The Elite Billing and Payment Blog

Scarcity, Bandwith, and Smarter Patient Financial Communication

Posted by Brian Watson on Fri, Oct 30, 2015 @ 11:32 AM

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.

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Tags: Statement Design, Self-Pay Revenue

What Providers Can Learn From Leading Retailers About Patient Payment

Posted by Brian Watson on Wed, Sep 09, 2015 @ 04:28 PM

What can leading retailers teach the healthcare industry about patient payment?

Ten years ago, the answer to that question would have likely been “very little”.  Up until recently, healthcare revenue cycle operations have been primarily optimized to secure payments from payers – with most providers collecting less than 10% from direct patient sources.

But that’s changing quickly.  Thanks to higher deductibles and the growing popularity of consumer directed health plans, patients are becoming a much more active participant in the financial side of care. Today, it’s not uncommon for over a third of revenue to come from direct patient payment sources.  And over the last year alone, total accounts receivable from insured self-pay patients increased by 13%

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Tags: Self-Pay Revenue

A Smart Plan for Collecting Self-Pay Balances at Every Opportunity

Posted by Brian Watson on Tue, May 12, 2015 @ 03:33 PM

Like it or not, your patients are set to become a permanent fixture in revenue collection – if they aren’t already.

With the continued rise in patient consumerism, patients simply have a much more vested interest in care delivery these days.  Whereas the typical patient with insurance has long been largely shielded from the true costs of treatment, thanks to more cost sharing between employers and workers and the launch of ACA insurance exchanges, recent inflation is increasingly borne by consumers.

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Tags: Patient Friendly Billing, Self-Pay Revenue

11 Front-End Billing Tools that Add Revenue and Boost Patient Loyalty

Posted by Brian Watson on Mon, Mar 10, 2014 @ 04:27 PM

How important is the billing process to patient satisfaction and loyalty?

In a word: plenty.

There’s a significant cause-and-effect relationship between confusing, inaccurate, frustrating billing and how patients view your organization and the quality of its care.

According to a 2013 TransUnion study, almost 70% of survey respondents who gave the highest rating to their quality of care also gave high marks to their billing and payment experiences, compared to only 24% who rated their care poorly

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Tags: Online Patient Payment, Self-Pay Revenue, Up-Front Billing

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