We're proud to announce the launch of Capture 4.0, a powerful, more-intuitive version of our healthcare revenue management tools. Capture 4.0 delivers all the benefits of the previous versions of Capture and CaptureScan, plus a new, more user-friendly design and exciting new features to make the patient payment process quicker and easier.
The Healthcare Financial Management Association (HFMA) is developing best practices for all staff interaction with patients regarding financial matters. HFMA offers specific, actionable ideas for time-of-service inside and outside the Emergency Department, interactions prior to service and general best practices (shown below). All of these ideas can have a profound impact on your revenue cycle management. Ensuring you have the tools in place to support patient pay and using these best practices will have a positive impact to your patient A/R.
A recent study by TransUnion Healthcare has shown that the quality of care a patient receives involves more than just the physical care they recieve and getting well. The study found the ease of the billing and patient payment process can affect a patient's health outcome. This is in part because negative billing and payment experiences kept patients away from follow-up appointments, cancer screenings and other wellness health visits. More than 60 percent of the respondents in the study indicated that quality billing practices, convenient payment options, and cost information given at the point-of-service would encourage them to seek more non-critical health care.
Over many years of health care consulting and hands-on experience with many hospitals and clinics, I believe I can make a pretty accurate observation: “Many do not “C”ommunicate their financial policies very well to patients.” While this may not seem like a big issue, it can actually have a tremendous impact on our your bottom line. Bad or no “C”ommunication leaves patients confused, frustrated and un-educated about their responsibilities. This may be one of many reasons for your growing A/R. The good news is that can also be one of the easier things to remedy to help curb your growing A/R and patient payment issues.
Consumerism is alive and well in social media. If you are not participating, you should be. Hospitals and clinics are B2C (business to consumer) organizations that can reap cost-effetive benefit from ‘going social.’ The key is how to turn your social activity into engaged patients. Plus, now that the consumer is paying more of the bill, they’re more engaged than ever in their healthcare decision-making and how their money is spent on healthcare services.
Numerous years ago, patients paid “reasonable and customary” rates based upon a Chargemaster. The Chargemaster, also known as Charge Description Master (CDM), as defined by Wikipedia, is a comprehensive listing of items billable to a patient or a patient's health insurance provider. The Chargemaster typically serves as the starting point for negotiations with patients and health insurance providers of the amount of money that will actually be paid for the services. It was once described as "the central mechanism of the revenue cycle" for health care. Nowadays, health care is stuck in a complex, antiquated, reimbursement methodology designed by, and for, the insurance industry.