I’ve been asked the same question time and time again when I'm in the field talking about self-pay collections and bad debt - what question you ask? I'll get there. Collecting invoices from a stubborn or intentionally uncooperative patient for medical services can be enough of a problem, but when the patient seems to have “no money whatsoever” to pay the bill many hospitals and clinics immediately assume the case has to be written off as a loss. That's far from true, but unfortunately it seems like the only logical choice due to a lack of awareness (or wanting to keep the patient from filing a complaint!). In reality, there are a number of ways collections can be made if done in a smart, persistent fashion. There are some accounts that will take a while to get paid, but persistence does often pay off in the end (trust me, I KNOW persistence!) Finally, the question I get asked...

West Chester, PA -- Alyssa DiSalvatore, of VARO Healthcare, sister company to BYL Collection Services, LLC, a first party self-pay collections and third party bad debt collections agency located in West Chester, met her members of the Pennsylvania Congressional delegation to discuss the most critical issue impacting the healthcare professionals.

With ICD-10 being postponed again, you may be left with some very important questions. It's best to start at the beginning by understanding what ICD-10 actually is, how it works, and the best ways to implement this program - with or without delay. Understand how to convert to ICD-10 no matter when the deadline may be, and how this can help your billing and business.

ICD-10 Basics

ICD-10 is a diagnostic coding system used to classify medical diagnosis and procedures around the world - just not in the United States. The US uses ICD-9-CM. The difference between these two coding systems is essentially variety. The new system has 69,000 classifications, while the old system has 13,600 codes. Why so many more codes? Simply put, technology. New technological advances in diagnosis and treatment have left many procedures without an accurate description. Switching to the new coding system means that health information can be both billed and tracked more accurately, and data is easier to share across the World Health Organization networks.

Healthcare

The process of outsourcing a hospital’s accounts receivable or any other medical office for that matter, does not start with handing over accounts and waiting to see what happens next. Instead, accounts receivable management starts with a good amount of planning and understanding what benefits A/R outsourcing will provide a hospital in the first place. When accounts are actually transferred for management, the office will already have a clear plan on what to expect as well as how to redirect resources now freed up from managing accounts directly.

The beginning of each year brings unmet deductibles for a large majority of the patients that you might treat. 

It seems as if there is always something changing within the healthcare field these days. Denial Management (or as a nice woman told me she likes to call it, “Denial Prevention”) is no different, and has its own struggles in this ever changing field. A lot has changed, and will continue to do so as we try to optimize how we process denials.

The way your facility handles denials is very important for reimbursement. Duh, right? It used to be that someone in this department (or at least someone who knew the job) would get a letter from the insurance company stating why it was denied. After that, the appeals process would begin. This tied up funds or reimbursements for quite some time and would involve the investment of copying an entire chart and having physician advisors review that chart. This process is very costly and time consuming. Medicare has decided to hold facilities accountable for what they do.

Before I started making sales pitches to CFOs, Directors, and VPs on why I think they should make VARO Healthcare an extension of their business office, I was making sales pitches to regular people (all jobs aside) - in their homes. And guess what I was selling? I was selling cemetery plots. Yep. But, it was BEFORE death. Awkward. Cold-calling daily and making appointments with people in their homes to convince them to pre-plan their funeral expenses. I’d go through an entire presentation all the while trying to evoke some sort of emotion about how much better it is to pre-plan rather than put your family through the hassle of dealing with it after they die. Weird, I know. It’s difficult to persuade people to believe in what you’re selling, even though YOU believe in it, “yes, you should spend XYZ now to pre-plan so your family won’t have to later”.

Financial Woes

According to some finance analysts, Valentine’s Day is the number two holiday after Christmas that leaves retailers smiling all the way to the bank and customers crying foul because they spend a lot of cash trying to impress their loved ones - the flowers, personalized gifts, dinner, candy, chocolate and rings for those who propose on this day. While it is perfectly alright to treat your lover dearly on this day, it is also wise to do it in a way that leaves both of you happy even after the romance dies out. We are going to look at some causes and sources of financial turmoil on Valentine’s and how to avoid them. It is also good for you to have some tips on saving your finances on this special day.