No one can know ahead of time precisely how the future will shake out.Read More
The Elite Print and Mail Blog
Tags: Patient Friendly Billing
In today’s healthcare marketplace, every dollar matters – for both providers and channel partners alike.
Rising costs and shrinking reimbursements have many hospitals and practices leaving no stone left unturned in a search for low-cost, high-efficacy revenue cycle tools that can help them collect more cash without using additional resources.
The average deductible hasskyrocketed since 2010, spurred by a rise in high deductible health plans and more employee cost sharing. Over the last five years alone, U.S. deductibles have increased by 67%, far outpacing gains in single premiums (24%), workers’ wages (10%), and general inflation (9%) over that same period.Read More
“Cash is king” might be an old, shopworn adage, but it’s as relevant today as it’s ever been.
Even with interest rates hovering near zero, preserving liquidity and consistent cash flow are still major anxieties for many businesses – more than 60% of small business owners say cash flow is an ongoing monthly concern, for example.
Unfortunately, that apprehension tends to be well-founded: 82% of business failure is the result of poor cash flow management, according to recent research from U.S. Bank.Read More
They’re diverse, influential, and demanding. They spend more time with media (9.5 hours a day on average) than most Americans sleep. Growing up with Apple, Amazon, and Google, they have high expectations about user experience – and aren’t shy about voicing their displeasure when a business’ approach falls short.
And they’re ready to change the way you practice healthcare.Read More
To say the healthcare regulatory environment is constantly changing would be a major understatement.
Providers face a near-unrelenting stream of complex rules for areas like coding, patient privacy, reimbursement, and quality. As soon as one deadline passes, it seems like implementation for another new regulatory project is already closing fast.
And 2016 is shaping up to provide more of the same regulatory story. The HHS currently has 153 new regulations in development – ranging from the fairly mundane to big, costly, and transformational.
In other words, don’t expect any shortage of major regulatory stories in 2016. But of all the deadlines on the horizon, IRS Rule 501(r) for tax-exempt hospitals might have the most far-reaching consequences for your organization.Read More
Without margin, there is no mission.
I’m not a betting man, but I’d wager this isn’t the first time you’ve come across that particular expression.
Shopworn or not, it’s stuck around this long because it neatly describes one of the key challenges of healthcare financial management. The mission of healthcare is to deliver high-quality care to patients in need. But that principle can only be met if the bottom line is healthy enough to keep the doors open and lights on.
No margin, no mission.Read More
Tags: Statement Design
Healthcare providers face significant financial challenges in a post-reform marketplace.
Although tight margins are nothing new for the industry – the aggregate operating margin for hospitals between 2003 and 2013 was just 4.09% – the recent rise in patient out-of-pocket costs is further pressuring profitability.Read More
Tags: Statement Design
Providers spend ample time and energy ensuring that the billing process is as fast and painless as possible for self-pay patients.From emerging billing tools to more transparent, consumer-friendly billing practices, building a better self-pay system is generally top-of-mind with revenue cycle leadership – especially as out-of-pocket costs continue to grow.
And yet 57% of consumers in a recent survey reported allowing a medical bill to go to collections. Forty-five percent wait more than a month to pay. And medical bills make up a majority of the debts referred to third-party collection agencies.Read More
Mobile phones have quickly become an indispensible communication tool for most Americans.
According to the Pew Internet Project, a near-universal 90% of U.S. adults now own cell phones – and almost two-thirds have already upgraded to a smartphone. Not to mention smartphones are among the fastest-selling products in history – outselling PCs at a rate of four-to-one.
But phone ownership alone doesn’t adequately describe just how ingrained mobile phones have become in the lives of the average American.Read More
It’s getting harder – much harder – for providers to efficiently collect self-pay revenue.
As deductibles and other out-of-pocket expenses grow, responsibility for healthcare costs is shifting from payers to patients.
Since 2010, the average deductible for workers enrolled in a single coverage plan has increased by 44%. And the share of employees covered by High Deductible Health Plans (HDHP) reached nearly one-quarter of all workers with employer-provided coverage in 2015.
That transition has magnified the challenges of self-pay collections.Read More