Patient Collection Rates Are Plummeting as Out-of-Pocket Costs Rise – We Weren’t Surprised!

Posted in Affordable Care Act, Healthcare Revenue Billing, Insurance Billing Solutions, Medical Billing BPO, Offshore Medical Billing, Outsourced Medical Billing, Self-Pay Collections

Hospitals reported that patient collection rates dropped by 17.6 percent once patients owed more than $1,200 in out-of-pocket costs, a Crowe Horwath study recently confirmed. Hospitals collect significantly less from patients with higher out-of-pocket costs. The study revealed that collection rates for patient accounts with balances greater than $5,000 were four times lower than collection …

Continue Reading »

Best Practices for Identifying Patients Who Have the Propensity to Pay Before and During POS

Posted in Accounts Receivable (A/R), Medical Billing BPO, Offshore Medical Billing, Self-Pay Collections

With cash flows declining, margins shrinking, and bad debt on the rise, it’s more important than ever for healthcare providers to maintain a steady stream of income. If your organization has not implemented an end-to-end, comprehensive best practices revenue cycle management (RCM) solution, it is time to do it! You don’t have to add staff; just call …

Continue Reading »

Sobering Statistics about Growing Patient Self-Pay Amounts

Posted in Accounts Receivable (A/R), Best Practices, Business Process Outsourcing (BPO), Knowledge Process Outsourcing (KPO), Offshore Medical Billing, Self-Pay Collections

With the growing number of high deductible insurance plans and the Affordable Care Act (ACA), patients are now responsible for up to 35 percent of their healthcare delivery costs. Here are some staggering facts from MGMA and McKinsey & Company: – Patient A/R growing to $660 billion in 2015 – $65 billion in bad debt …

Continue Reading »

Patient Choice Is Driving Growth in Urgent Care Centers and Free Standing Emergency Departments

Posted in Accounts Receivable (A/R), Business Process Outsourcing (BPO), Knowledge Process Outsourcing (KPO), Offshore Medical Billing, Self-Pay Collections

The amounts for insurance deductibles continue to grow each year and there is no end in sight to these increases. With more and more patients opting for high deductible, low premium commercial health insurance policies, and the growing usage from the Affordable Care Act (ACA), providers must seek ways to collect these large deductible amounts …

Continue Reading »