The pMD Blog

Welcome to the
pMD Blog...

where we cover interesting and relevant news, insights, events, and more related to the health care industry and pMD. Most importantly, this blog is a fun, engaging way to learn about developments in an ever-changing field that is heavily influenced by technology.

SOLVING THE PATIENT PAYMENT EQUATION


Finances and the revenue cycle can be a high source of stress for providers, who let’s be honest, would much rather focus on patient care. However, effectively managing a practice's revenue is crucial to actually being able to continue to provide that care. One of the most unpredictable phases of the revenue cycle is collecting patient responsibility, which often results from the high variance in payment methods as well as hesitation to pay due to a lack of understanding of insurance systems. Simply put, many patients don’t know what they owe and why.

WHY IS COLLECTING PATIENT PAYMENTS SO HARD?

According to the American Association of Family Physicians, only 14% of adults understand key components of their insurance plans. This confusion and uncertainty can often make it difficult to determine a patient’s financial responsibility at the time of a visit, leading to even more frustration when they get a bill in the mail months later that they don’t understand. Estimation tools and insurance cards can help ease this uncertainty or to point a practice in the right direction, but ultimately most patients end up in the dark when it comes to what they will owe in the end. 

Traditionally, many practices end up providing services for free, collecting a small insurance co-pay, or sometimes not even that, and then opting to bill the patient later, after collecting from insurance first. The problem is the process of settling with and collecting from insurance companies can take days, weeks, or even months and by that time patients are far less likely to pay for bills they receive long after services rendered. In fact, more than 60% of patients surveyed by InstaMed reported they would “consider switching providers for a better healthcare payment experience,” which includes upfront patient responsibility, eligibility, and the ability to pay with their preferred payment methods. 

With this in mind, it’s hard to believe less than 25% of physician practices have an eligibility and estimation tool in place to assist their practices in maximizing revenue, according to Healthcare Finance News.  By providing real-time patient responsibility estimates, providers can increase patient confidence and are more likely to collect the full amount they are owed for their services. Without an eligibility solution in place, practices could potentially be missing out on between 30-50% of their patient revenue. 

ADAPTING TO THE NEXT GENERATION OF PATIENTS

Speed and transparency make a huge difference when it comes to collecting patient payments. Giving your patients the tools to make the process as simple as possible is key to not only collecting but collecting quickly with high patient satisfaction. Many practices still rely on mailed statements and/or in-person payments, such as cash, check, or credit card, which can be a major hindrance, especially when it comes to younger generations. 

Gen Z, which are those born between 1995 and 2012, is expected to account for an estimated 61 million new employees in the global workforce in the next decade. Why is this important? Well, the majority of Gen Z have never lived without the internet, smartphones, and immediate access to information and products. With an influx of Gen Z patients, the expectation is that practices make it easy to receive and pay for care. If it’s not, they may seek care elsewhere. 

It’s much easier to collect payments when the patient is standing in front of you, but even if they’re not, the quicker a practice requests payment, the more likely patients are to pay it. Recent trends in expected payment options have shown nearly 50% of patients would prefer to pay their medical bills using contactless or paperless payment options. Practices using paper statements introduce significant lag into their collection systems by relying on mail carriers and printing/packing services. Recent improvements in payment processors and the technology they offer have made it possible to send statements and payment requests in real-time to speed up collections and boost patient satisfaction and confidence. 

EVERYTHING SHOULD BE IN ONE PLACE

The last part of the equation is making sure everyone in the practice is on the same page regarding patients’ financial status. The fewer systems involved, the less room for error and inefficiency. From patient intake to collecting payments, it’s important to be able to do everything in one place without having to log into multiple systems to piece together information.

 

If you are interested in learning more about pMD’s billing and revenue cycle management services, please contact us here or give us a call at 800-587-4989 x2. We’d love to hear from you!

