4 Ways to Improve Patient Collections

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

Take a Look: Accelerated Growth in Contactless Payments

The Federal Reserve, responsible for monitoring the health of the U.S. economy, publishes a series of studies every three years to discover trends in noncash payments across the country. These payments include credit cards, prepaid and non-prepaid debit cards, ACH and checks. According to their most recent findings published in 2020, the Federal Reserve has … Read more

The True Cost of Patient Payment Collections

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

Why Greater Visibility of Patient Financial Responsibility Matters

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