Why does your Staff Fail to Collect Revenue from Patients?

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Why does your Staff Fail to Collect Revenue from
Patients?

• As per Consumer Financial Protection Bureau
  (CFPB) report released in December 2014, 43
  million citizens have overdue medical debt and a
  staggering 52 of all debt on credit reports is
  from medical billing. The findings of the study
  clearly indicate that patient collection is
  becoming a serious threat to the profitability of
  the providers office. Factors like ongoing
  economic instability combined with the
  implementation of the Affordable Health Care Act
  and shift in payment models to be consumer-direct
  with high deductibles have all consolidated into
  greater difficulties for the providers office at
  revenue collection from patients.
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• To elaborate, here are a few reasons why
  providers offices fail, and steps the office can
  take to increase collections from patients 
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• Vague financial policy and procedures
• Medical billing and revenue cycle can be complex
  and confusing concepts. Lack of crystal clear
  written policies and procedures at the disposal
  of providers staff only aggravates the problem.
  Ideally speaking, the policies should clearly
  outline what the payers consider acceptable and
  information in terms of patient payment timing
  and extended payment plans.

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Why does your Staff Fail to Collect Revenue from
Patients?
The staff should be educated about the difference
in payment responsibilities when the patient is
not insured, out of network, and alternatively
covered by a contracted plan something the staff
of medical revenue billing services is
well-versed with. 2. Sharp rise in the volume of
patients Approximately, 40 of adults, who were
earlier not covered by payers due to factors like
age, gender, health history, etc., will now
obtain coverage, thanks to the new Affordable
Health Care Act which requires insurance
companies to cover such cases regardless of
pre-existing conditions. As a result, a
substantial rise in health insurance enrollments
is impending. Quantum could become an issue and
if that happens, quality would be at an obvious
risk. The new rules also provide for increased
expenses and thus more confusion. The trend is
bound to result in more medical billing errors
and the necessity to re-submit claims. Indeed,
the providers staff is bound to find itself at
the end of its wits if not trained to be
well-acquainted with new procedures. 3. Lack of
advanced tools and technology
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Why does your Staff Fail to Collect Revenue from
Patients?
Latest information technology allows the
providers office to generate an accurate online
estimate of the patients portion of the bill in
real-time. Not to mention, timely verification of
insurance coverage substantially reduces
possibilities of claim denials or missing
copays/deductibles. Since upgrading to
state-of-the-art technology can be a substantial
investment, the providers office can leverage
from outsourcing its end-to-end revenue cycle
management to revenue billing services that are
equipped with trained staff and the latest online
systems. 4. Inadequate staff training and
monitoring Many staff members are uncomfortable
requesting co-pays and outstanding balances from
patients. With the well-trained staff, you can
collect patient payments at the time of the
visit. As per the Hawthorne effect, monitoring
staff also increases their performance. Indicator
s to help monitor may include upfront collection
percentage, gross collection percentage, total
accounts receivable, and days in accounts
receivable. Indeed, monitoring staff would
translate into an additional administrative
burden for the providers office.
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Why does your Staff Fail to Collect Revenue from
Patients?
Medical Billers and Coders is well versed with
the massive medical billing changes due to the
Affordable Health Care Act. The revenue billing
service not only has revenue cycle
management expertise but also qualified and
trained personnel for ensuring improved cash flow
and maximized revenue for medical practitioners.