Showing posts with label medical billing. Show all posts
Showing posts with label medical billing. Show all posts

Thursday, January 25, 2024

When choosing a physician, billing matters

A survey from Salucro Healthcare Solutions, a health care payment technology company, examined the interaction between patient financial behaviors and expectations.

The 2023 Patient Payment Technology Report surveyed more than 1,500 U.S. health care consumers, examining patient interactions with health care payment systems, encompassing consumer confidence, patient loyalty, financial preferences, and trust in technology and security.

Key findings from the report revealed significant trends in patient attitudes and behaviors:
  • 78% of patients: Consider the billing process somewhat or very important when selecting a healthcare provider.
  • 72% of patients: Trust their healthcare provider or partnered technology firms to handle their medical payment data.
  • 66% of patients: Prefer email or text message notifications for billing and payment reminders.
  • 53% of patients: Who had negative financial experiences with their providers, reported leaving negative reviews.

These insights highlight a paradigm shift in patient expectations, where health care financial experiences are increasingly benchmarked against standards set by consumer-focused sectors. Clayton Bain, founder and CEO of Salucro, said health care providers need to meet or exceed these evolving standards throughout the entire patient journey, from pre-service outreach to clinical care and final billing.

The report also emphasized the growing preference for digital payment methods, noting an 11% increase in demand for recurring payment plans since 2019. Contactless payments have doubled in popularity within two years, rising from 11% in 2021 to 22% in 2023. Patients also expressed interest in using digital wallets, PayPal, and Venmo, to settle medical bills if given the option.

Nevertheless, traditional payment and communication methods remain relevant, with 32% of patients preferring health care billing statements by mail and 27% opting to pay by check. This underscores the importance of a balanced approach to patient billing, accommodating various preferences and ensuring a seamless experience regardless of the chosen communication channel, according to the report.

The full report can be downloaded here.


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Monday, August 28, 2023

Streamlined billing improves overall wellness for patients and physicians

Physicians and patients face pressing, converging interests in the decade ahead. On one side, there's an increasing demand for physicians ­— a worker shortage that is projected to reach up to 124,000 professionals. On the other, patient demands are evolving, with an increasing expectation for seamless, digital interactions.

How can physician practices meet rising patient expectations while also dealing with diminishing human resources? Having worked with hundreds of healthcare providers across the country, I've seen the benefits a streamlined billing strategy can have for both patients and physicians.

Investing in digital solutions can automate administrative processes and elevate the patient experience. Here's how healthcare organizations can streamline their billing strategy to improve overall wellness and support their revenue cycle teams.


The imperative for digital-first patient engagement


Many industries have successfully pivoted to the digital age. However, as anyone in healthcare knows, the stakes are higher, and the industry can often be purposefully slow to embrace new engagement solutions.

A digital-first patient engagement strategy speaks the contemporary patient's language. In an era where financial transactions, from buying coffee to booking vacations, are handled with a few taps on a screen, why should people expect any different from their healthcare visit? Patients aren't comparing their healthcare payment experience to other healthcare experiences, but to their interactions with industries at large.

Investing in technology tools that facilitate and prioritize digital billing and payments ensures bills are dispatched timely and efficiently. It means less time between service provision and payment, leading to healthier cash flow for practices.

Every moment a physician spends on administrative tasks is a moment diverted from patient care. By leaning on technology for back-office work, they're not just streamlining processes; they're returning time and attention back to the physician-patient relationship.


Patient-Friendly Billing Communications, Provider-Friendly Revenue Cycle


When patients receive a medical bill, they're evaluating their entire healthcare experience. For many, this bill is a tangible touchpoint, a reflection of their interactions with their physician, from the first appointment to post-care follow-up. Ensuring this bill is transparent, accessible, and comprehensive helps to earn the patient's trust and reflects positively on the physician's reputation.

Physician practices should pay close attention to utilizing text and email effectively for a comprehensive billing communications strategy. The convenience of a text message alert, informing patients of their bill's availability, complete with a direct link to view and pay, makes engagement easy and actionable. Email offers opportunities for more in-depth communication like itemized bills, payment instructions, and resources on insurance or third-party financing.

While it's important not to leave behind patients who prefer mailed statements, these digital communication strategies fit the habits of today's tech-savvy patients.


Pre-appointment digital strategies


We are not far from a world where most of a patient's administrative and billing tasks are handled before they walk in for their first medical visit. It's the power of pre-appointment check-in systems. By allowing patients to complete necessary paperwork, verify insurance details, and even make pre-appointment payments digitally, these practices can increase revenue cycle efficiency and reduce in-clinic wait times.

Unsurprisingly, patients don't enjoy paperwork and redundant form-filling. By digitizing this process, healthcare providers respect patients' time and set a positive tone for their upcoming appointment.

