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Taking the Pain out
of Patient Collections
Presented by:
Jason Porter, HealthCo Information Systems
Kayleen Homewood, POS ...
• National Partner for
GE Healthcare
• Support thousands of
physicians in their use of the
Centricity EMR/PM platform
• Fo...
The HealthCo Team
>
Today’s Presenters
Kayleen Homewood
Product Manager
POS Professional Office Services
Jason Porter
Vice President
HealthC...
>
>
Poll Question
Today’s Agenda
• Discuss the changing nature of
patient payments
• Tips for improving your practice’s
processes
• Wrap up ...
The world of collecting patient
payments is changing.
OWE more today than ever before
WANT TO PAY differently depending on
the amount owed
DON’T UNDERSTAND their bills, insuran...
A GREATER NEED to collect payment up front
PAYMENT PLANS to administer
PAST DUE BALANCES to collect
PHONE CALLS to answer
...
Financial Communication
is a Critical Driver of the
Patient Experience
.55 patient accounting staff per physician
1 back-end business office employee per
10,000 claims
75% don’t call delinquent...
National healthcare reform measures are forcing
practices to focus on improved patient health outcomes.
Proactive vs. reac...
Patients Owe More
40%
$1,500-$2,000
$3,000-$6,000
75% of patients can’t pay an
unexpected $1,000
Patients Need Options
Payment Plan
Plan Start Date:
Payment Amount:
Payment Amount:
Date of Last Payment:
$100 $100 $100
$...
Patients Need to Understand
Their responsibility
Their bills
Their options
You Need
To take more payments
In less time
With fewer resources
So What Can You Do?
Improve Your Communication
WHAT is your monthly outstanding A/R?
What would you like it to be?
WHAT systems are in place to collect patient-owed
bala...
TIP #1
Start with the Welcome
Do you have a welcome packet?
Are you including financial communication in the
registration process?
Financial Policies
In...
• A financial
agreement or policy.
• Provide estimated
fees when possible.
Include Financial
Information in
Welcome Materi...
Share Insurance Coverage Information
TIP #2
Gather Payment up Front
Check eligibility
Co-pays
Deposits
Set up payment plans
Card on file
Taking Payments Up Front
The “How” is Important
Ask with confidence
Ask “how” they would like to pay
Offer payment plans when needed
TIP #3
Improve Your Patient Statement
Does Your Statement
Look Like This?
>
Poll Question
Practice logo
Patient responsibility $$
On the portion patients mail AND on the portion they
keep
Payment due date (no agi...
Why No
Branding?
Brand Your
Statement
GE Centricity Custom Statement from POS
Use YOUR
Logo & YOUR
Colors!
Why No Due Date?
GE Centricity Statement
Why List
Aging?
Eliminate Aging
and Add a Due
Date!
Custom Statement from POS
• Diagnosis Code?
• Reference?
• Location?
Which Columns
Matter to the
Patient?
Use Heading
Descriptions
That Work!
Custom Statement from POS
Make the
Account
Balance Easy
to Read
Use the Back to Educate
Share Frequently
Asked Questions
(FAQs)
Educate Why
a Patient May Receive
Multiple Bills
Promote New
and Existing Services
TIP #4
Make it Easy for Patients to Pay
&
Make it Easy for Your Staff to Take
Payments
You can expect to get only 10 cents of every dollar
that remains unpaid after 120 days – no kidding.
According to the MGMA...
Drive patients to pay online
Make it Easy on Everyone
Drive patients to pay online
Keep online bill pay URL short
Make it Easy on Everyone
Your Online Bill Pay
Website is Printed on
your Patient
Statements
Drive patients to pay online
Keep online bill pay URL short
Make “Pay My Bill”
Easy to find
“Above the fold”
Make it Easy ...
Drive patients to pay online
Keep online bill pay URL short
Make “Pay My Bill”
Easy to find
“Above the fold”
Enable Guest ...
3x MORE patients pay online
when Guest Pay is enabled
Enable Guest Pay
Go to: www.abcmed.com
And enter your Online Bill Pay Code:
bpc0d3
bpc0d3
Drive patients to pay online
Keep online bill pay URL short
Make “Pay My Bill”
Easy to find
“Above the fold”
Enable Guest ...
Drive patients to pay online
Keep online bill pay URL short
Make “Pay My Bill”
Easy to find
“Above the fold”
Enable Guest ...
>
Poll Question
Online Bill Pay ROI
15% payments made online
6 minutes to take and post a payment
15 hours saved/1,000 statements sent
TIP #5
Implement a Past Due and Final
Notice Strategy
Accelerate and increase patient-owed payments.
Lower billing and collection costs.
Improve the patient experience.
Allow p...
About POS
PRINT
+
PATIENT PAYMENT SERVICES
+
DIGITAL MESSAGING
+
PATIENT SURVEYS
You provide the care.
We provide the comm...
Current HealthCo statement customers?
Current HealthCo customers using a different statement vendor?
Current HealthCo cust...
>
Contact Information
lindah@healthcosystems.com
jasonp@healthcosystems.com
For product questions and
information:
For pri...
Taking the Pain out of Patient Payments
Taking the Pain out of Patient Payments
Taking the Pain out of Patient Payments
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Taking the Pain out of Patient Payments

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In this webinar slide deck, we review tips and best practices to improve your patient payment collections. This includes details on patient statement configuration and online bill payment options.

