, which is increasing exponentially.  A 2016 survey from Physicians Foundation found that 40 percent of patients have medical debt. Unfortunately for providers, this creates a growing credit risk. 

Practices must rethink their revenue cycle strategy as more financial responsibility is placed on the patient.  Simply sending a bill after a patient visit, a standard practice for most providers, is becoming less and less effective. Statistics tell us that once a patient steps outside the office door after a visit or procedure, the balance due is not likely to be paid, now or ever.

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Topics: RCM, RCM Best Practices, Patient Account Resolution, Patient Billing

How to Reduce Phone Calls for Faster Payments and Happier Patients

Posted by Ashley Moore on Apr 26, 2017 10:44:33 AM


In an article for Optometry Times, Dr. Justin Bazan, owner of Park Slope Eye in New York City's Brooklyn neighborhood, detailed how his office operates almost completely phone-free. This strategy won't work for every practice, but Bazan's reasoning is sound. He realized phone calls interrupted the patient experience, taking providers and other staff away from the people standing directly in front of them. Additionally, every call cost his practice money. In an industry where expenses are at an all-time high and collections are increasingly volatile, Bazan knew he had to cut costs wherever possible.

Specialty practices should consider how phone calls are impacting their patient experiences and their bottom line. Do you know how many calls your practice receives each month, and how much they cost? By reviewing your call frequency and duration, you might find every time someone answers the phone costs your practice as much as $20 in lost productivity and overhead expenses. Instead of spending time answering basic questions— the reason for most phone calls—your staff can attend to more patients, investigate payment issues and perform other tasks that increase revenue.

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Topics: Patient Account Resolution, Patient Billing, RCM Best Practices

Is Your Practice Leaving Money on the Table?

Posted by Ashley Moore on Mar 24, 2017 2:25:34 PM

 

When it comes to managing your revenue cycle in today’s healthcare climate,
it’s not about collecting every dollar—it’s about collecting every penny.

We found several key areas that are causing revenue leaks in specialty practices, and we recently presented a webinar to share this knowledge so practices can prevent it from happening in the future. 

You could be missing out on hundreds or thousands of dollars each month due to unresolved denials for the following common issues:

  • Eligibility and Benefits Verification Gaps
  • Increasing Patient Responsibility
  • Avoidable Rejections and Denials
  • Contractual Underpayments

Don’t let simple mistakes keep your practice from reaching its full revenue potential. 

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Topics: Medical Billing, Revenue Cycle, Healthcare Regulations, Patient Account Resolution

RCM Best Practices: Patient Account Resolution

Posted by MedEvolve RCM on Sep 8, 2016 9:37:47 AM

Since doctors began taking the Hippocratic Oath, they have struggled with requiring payment for treatment of patients. For a doctor, it is their duty to treat a patient and sometimes they may be too willing to dismiss a copay or balance due because they empathize with a patient’s situation or maybe have a long-standing relationship. Collecting money that is owed is awkward for most business owners if a client does not immediately offer payment when it comes due. An unfortunate consequence of the increase in patient financial responsibility is that the practice of collecting on patient balances can turn you, your practice, and your staff into the enemy—the dreaded debt collector.

According to the U.S. Code of Federal Regulations, a practice must “make a reasonable effort to collect” on a patient bill before it can be considered a write-off.

What Defines a “Reasonable Effort to Collect?” 

With respect to Medicare and Medicaid, “reasonable effort to collect” has been interpreted to mean that the provider sends three statements to the patient and if the patient does not respond, the account may be written off.  Since third party billing rules can be difficult to decipher and differentiate, it’s typically a best practice to use Medicare and Medicaid as the standard for all payers.

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Topics: RCM, Revenue Cycle, Patient Account Resolution, Patient Billing, Medical Billing, Healthcare Regulations, Compliance, RCM Best Practices