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
The rise of consumerism in healthcare is driving providers to evaluate their tactics to collect healthcare payments. While providers previously relied almost exclusively on payer payments for their revenue, patient responsibility is increasing as a portion of provider revenue. In order to collect more from patients and reduce administrative costs, providers need to offer more convenient, consumer-friendly payment options, such as online patient payments.
According to the 2011 Trends in Healthcare Payments Annual Report, online patient payments have tripled since 2009.
Following the Supreme Court’s ruling on PPACA, the industry can be certain that regulatory mandates, aligned with PPACA, are coming. One of the most prominent changes the industry should prepare for is that approximately 30 million uninsured Americans will begin to receive healthcare coverage in 2014. This means that more patients will receive healthcare services, and hundreds of millions of patient payment transactions will be added to the U.S. healthcare system.
But what can providers do if their patients aren’t paying?
Traditionally, the end-to-end healthcare payments process – from submitting claims to receiving, posting and reconciling payments – has been disjointed and manual, requiring a great deal of paper and leading to errors and delays in payment. However, as providers continue to feel pressure to reduce costs, leveraging integrated technology to streamline these processes is becoming increasingly important. Here’s Eastside Pediatrics’ story and the success they achieved with integrated healthcare payments:
A Series of Problems
Inefficient Claims and Remittance Management Processes