Revenue Cycle Management Survey What Does it Mean for your Practice
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As a part of that survey data, some salient points for practices and their revenue management is noted below:
- Technology: 83% of providers surveyed expect that practices will have to bring more technological solutions into their practices to be successful – to help them with their patients.
- Skyrocketing Out-of-Pocket Costs: With an increase in deductibles and out-of-pocket maximum costs, patients have experienced nearly a 30% increase in personal financial responsibility.
- Online Pay: 62% of medical bills are paid online, but 95% of patients say they would pay their bills online if this payment option were offered. Patients also note that mobile pay and billing alerts have improved their satisfaction with their providers.
- Online Cost Estimation and Information: Posting practice costs online and providing online instructions for post-procedure and post-medication administration have increased satisfaction of patients surveyed, translating into a faster collection of payments.
- Mobile Pay: While nearly 90% of the financial interviewees expected healthcare payments were going to be made online or through mobile devices, only 20% of them were ready for electronic payments.
- Slow Pay: One of the top collection challenges is slow pay. 83% of physician practices with fewer than five practitioners said their top challenges were slow patient payment of high-deductible plans followed by staff difficulty communicating patient payment accountability.
- Inaccurate Estimates: 83% of ambulatory providers say estimates from health plans are often incorrect, this is becoming a larger issue each year, despite (supposedly) getting current information from health plans on patient deductibles.
- Payment Enhancements: Some of the enhancements practices are focusing on include: managing consumer expectations through confirming insurance eligibility of all patients prior to appointments, not just new patients; providing cost estimates online and providing patients with out-of-pocket cost estimations; and making available convenience enhancements for payment remittance.
This information was taken from the InfoDive webinar Accounts Receivable, February 2019.