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When healthcare providers exchange responsibilities for increase revenue.
Patients are becoming increasingly responsible for out-of-pocket costs, and collecting this revenue is a major challenge for healthcare providers. Learn practical solutions and successful strategies you can use to collect these funds without alienating patients.
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1) RHIA and RHIT exam study group will be starting April 2019. Please call (757) 962-7500 for more information.
2) When ordering your coding books, please provide preferred methods, such as electronic or paper.
The SMART Way to Tackle Coding Errors
1) Coding errors are common and costly. There were $2.91B in OIG investigative recoveries for FY18 alone. Hospitals need to catch coding errors prior to billing, or risk heavy fines, legal issues and even a damaged reputation.
2) Patient payment behavior is changing the revenue cycle. Rising insurance deductibles and higher out-of-pocket medical expenses mean up to 30% of a practice revenue is now derived from the patient-as-payer population.
3) We strap up each week to get your payments and defend against wrongful denials.
4) Do you know the difference between a rejected and a denied claim? Work with Physicians Choice Billing to get them all APPROVED!
Increased challenges throughout the industry of healthcare have experience series of evolving events warranted for relevant business alignments. It is governmental intervention providing a way by which physicians are no longer experiencing difficulties with governmental policies and regulations. ICD-10 implementation of the Affordable Care Act was the shift the industry encountered as an advantage.
1) Collect before service is rendered.Collect payments and coinsurance before service is provided.
2) Train staff. Train staff to ask for the copayment as part of the registration process: "Thank you for updating your information. Now, how would you like to make your copayment today?"
3) Communicate clearly. Install polite but clear signage: "Please make your copayment here. We accept credit cards, debit cards, cash and checks."
4) Sweeten the deal. Consider offering a reward at the time of copayment, such as a wallet-sized health tip card, sweet treat or gift item.
5) Make payment easy. Ensure that payment technology, such as a credit card terminal, is installed at every point where a patient might need to pay and is working consistently.
6) Use technology. Investigate new technology, such as combination terminals that process credit card transactions and provide "point of sale" conversion of paper checks to electronic deposits to streamline transactions.
7) Incent good behavior. For larger practices and health systems, start an internal incentive program focused on increasing the overall percentage collection of copayments.