The increase in self-pay patients and rising operational costs are driving healthcare providers to seek out tools and strategies to operate more efficiently and collect more from patients. Depending on your current processes to collect, there are various changes you can make that can have a significant impact on the amount collected and the time and costs spent to collect. Below are three common process issues that billing service Medical Management Corporation of America (MMCOA) faced with its providers, and
As healthcare providers rely more on patients for revenue, many have started to use more patient-centered strategies, like payment plans, to collect payments. But to ensure you’re improving processes for your organization and for your patients, you need to make sure best practices and policies are in place.
A Growing Trend
Data from the 2011 Trends in Healthcare Payments Report shows that the use of payment plans for healthcare payments has doubled since 2009. From the same report, 63 percent of surveyed
For a healthcare payer’s provider network, the process to get paid has always been a challenge. The steps providers take each day, from verifying eligibility and submitting claims, to receiving and reconciling payments, are filled with manual work, paper, errors and delays. As a result, the fragmented, time-consuming and often stressful process to collect payments is adding a lot of cost pressure on providers.
New healthcare reform mandates also put pressure on providers to find ways to get paid more efficiently.
The term “administrative efficiency” has been popping up everywhere in the healthcare industry lately. Most provider organizations, from the solo-physician practice to the large health system, should know that they need to make strides to achieve administrative efficiency. However, how can you measure efficiency to tell if you’ve achieved it, or if your administration is still inefficient?
Faced with these questions, Judy Downing, the Billing Manager at Holly Springs Pediatrics, decided to quantify inefficiency in her practice by identifying her greatest
Many healthcare providers are concerned about the impact to their businesses that will result under PPACA. Much of this concern is due to the additional 20 to 30 million uninsured Americans that will begin to receive new healthcare coverage in 2014. With more patients eligible to receive healthcare services, and hundreds of millions of patient payments transactions being added to the U.S. healthcare system, the difficulties providers face with patient collections is becoming a high priority issue.
Shifting the focus to
Think of the payment assurance that Best Buy has in a payment transaction: it allows a consumer to walk out of its store with a thousand-dollar television, even though the payment is not yet in the company’s bank account in the form of available funds. The only thing Best Buy has to fall back on is its trust in an authorization, delivered by a payments network, after a consumer’s payment card is processed. Imagine telling Sam Walton in 1960 that
This webinar has already occurred.
As costs rise in healthcare and the new reform mandates are implemented, payers face the ever-present challenges of cutting costs, meeting regulatory mandates and ensuring provider network satisfaction. Payers can overcome these challenges by streamlining payer-to-provider payments using a simple, secure solution.
This webinar features the following healthcare payments industry experts and payers:
IDC Health Insights will present on the healthcare payment market drivers for payers, including regulatory pressures like Medical Loss Ratio (MLR), growth in self-pay members