There seems to be a trend with hospitals to assign accounts to early-out vendors later in the revenue cycle rather than on Day One.The reason for this seems logical: allow the first or even second statement do the work before…
Ensuring that your patients pay on time and in-full is the crux of resolving patient accounts. More often than not, however, helping patients navigate the self-pay collections process is as complicated and challenging for you as it is for them.…
Patient satisfaction is the future of healthcare in the US. This goes beyond the care your patients receive while they’re in your facilities. Just like any other business, how you respond to customers and fulfill their needs, particularly with financial…
Last month, financial health website Nerdwallet revealed findings of a study titled “NerdWallet Health study: Medical debt crisis worsening despite health care policy advances.” Although there are measures in place that should theoretically reduce personal medical debt under the Patient…
‘Heath Literacy’ is a term we see used often in the healthcare world. Although it’s a somewhat vague term, it can be an overlooked part of a healthcare provider’s strategy to help reduce costs. As we wrap up Health Literacy…
In September of this year, Department of Health and Human Services Office of the Assistant Secretary for Planning and Evaluation (ASPE) released an issue brief: “Impact of Insurance Expansion on Hospital Uncompensated Care Costs in 2014.” The brief outlined some…
In late August, Moody’s Investors Service released a report showing slower revenue growth for not-for-profit hospitals in the US during 2013. According to the company’s findings, revenue at 383 hospitals tracked grew 3.9 percent, much lower than the typical 7…
One of the predicted outcomes of the Patient Protection and Affordable Care Act (PPACA) is the increased number of self-pay patients. While more individuals may be insured, hospitals are seeing more patients who have higher deductibles and other out-of-pocket costs…
In our last blog post, we discussed the importance of proper communication with patients starting from the minute they walk into your facility. Communication includes educating patients about costs of care and their responsibility involved. Effective communication doesn’t only happen…
Earlier this year, the Healthcare Financial Management Association (HFMA) released its best practices in medical account resolution. Along with the tips presented in the article, it is important to ensure you follow best practices in communicating with your patients. Effective…
