How can medical billing services benefit a healthcare provider?
One key thing to understand about medical billing is that you're ultimately talking about so much more than just making sure patients pay their bills on-time. The ease of the billing process directly impacts the quality of the patient experience, which can either increase or decrease their satisfaction with your practice depending on the situation. This also has a direct…
What is Healthcare Revenue Cycle Management?
It doesn't matter what type of healthcare organization you're talking about - be it a small, private practice or a large, national hospital system - each and every one of them provides potentially life-saving care to patients on a daily basis. But at the same time, one must acknowledge that none of this would be possible if those organizations don't…
Recent Trends and Roles of Emerging Technologies in Revenue Cycle Operations
Technology will continue to drive the revenue cycle industry due to the continuous newly identified needs of our patients, organizational financial pressures, and state and federal regulation. The healthcare revenue cycle technology space has significantly evolved over the past five years. Before the pandemic, there were many companies striving for automation, integration, reporting, and workflow efficiency to support revenue cycle…
How Data-Analysis Can Improve Your Medical Revenue Recovery
Information is powerful. Without a doubt, many of today’s medical centers, private practices, and large hospital systems struggle to ensure accuracy and an understanding of their patients’ financial needs. Yet, as a provider, the better you manage your debt, the more effective you are at providing quality services that your patients respect. When it comes to medical bad debt recovery…
How to Succeed in Self-pay Collections
Patients are increasingly more responsible for paying their medical bills outright. High deductible health plans, for example, have made it more common for patients to be responsible for a much larger portion of their medical bills, and some people have no insurance. This means there are more people who need to make payments directly. For providers, self-pay or early out…
The 3 Most Time-Consuming Tasks in Medical Billing: Why You Need to Outsource
As your healthcare practice or business grows, there is a need for added support to manage your medical billing. Yet, even in a small practice, it is now more difficult than ever to ensure you have enough people putting the right amount of time into each aspect of your office management. Often, billing is a thorn taking up too much…
Is BPO the Solution for Back-Office Shortages?
Unfortunately, the healthcare industry faces a massive labor shortage, extending beyond clinicians and nurses to the back office. The back office is the part of a medical practice that patients rarely see. The “business” side of the practice deals with medical coding, debt collection, and insurance claims. Shortages of crucial staffing positions, such as claims specialists, affect every aspect of…
Templates to use in Debt Collection
According to the United States Census Bureau data, 19% of American households had medical bills they couldn't pay for right away. The median debt is $2000 — however, only 39% of Americans have sufficient savings to cover an unexpected $1000 expense. Why is this important? With these figures, it becomes clear that medical collections are a critical issue faced by…
How to Improve Point of Service Collections Through Better Patient Engagement
Patient financial responsibility for healthcare costs has grown rapidly over the past few years, rising from 5% to 35% in two decades. Today, patients are now the third-largest payer behind Medicare and Medicaid. This increase in responsibility can be challenging for healthcare providers when it comes to collecting revenue. However, it is also challenging for patients. High-deductible health plans continue…
The best ways to improve patient satisfaction around debt collection
Patients are now responsible for a larger-than-ever proportion of healthcare bills than ever before. Patients now have larger deductibles and have to pay closer attention to their costs. With this new swing toward the patient-as-payer, healthcare providers need to do more to keep patients satisfied and avoid patient bills from going into debt collection. Healthcare providers today face many challenges…