For physicians, the benefits are twofold. First, they're presented with well-organized, timely information, enabling them to prepare adequately for the appointment. Secondly, it significantly reduces post-appointment administrative tasks.

By leveraging technology to improve billing communication and streamline pre-appointment processes, practices can exceed patient expectations, boost efficiency, and emphasize the focus on patient care.


Transparent and automated billing systems


Uncertainty leads to mistrust, and 41% of patients say they do not feel that their healthcare provider is transparent about the costs associated with their medical care. From ambiguous itemizations to unexpected charges, billing can become a major source of stress. However, with the right patient payment technology tools, there's an opportunity for practices to transform this experience.

Automated billing systems that integrate seamlessly into a provider's workflow ensure bills are dispatched on time and accurately. By automating many of the routine billing tasks, errors are minimized, and efficiency is optimized. This significantly reduces the administrative burden on revenue cycle teams.


A healthcare ecosystem built for the future


I've witnessed firsthand the transformative potential of integrating advanced solutions into the healthcare revenue cycle. Payment technology vendors can serve as an essential partner in redefining a healthcare provider's billing engagement strategy.

The future of healthcare is undoubtedly digital. As demands on physicians grow and patient expectations evolve, technology will bridge the gap, ensuring that quality care remains at the forefront. By strategically investing in the right tools and platforms, practices can ensure they are well-equipped to navigate the challenges of today while being prepared for the uncertainties of tomorrow.


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Saturday, July 9, 2022

Billing agreements: Practices must take steps to avoid painful, expensive mistakes

Many physician groups use an outside billing service to assist in collecting fees for professional services. However, it is not unusual for physicians to become unhappy with their billing company for a variety of reasons. Unfortunately, the billing service agreement that physicians enter into often are poorly drafted, vague or overly favorable to the billing company. Physician practices should make sure to seek legal help when negotiating a billing agreement in order to be sure the terms are as fair as possible. Some possible issues to consider are the following:

  1. The agreement should spell out the exact services to be provided by the billing company, the timeframe in which the services are to be provided and any items or services which are not included. For example, what reports will be provided each month by the billing company? How quickly will a clean claim be filed? What collection efforts will be made?
  2. Many practices like working with aspecific team assigned to their account and become unhappy if personnel are reassigned to workers less attentive or familiar with the practice. Sometimes the account is even moved to offshore personnel or other material changes are made that were not contemplated when the billing agreement was signed. The practice should try to spell out its expectations clearly in the written agreement.
  3. It is important to understand the termination and/or remedy process in the agreement if the practice believes that the billing company is not performing as expected. Most billing agreements can be difficult to terminate because they provide limited breach terms or allow the billing company to “cure” breaches repeatedly so the contract can never be easily terminated. A billing agreement should provide a specific list of reasons a practice can terminate the contract and should limit the opportunities provided by the billing company to cure an alleged breach. Additionally, both parties should have a right to terminate the agreement without cause, as long as there is sufficient notice and a clear transition process included in the agreement.
  4. I also like to focus my clients on the compliance aspect of the billing agreement. What ongoing education will the billing/coding team receive? What internal education and audit processes do they have in place? Will the billing team update the practice should applicable rules regarding documentation and coding change? How often will an audit of the client’s billing and documentation be performed to help assure accuracy and compliance?Who is responsible should there be an audit or recoupment related to the practice’s billing and is this liability clearly and fairly spelled out? These are important issue to outline in any billing agreement.
  5. A particular issue of contention in billing agreement are the fees to be charged.The agreement should spell out precisely what is included in the fee and when the practice will be charged extra. How long is the fee in place before it can be changed and how can it be changed? How much can the fee be increased annually or upon contract renewal? There should be a clear understanding and negotiation of fee rates before a contract is executed. Also, some states regulate how a billing company can be paid for its services. Any compensation terms in the agreement must comply with relevant law.
  6. Once the billing agreement comes to an end or is terminated, a major issue of concern is transition to a new billing company. It is essential that the contract spell out a smooth process to transition documents, data and responsibility so the practice is not caught in the middle, which can impact timely billing and cashflow. This is an issue on which I like to focus as a client’s records and data are sometimes held hostage by the terminated billing company. This is especially true if the practice also relies on the billing company’s software for its billing and collection activities. For this reason, a review of the software and any related hardware provisions that can impact transitioning to a new billing company is key. It also is advisable to include a provision obligating the billing company to pay the practice’s legal fees should they be uncooperative in the transition effort.

A practice’s entire business depends on a billing company that can properly bill and collect for the practice’s services. For this reason, it always is worth the time and effort to review a billing agreement carefully, negotiate for favorable termsand have it reviewed by knowledgeable counsel.


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