Time to stop the do while loop and get a good night’s sleep

by admin 0 Comments

 

If you’re lying awake at night worrying about not collecting money from patients, you aren’t alone. According to the American Hospital Association, uncompensated care costs hit $35.7 billion in 2015.[1] Sixty-eight percent of people with medical bills of $500 or less didn’t pay their hospitals bills in full last year.[2] These numbers are rising due to high deductibles and increased out-of-pocket expenses. Uncompensated care is the No. 1 worry of many of your colleagues. Becker’s Hospital Review recently published a list of the top 10 things keeping people healthcare finance leaders up at night and not collecting money tops the list.[3] Not every item of concern can be solved with one answer. But HealthQRS can help most, if not all, of the items on Becker’s list. The full list, as reported by Becker’s is below in bold. We’ve added our solution to each.

  1. Uncompensated care. We either help you collect your money upfront or identify your patients who are charity eligible so that you don’t have to worry about collections.
  2. Bad debt. If you’re collecting upfront, you won’t have bad debt.
  3. Rising deductibles. We can help with rising deductibles because our solution provides the exact out-of-pocket expenses for each patient. They can see this online with our e-commerce medical marketplace or learn it from your staff during scheduling or registration.
  4. ACA’s shaky status. Regardless of what happens with ACA, higher deductibles are here to stay. And we help you collect those deductibles upfront.
  5. Patients not understanding their responsibility. With our e-commerce medical marketplace, the patient will know the true out of pocket cost for each service and procedure. Plus, we have interactive scripts to help your staff explain the financial responsibility with all consumers even during scheduling.
  6. Collections. If you’re collecting upfront, there are no issues with collections. And if people can’t pay in full at the time of service, they can set up payment plans with our solution.
  7. Acquiring new patients. Our e-commerce medical marketplace is so popular with consumers, we’re willing to bet that we can help you attract new patients. Consumerism works: just ask Amazon.
  8. Retaining existing patients. Once people find out how easy it is to do business with you, they’ll stay. And they’ll tell their family and friends, which will help you with acquiring new patients.
  9. Technology. We’re all about technology. Our technology helps you make, not spend, money. And because we are a software as a service (SaaS), you don’t incur any capital expenses, only a low monthly fee.
  10. Benchmarking. Oh, you’ll know where you stand when you are the “go to” facility in your market because patients will choose you when you help them understand their costs upfront.

Our solution can be used for virtually any healthcare model including hospitals, clinics, outpatient surgery centers, behavioral health and freestanding imaging centers. We offer a pre-scheduling/collection service to help providers collect patient out-of-pocket expenses upfront. This solution interfaces with virtually any existing practice management or hospital management system. Our new pre-scheduling/collection service provides a call center staff to you and can handle your claims submission, claims status inquiry, ERA processing and online claim corrections. If you want to perform the functions with your own staff our point of service/pre-scheduling solution has all this functionality plus medical necessity included (except the claims services).

If you use our point-of-service solution for all registrations, then you receive our e-commerce medical marketplace solution at no additional cost. And HealthQRS has developed the only complete e-commerce medical marketplace platform on the market. The e-commerce functionality can be deployed when you are ready. Our e-commerce medical marketplace gives people a way to shop, schedule and pay for healthcare procedures and services from their smartphones, tablets or computers. HealthQRS’ platform allows them to instantly access their network, see a list of procedures and providers in order of least to most expensive, select a location, schedule the appointment and pay for it all from the app. We have all of this ready to go for you right now and can have you set up in a matter of weeks at the point-of-service (bricks and mortar) and online (e-commerce marketplace).

There’s good reason that it’s hard to sleep nowadays. With hospital after hospital being merged or bankrupted or closed altogether, the entire hospital environment is fraught with upheaval and uncertainty. A consumer is in the catbird seat if he or she has already received services and now get the bill. Most people want to pay their bills. But they want to know in advance what the cost is. They are either going to seek out alternatives or they won’t have the procedure done. It’s not good for patient or the provider when people are left guessing at the costs and they receive surprise bills months later.

Healthcare facilities are stuck in a revolving door because they aren’t addressing the issue at hand for the consumer: upfront price transparency. Until the healthcare industry realizes that patients are customers, the financial picture won’t change.

There is an old computer programming term called a “do while loop.” Essentially it’s a command that would continue to repeat itself, over and over and over. Is your revenue cycle in a do while loop? If so, have you considered adopting a consumer retail model? By catering to the consumer like other businesses, and providing price transparency as well as ways to pay for services before the services are rendered, maybe you can turn things around and get a better night’s sleep.

Now is the time to get your infrastructure in place to provide price transparency and an easy-to-use shopping experience for consumers, businesses and their employees. We invite you to learn more about HealthQRS and our e-commerce medical marketplace and how we can help you. We have over 12 years of experience developing healthcare retail experiences for consumers and our founders have over 50 combined years of e-commerce experience. Why not  contact us right now for more information or click here to schedule a demo? Or click here for a quick, 6-minute video about our e-commerce strategy.

###

[1] American Hospital Association, “Uncompensated Hospital Care Cost Fact Sheet,” December 2016 – http://www.aha.org/content/16/uncompensatedcarefactsheet.pdf as reported by Becker’s Hospital Review, https://www.beckershospitalreview.com/finance/10-things-keeping-healthcare-finance-leaders-up-at-night.html

[2] TransUnion Healthcare, “Patients May be the New Payers, But Two in Three Do Not Pay Their Hospital Bills in Full,” June 26, 2017 – http://newsroom.transunion.com/patients-may-be-the-new-payers-but-two-in-three-do-not-pay-their-hospital-bills-in-full/ as reported by Becker’s Hospital Review, https://www.beckershospitalreview.com/finance/10-things-keeping-healthcare-finance-leaders-up-at-night.html

[3] Jonathan Wilk, “10 things keeping healthcare finance leaders up at night,” Becker’s Hospital Review, Oct. 6, 2017, https://www.beckershospitalreview.com/finance/10-things-keeping-healthcare-finance-leaders-up-at-night.html

Leave a reply

Your email address will not be published.

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>