 

To find out more about pMD's suite of products, which includes our charge capture and MIPS registry, billing services, telehealthsecure messagingclinical communication, and care navigation software and services, please contact pMD.
5G ACA Account Management ACI adoption Advancing Care Information Advice AHCA AHRQ AI Alternative Payment Model Amazon S3 Android API Apple appointment reminders Artificial Intelligence arts Audit Award Bay Area BCRA Best Place to Work Best Practices Big Data Billing Billing & Collections Billing Service Billing Services bootcamp BPCI BPTW Bundled Payments Business relationships Care Communities care coordination Care Navigation Care Team Career Fair CDC Charge Capture Charge Capture App Charge Capture Software Charge Capture Solution Charge Capture Statistics Charge codes Charge Lag CHIP CIO Clinical Communication clinical data Clinical Data Registry Clinically integrated network Cloud CMS cms regulations Coding Collaboration Communication Company Culture Conferences Connected Health Record contact practice Coronavirus COVID-19 COVID19 CPT codes Cross-functional culture custom reports Customer Interaction customer relations customer service customer success customer support Customers Cyber Security cybersecurity Developer DHHS Diagnosis codes Dialysis discharge instructions Doctor EHR elderly Electronic Charge Capture Eligibility EMR Encryption epidemic Expansion FDA FHIR Flu fundamentals GI GI Outlook Goals group messaging Health Care Health Care Technology Health Care Web Health Care. Health Care IT health data Health Information Exchange Health Record Healthcare Healthcare Data healthcare interface healthcare interface integration healthcare software HIE HIPAA hipaa compliant communication hipaa compliant communication platform HIPAA-Compliant Hiring HL7 Holidays Home dialysis Hospital Census Hospital Communication humanity IA ICD-10 ICD-11 Implementation Improvement Activities in-app calling inclusive software injury rehabilitation Instant capture Integration interface interoperability iOS iOS 8 iOS7 iPad iPhone iPhone 6 IT Lead Generation length of stay LGBTQIA Long Term Care LTC Machine learning MACRA Medaxiom Medical Billers Medical Billing Medical Billing & Collections Medical Coders Medical Coding Medical Errors Medical Record Medical Software Medicare Mental Health Mentorship Messaging Messaging with Patients MGMA MIPS MIPS Registry mobile Mobile App Mobile Charge Capture Mobile EHR Mobile Health Mobile Messaging Mobile Payments Mobile security Mobile Technology Mobile telehealth Modern Healthcare Native App Network new feature new features news NIH OCM onboarding Oncology Care Model operations opioid crisis Pandemic Parenting Partnership partnerships Patient Patient access Patient App Patient Care Patient Chat Patient chat routers Patient Communication patient data Patient Engagement patient experience Patient Generated Health Data Patient Handoff Software Patient Information Patient Messaging Patient payments patient portal Patient Record Patient Safety Patient satisfaction Patient Simulators patient support Patient Visits Patient-Centric PCP Performance bonus PHI Phishing Scams Physician Physician burnout pmd pMD Pro pMD Team population health Population Health Management PQRS Practice Management Pregnancy Press Release Product Development Productivity products Promoting Interoperability Protected Health Information QCDR QPP Quality Data quality reporting Quality Scoring Ransomware RCM Recruiting Recruitment Reimbursement remote jobs Remote Work reports Residents Responsibility revenue cycle management ROI Rural communities Ryuk Sales Secure Communication Secure Data Secure Messaging Secure Messaging Video Secure Text Messaging Secure Video Secure Video Chat Security Audit self care seniors sexual orientation and gender identity SF Biz Times SMB SNF SNOMED-CT SOC 2 software vendor SOGI Spear Phishing Specialty Care success support TCM Team culture Teamwork technology telehealth telehealth reporting Telemedicine telemedicine in long term care Telemedicine skilled nursing facilities Teletherapy Text Messaging texting Thanksgiving time-based billing training transgender Travel Upgrades UX Design VA vaccination records vaccinations Value-based care Video Calling Video chat video communication video conferencing Virtual Care Virtual Visit voice calling voice memos WannaCry Wearable Device wearing many hats Web App wellness wfh Wireless Work From Home Work Life Balance Workflow optimization Workplace Culture