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
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
As the rise in healthcare consumerism becomes one of the most influential industry trends, more healthcare providers are accepting payment cards in order to collect more patient payments. However, the prevalence of data breaches in healthcare – many of which involve patient payment card data – also is increasing. The financial and reputational cost of a payment card data breach is high and may result in bad publicity and loss of business. To reduce the risk of a breach,
What Is an ACO?
An ACO (accountable care organization) is a healthcare organization made up of providers and payers who come together to give coordinated, patient-centered care. In the public sector, ACOs earn incentives for delivering high-quality care and reducing healthcare costs for Medicare and Medicaid patients. In the private sector, ACOs focus on achieving a high level of wellness and satisfaction for all patients.
What You Should Know About ACO Payments:
1. Increase focus on collecting from patients. As providers work to