Optimizing Patient Collections [Infographic]

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If patient payments are not managed correctly, they can cost three to five times more to collect than payer payments. Learn key strategies to optimize Self-Pay collection in your practice.

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Optimizing Patient Collections [Infographic]

  1. 1. To learn more about how NextGen RCM Services can improve your bottom line contact us at (314) 989-0300 or visit nextgen.com/RCM. INF2-5/14 ACTION STRATEGY NEXTGEN RCM SERVICES Have a defined credit and collection policy Implement a Credit Card on File Program (CCOF) Collect patient balances up front Make sure staff is well trained Make staff accountable for collecting Assess patient’s propensity to pay Offer online payment options Maintain current patient demographics Template supplied by RCM, best practice implemented by RCM RCM implementation of CCOF AutoFlow, contract management, set up best practices Train staff on best practices AutoFlow collect note RTS, NextGen® Eligibility Self Pay (ESP), Retro Eligibility Checker, Patient Estimator, Patient Financial Counselor, Pended Payment HIX NextGen® Patient Portal NextGen® EDI FastForward Adopt patient-friendly statements Adherence to HFMA's Patient Friendly Billing Guidelines CLIENT SHOWCASE Keith Froleiks, Practice Administrator I Rockland Eye Physicians & Surgeons Working with NextGen RCM Services to collect more self-pay from our patients at the time of service, we have improved our procedures to the point that in the recent months, self-pay patients are Rockland’s number one source of collections on a monthly basis. WATCH VIDEO MAXIMIZEself-pay collections at every opportunity Billing&Collection s Expertise Patient Services StaffTraining MaxUse of Technology Best Software I m plementation Follow-Up Appt. Scheduling Pre-Visit Check-InCheckout Outsource inbound and outbound patient calls, statements, and letters Provide patient-friendly statements Alert front desk of past due balances and estimated patient responsibility Optimize work flows from front to back office functions Apply best technology configuration for optimal collections Identify uninsured and verify insurance Maximize use of automation for patient and insurance info prior to appointments Provide Staff training on best practices for collecting efficiently Use online payment tools Establish/maintain bad dept policy NextGen RCM Services NextGen RCM Services provides a dedicated outsourced resource to help your practice fully optimize revenue while maximizing technology use and streamlining billing and A/R processes. This one-platform approach connects and synchronizes the clinical, administrative, and revenue solutions across all areas of a practice ensuring you capture every dollar you deserve. Outsource revenue cycle management to NextGen RCM services OPTIMIZEYOUR SELF-PAY COLLECTIONS Patients are typically responsible for 30-35% OF THEIR MEDICAL BILL According to Intuit 2012, MGMA 2012, McKinsey & Company 2013 Overall, the number of people with high deductible plans rose TO 15.5 MILLION IN 2013 FROM 1 MILLION IN 2005 (annual deductible of $1,250 or more for individual coverage) According to America’s Health Insurance Plans, the industry’s lobbying group in Washington. If patient payments are not managed correctly, THEY CAN COST THREE TO FIVE TIMES MORE TO COLLECT THAN PAYER PAYMENTS According to Trends in Healthcare Payments Annual Report: 2012. • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • QUICK FACTS 0 10 50 100 Before they see their physician At checkout After leaving medical practice 90% 70% 40% % LIKELY TO PAY Source: McKinsey & Company 2013 Collected COLLECTED AFTER TIME OF SERVICE Not Collected 79% 21% Source: SuccessEHS study - Increasing Patient Collections: A Study on Patient A/R - Oct. 2013

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