Managing claim denials is crucial for the ongoing success of healthcare organizations. Establishing an effective denial management process can significantly improve your revenue cycle and reduce your number of future denials.
Managing claim denials is crucial for the ongoing success of healthcare organizations. Establishing an effective denial management process can significantly improve your revenue cycle and reduce your number of future denials.
Topics: Denial Management
Every medical facility has customers with overdue bills. The longer you take in collecting on these unpaid balances, the greater the chance you won’t get paid at all. While some medical offices opt to utilize the services of its back office staff to follow up on unpaid bills, they don’t have the right infrastructures and procedures to manage the collections process effectively. To expedite the process in retrieving overdue payments while avoiding legal action with existing customers, many medical offices contract collection agencies that have proven experience and trained staff.
As patients are forced to take on more of their healthcare costs, bad debt has emerged as a significant issue for healthcare providers. In 2013, America’s Health Insurance Plans reported that around 15.5 million individuals are now enrolled in high-deductible plans, with about a 15% annual growth rate in the past few years. Hospitals are investing considerable time and resources into contacting patients and attempting to settle outstanding balances. Instead of focusing on improving the quality of patient care, staff members are frequently calling, emailing, and mailing overdue debtors, trying to maximize the collections process and boost ROI.
Collecting overdue balances from patients is never an enjoyable process. It requires a substantial investment of time and resources, and, more often than not, leads to overworked, stressed out employees.
As a medical device supplier, you’re likely impacted by patient delays or negligence in returning equipment. While there are a number of reasons why a patient may not return a device, timely (and finalized) returns are critical to properly manage your device inventory and expenses. Device returns can often be simplified by following a few recommendations. We’ve compiled some easy-to-implement tips to increasing your recovery rate.
As with collecting on outstanding medical bills, your medical facility must act on recovering prescribed medical devices from patients. The loss of medical devices negatively impacts your revenue cycle, inventory projection, staff and future patients.
Medical practices are no stranger to financial challenges. Rising operating costs, shifting reimbursement models, unknown healthcare reforms and outstanding balances are just some of the difficulties a hospital or healthcare facility may face on a day-to-day basis. These complications and uncertainties leave healthcare companies feeling pressured to improve their revenue cycle and maximize patient collections.
Collecting outstanding patient balances is essential for the financial health of your practice. As employers deal with rising healthcare costs, they are choosing high deductible health insurance plans which shift the financial responsibility to the patients. With patients accountable for a larger portion of the costs, they are finding it increasingly difficult to pay off their medical bills.
It’s inevitable. Every hospital has overdue balances to collect. There’s simply no way around it.
Topics: Patient Pay
Asking for money - even when the bill is overdue - is never enjoyable. While it can be unpleasant collecting payment from patients, it is essential for the ongoing success of your practice.
Topics: Revenue Cycle Management, Revenue Cycle Services, Revenue Cycle Solutions
