This year’s NextGen UGM offered three exciting days jam-packed with information and educational sessions. It was also a great opportunity to talk with NextGen Healthcare users from across the country and hear about their achievements and challenges with healthcare payments. Here are three key takeaways.
Providers Aren’t Lenders
Providers continue to face the challenge of increasing patient payment responsibility. A recent article from Bloomberg summarizes the problem pretty clearly: doctors are fed up with being turned into debt collectors.
The CEO of Sierra Pacific Orthopedics Clinic, a muscular skeletal practice and NextGen Healthcare user in Fresno, California, shared similar frustrations as they felt the impact of the sharp rise in high deducible health plans:
“We were increasingly required to collect more from our patients and forced to rely less on collecting from payers. If a patient has not paid their balance, providers essentially loan them that money without any assurance of payment. Medical groups practice medicine; they are not creditors. We needed a way to make sure patients paid their responsibility without any additional costs to collect.”
Then they partnered with InstaMed to leverage the InstaMed Auto Payment Collect™ solution to securely save a payment card before or during a patient’s visit and automatically collect any patient responsibility. The payment card is only charged once the claim is adjudicated and the patient balance has been determined by the health plan. In addition, the paper statement is automatically suppressed when the payment is collected, and patients receive an email receipt of the payment. The solution integrates with NextGen Healthcare to streamline operational processes. As a result, Sierra Pacific Orthopedics reduced A/R over 90 days by 44% and decreased bad debt by 35%. Today, the practice automates over 80% of patient payment collections.
Patients Expect Digital Experiences
Eighty percent of consumers said that payment channel choices were very or somewhat important for their medical bill payment experience, and 65% of consumers said they would switch providers for a better healthcare payments experience. Patients are increasingly expecting convenient options to pay and manage their healthcare bills. NextGen Healthcare users want to offer an easy to use online payment portal to collect payments from patients any time, any place, anywhere.
Security Concerns Aren’t Going Away
There were 477 health data breaches in 2017 affecting six million consumer records. Ninety-six percent of providers report that payment security is important when collecting patient payments. The use of EMV-enabled devices that are protected with point-to-point encryption (P2PE) can ensure payment security and compliance for provider organizations.
For over 10 years, NextGen Healthcare has trusted InstaMed to get users paid faster, reduce costs and eliminate manual efforts to collect patient payments. Learn more about InstaMed and NextGen Healthcare integration here, or watch the video below for more information.