Medical debt is overwhelming patients and saddling them with lasting health issues. Frustrating and outdated billing practices in the healthcare industry can exacerbate the problem. Deciding to switch to paperless billing can take a burden off your patients’ shoulders and streamline your system. There are various benefits to going paperless in healthcare, and in this … Read more
The COVID-19 pandemic thrust the healthcare industry into the spotlight. Under intense circumstances, industry leaders pushed themselves to the limits to accommodate an entirely new way of life. What used to be a business largely unmoved by the world’s advances (in comparison to other industries) was now innovating at an unprecedented rate. They’re shaping the … Read more
To say COVID-19 changed healthcare is an understatement. The pandemic has not only upended the standard patient care approach, but it also has rapidly changed the way healthcare providers process payments. Though the growing pains and uncertainty still loom, one thing is for certain—technology will continue to transform the healthcare landscape. And that includes healthcare … Read more
Hospital pharmacy revenue cycle management is more than easy payment processing and accurate reconciliation. It is critical for reporting patient prescription dispense as directed under legal, industry, and business compliance regulations. Last month, Robbie Niedergall, Senior Vice President, Sales; Pierre Dupuis, VP Strategic Accounts & Channels; and I met with hospital pharmacy professionals at HCP22 Spring … Read more
Revenue cycle management (RCM) refers to an institution’s financial management process that helps track, identify, collect, and manage incoming payments. This helps businesses foster financial transparency within the company and charge patients the correct amount for the services and healthcare they receive. In healthcare, the definition of revenue cycle management remains the same. It is … Read more
The importance of patient financial responsibility in healthcare—and its significance to hospital revenue models—is unlikely to decrease, and may become even greater. Read more about the true cost of patient payment collections. It’s vital for healthcare facilities to implement more successful methods of collecting on patient self-pay accounts. Consider these four best practices for improving … Read more
Due to the increase of patient financial responsibility, hospitals and health systems often experience difficulty collecting on those patient-pay accounts. In fact, most patient accounts are never paid in full. Research shows that 68 percent of patient bills under $500 are never paid, along with 86 percent of those between $500 and $1,000 and 99 … Read more
Do you know your patients’ financial status as well as the physician knows their health status? If you can’t answer “yes” to that question, you may be leaving too many receivables uncollected. Gone are the days when providers billed everything to third-party payers. Patients’ financial obligations for their healthcare have increased substantially in recent years. … Read more
