The rising cost of health care has brought attention to the industry in more ways than one. Patients are paying higher deductibles, medical procedures cost more and technology continues to creep its way into all aspects of the patient experience.
The ACA reduced the number of uninsured Americans, but the need to improve revenue cycle management is as important as ever for clinics and private practices. A portion of revenue stream comes from individual and out-of-pocket payments, which highlights the need to improve their payment solutions. Even for those who are insured, high deductibles are preventing patients from getting even the most routine procedures fully covered.
According to the Kaiser Family Foundation, 80 percent of workers with insurance have a high-deductible health plan. With health care costs predicted to rise in 2015 - by an average of 6.5 percent, the National Business Group on Health found - patients need more improved ways to pay their out-of-pocket medical expenses. A clinic or private practice's bottom line depends on simplifying revenue cycle management and reducing overhead costs, especially considering nearly one-third of a provider's revenue comes directly from patients.
Accelerate Revenue Cycle Management
Improving revenue cycle management can help these organizations collect money more quickly and improve the overall patient experience in the process. Providers face a number of payment challenges these days, including the entire collection of full copays, checking insurance coverage beforehand and approving procedures beforehand based on whether or not they're covered. The latter two can add to the patient-payment collection dilemma, especially since paying bills pay not be the first thing on their minds at all times.
"80 percent of workers with insurance have a high-deductible health plan."
However, if providers can upgrade their revenue cycle management and payment solutions, patients can more quickly and easily pay their bills - especially if they know what's covered and what isn't before their visit. If providers allow patients to pay from wherever they so choose via the Internet, they're more likely to complete the payment that moment. When a customer opens a physical bill from the mail, they're likely going to get sidetracked, which in turn slows down the collection process.
On the back end, clinics and private practices can run detailed reports on which patients owe money and to what clinic.