Consumerism -- the New Buzzword in Healthcare Revenue Cycle Management
While
outsourcing
medical
billing
helps
medical practices maximize reimbursement, physicians need to focus on improving the consumer experience.
www.outsourcestrategies.com
Phone: 1-800-670-2809
Medical billing companies provide revenue cycle management (RCM) solutions for healthcare facilities and organizations of all sizes. RCM covers a whole gamut of billing functions from patient registration and insurance verification to coding, charge entry, insurance follow-up, and payment posting. Now, there’s a new buzzword that providers need to contend with – consumerism. Experts are saying that for RCM success, healthcare providers need a robust strategy to enhance consumer or patient engagement and satisfaction.
Patient Centric Approach to Medical Billing The introduction of digital and mobile devices have transformed the way in which healthcare is delivered. As a recent Healthcare IT news report notes, legislation such as the Affordable Care, HITECH acts, and MACRA have promoted a shift toward value-based, consumerfocused care. Therefore, physicians need to have patient-centered medical billing and collection approaches in place for an effective and profitable revenue cycle process. Experts list
the main
elements in a
consumer-focused
medical
billing strategy as:
price
transparency, efficiency in billing communications, and patient-centered payment plans. Price transparency: According to a recent Navicure survey, there is a strong patient interest in more convenient ways to understand and pay their bills. Many consumers have high-deductible plans and are paying more out of the pocket for health care. It is therefore important for providers to implement accurate price estimates. This will enable price and quality comparisons for comparable services such as certain orthopedic procedures and colonoscopies. Providing actual financial estimates before the point-of-service will boost consumer satisfaction and thereby, the provider’s bottom line. Efficiency in billing communications: Health care providers need to develop best practices for payment communications. According to Nvaicure, one reason for the divide between providers and patients is patient confusion over medical billing. It was found that patients may receive multiple statements after they receive healthcare, but may not understand which one of these is a medical bill. For instance, they may confuse the Explanation of Benefits (EOB) with a bill. The best practice is to step up patient education about their financial responsibilities – the more informed patients are about this, the greater the likelihood that they will pay in a timely manner.
www.outsourcestrategies.com
Phone: 1-800-670-2809
ď ś Patient-centered payment strategies: This will ensure optimal collections. The Navicure study revealed that patients have a strong interest in more convenient ways to understand and pay their bills. The ideal strategy would be for providers to accept as many forms of payment as possible, such as credit/debit cards, Checking/savings accounts, point of service payments, payments over the phone, by mail, via online payment portal, and automated payment plans.
Outsourcing for End-to-end Medical Billing Solutions As providers focus on implementing these patient-friendly strategies, they can rely on medical billing service providers to take care of their billing cycle for revenue optimization. Outsourcing companies work with the latest software to manage physicians’ office claims processing, payment and revenue generation. They effectively manage the claims process by handling everything from determining patient eligibility, collecting copays, accurate coding of claims, tracking and collecting payments and following up on denials.
Outsource Strategies International 8596 E. 101st Street, Suite H Tulsa, OK 74133
www.outsourcestrategies.com
Phone: 1-800-670-2809