Some Interesting Facts Regarding Payment Collections -Avontix

Optimizing the revenue cycle management for hospital facilities has become necessary with the increase in the number of high-deductible health plans. Here given are few healthcare market trends that will signify the need for revenue cycle management for better health of healthcare providers.

According to survey results, the out-of-pocket costs for patients have increased by more than 200% in the last 10 years.
Given a choice, more than 40% of employees choose high-deductible plans.
Nearly 30% of healthcare providers do not have any idea about the amounts they write-off each year pertaining to in-patient collections. If you employ a robust RCM services provider, then, you will be given an analysis report on your practice management. They will also provide you with some excellent advice on the ways to improve your collections.
Around 40% of healthcare providers lose their revenues amounting to nearly $30000 yearly because they fail to collect these amounts from the patients owing to reasons like wrong coding, under-pricing, inappropriate billing charges and lack of appropriate follow-up methods. To make sure that you do not fall into this category of losers, you ought to hire the RCM services from a reputed service provider who can optimize your revenue cycle management operations.
It is clearly evident from different surveys that more than 80% of self-pay revenues are lost because the default rate is high among these patients. Hence, it is understood that double the efforts are required to recover payment from self-payers than from the insurance providers. Avoid the losses in the form of self-payers’ payments with proper tracking of payments received and follow-ups.
Setting up a credit card on file program will decrease the number of accounts receivables days and make it convenient for patients to pay their bills with ease. Else, sending billing statements to patients and collecting amount from them will take more than 120 days usually.

Considering all these issues, it is advisable to hire an efficient RCM services provider like Avontix to manage your collections and revenues.

Comments

Rules and Regulations that Govern Healthcare Documentation -Avontix

Picture courtesy: Google Images Healthcare documentation as the name suggests deals with the documentation of healthcare procedures and treatments provided to a patient. As a way to minimize the workload of physicians in documenting their processes in providing healthcare to patients, healthcare documentation plays a critical role in the healthcare industry and gives the physicians much-needed extra time to spend on looking at a more number patients. For the people in healthcare documentation jobs, it is not just sufficient to master the English language skills and medical terminology to be able to do their work efficiently. There are certain points related to the federal rules and regulations that are to be taken care of while transcribing the data accurately within the set time limits. Professional healthcare documentation specialists are expected to be aware of these legal requirements and act accordingly. Confidentiality of patient information: Medical details of a...

Good Listening Skills Lead to Effective Communication - Avontix

Picture courtesy: toolshero.com T o engage in effective communication, one needs to listen properly and respond. We all know there’s a difference between hearing and listening. When a sound is sensed by the ears, hearing happens; this doesn’t require any special efforts. However, listening happens only when we consciously put efforts to understand the meaning of the words.This requires concentration on what others are saying. Listening by itself requires efforts, so one can understand that listening well requires much more efforts and concentration. To be able to mingle with others easily and actively participate in conversations, it is important that we listen well. Many people wrongly assume that if they are not talking much and letting others do the talking, they are good listeners. What happens in such cases is that they might be hearing to what others say rather than listening well. Listening is an art in itself that needs the practice to perfect. Here are some pointers...

Patient Access and its Link to Increased Revenue -Avontix

Picture courtesy: patient.info For a health organization to enjoy a good financial position, its revenue cycle management should be efficient enough to bring in timely payments for the claims submitted and collect the amount due from patients. When either the claims submitted are denied or patients are not paying their dues, it results in unpaid collections and bad debts for the healthcare provider. One of the ways to reduce revenue losses is having smart patient access. By providing smart patient access, healthcare facilities can see reduced claim denials and improve their revenue cycle management performance. To be able to do this, the RCM services professionals have to collect all the necessary information at the registration process itself. Usually, patients feel that all the work related to registration process is time-consuming and unnecessarily delays the diagnosis and treatment procedure. However, hospital registration process is very critical to colle...

Search This Blog