It’s inevitable. Every hospital has overdue balances to collect. There’s simply no way around it.
It’s inevitable. Every hospital has overdue balances to collect. There’s simply no way around it.
Topics: Patient Pay
Just in case you somehow missed the trend, the healthcare business process outsourcing (BPO) industry is growing at a rapid rate. Black Book Market Research’s annual Satisfaction Survey of all RCM stakeholders uncovered that nearly half (45%) of struggling hospitals in the U.S. have immediate plans to implement a full RCM outsourcing strategy. By 2016, the outsourcing market will reach $9.9 Billion, over a $2 Billion jump from the 2014 numbers.
Topics: BPO, Patient Pay, Outsourcing, Business Process Outsourcing, ICD-10, Healthcare BPO Companies
The TCPA was originally designed to curb the numerous unwanted marketing calls that were being dialed into households on a daily basis. People were discouraged and outraged about the growing number of aggressive calls that were dialed into their homes nightly. Many of these calls were done automatically (through a dialer system or "robocalls") which is the reason the act was passed.
Topics: Patient Pay, Compliance, TCPA, telephone consumer protection act
The patient experience is a critical factor that sometimes gets ignored in the hospital setting (or maybe not… but it DOES get forgotten). The primary focus of a hospital is to heal the sick and cure the injured. However, hospitals are also businesses interested in not only covering their costs but making a profit as well. As a result, the patient experience has to be kept as a (top) priority.
Topics: Patient Pay, patient satisfaction, hospital patient satisfaction, healthcare receivable management, patient experience
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...
Topics: Patient Pay, patient satisfaction, Patient Deductibles, healthcare receivable management
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.
Topics: Patient Pay, patient satisfaction, vendor management, Outsourcing, Business Process Outsourcing
If you are in charge of your hospital finances you need to know why this is happening and how to fix it.
Hospitals are single-handedly the most difficult to manage institutions in any economy because of their complex organization and the fact health professionals are not expected to be business oriented. Health care professionals in finance and general accounts personnel face various challenges in revenue cycle management and often have to outsource third party medical billing services to cater to their needs. Patient collections after insurance claims have been paid is especially tasking because of the poor strategies geared towards collecting the funds.
Topics: patient protection, Patient Pay, A/R Management
What’s one of the best ways to improve your organization’s cash flow? Accelerating and maximizing collection of accounts receivable, of course! In most organizations, increase in the amount of capital to fund investments in technology, people, and training depends on accounts receivable collections.
Topics: Patient Pay, A/R Management