Published in: Healthcare
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Taking the Pain out of Patient Payments

  1. 1. Taking the Pain out of Patient Collections Presented by: Jason Porter, HealthCo Information Systems Kayleen Homewood, POS Professional Office Services
  2. 2. • National Partner for GE Healthcare • Support thousands of physicians in their use of the Centricity EMR/PM platform • Founded in 1997 • Located in Portland, OR • Mission to improve patient care and financial performance of independent physician practices
  3. 3. The HealthCo Team
  4. 4. > Today’s Presenters Kayleen Homewood Product Manager POS Professional Office Services Jason Porter Vice President HealthCo Information Systems
  5. 5. >
  6. 6. > Poll Question
  7. 7. Today’s Agenda • Discuss the changing nature of patient payments • Tips for improving your practice’s processes • Wrap up /Q&A
  8. 8. The world of collecting patient payments is changing.
  9. 9. OWE more today than ever before WANT TO PAY differently depending on the amount owed DON’T UNDERSTAND their bills, insurance… what they owe CALL YOU when they have questions DON’T KNOW they have options for paying down high balances Patients…
  10. 10. A GREATER NEED to collect payment up front PAYMENT PLANS to administer PAST DUE BALANCES to collect PHONE CALLS to answer TIME AND RESOURCE RESTRICTIONS decreasing the number of payments you could be taking Your Practice Faces…
  11. 11. Financial Communication is a Critical Driver of the Patient Experience
  12. 12. .55 patient accounting staff per physician 1 back-end business office employee per 10,000 claims 75% don’t call delinquent accounts of practices Challenges to the Patient Experience Source: MGMA, Woodcock & Associates
  13. 13. National healthcare reform measures are forcing practices to focus on improved patient health outcomes. Proactive vs. reactive when it comes to patient health and wellness. So why should your practice’s A/R be any different? BE PROACTIVE! Patient Health and Wellness
  14. 14. Patients Owe More 40% $1,500-$2,000 $3,000-$6,000
  15. 15. 75% of patients can’t pay an unexpected $1,000
  16. 16. Patients Need Options Payment Plan Plan Start Date: Payment Amount: Payment Amount: Date of Last Payment: $100 $100 $100 $88.25
  17. 17. Patients Need to Understand Their responsibility Their bills Their options
  18. 18. You Need To take more payments In less time With fewer resources
  19. 19. So What Can You Do? Improve Your Communication
  20. 20. WHAT is your monthly outstanding A/R? What would you like it to be? WHAT systems are in place to collect patient-owed balances? What improvements could be made? WHY do patients call with questions? HOW are you communicating financial information? Know Your Data and Your Goals
  21. 21. TIP #1 Start with the Welcome
  22. 22. Do you have a welcome packet? Are you including financial communication in the registration process? Financial Policies Insurance Coverage Billing Department Information New Patient Communication
  23. 23. • A financial agreement or policy. • Provide estimated fees when possible. Include Financial Information in Welcome Materials
  24. 24. Share Insurance Coverage Information
  25. 25. TIP #2 Gather Payment up Front
  26. 26. Check eligibility Co-pays Deposits Set up payment plans Card on file Taking Payments Up Front
  27. 27. The “How” is Important Ask with confidence Ask “how” they would like to pay Offer payment plans when needed
  28. 28. TIP #3 Improve Your Patient Statement
  29. 29. Does Your Statement Look Like This?
  30. 30. > Poll Question
  31. 31. Practice logo Patient responsibility $$ On the portion patients mail AND on the portion they keep Payment due date (no aging buckets) Fewer columns, fewer codes Important messages Use the back side to educate Drive patients to pay online Optimize Your Statement for ROI
  32. 32. Why No Branding?
  33. 33. Brand Your Statement GE Centricity Custom Statement from POS Use YOUR Logo & YOUR Colors!
  34. 34. Why No Due Date? GE Centricity Statement Why List Aging?
  35. 35. Eliminate Aging and Add a Due Date! Custom Statement from POS
  36. 36. • Diagnosis Code? • Reference? • Location? Which Columns Matter to the Patient?
  37. 37. Use Heading Descriptions That Work! Custom Statement from POS Make the Account Balance Easy to Read
  38. 38. Use the Back to Educate
  39. 39. Share Frequently Asked Questions (FAQs)
  40. 40. Educate Why a Patient May Receive Multiple Bills
  41. 41. Promote New and Existing Services
  42. 42. TIP #4 Make it Easy for Patients to Pay & Make it Easy for Your Staff to Take Payments
  43. 43. You can expect to get only 10 cents of every dollar that remains unpaid after 120 days – no kidding. According to the MGMA, the medical industry has $40-$60 billion “bad” patient debt. Practices send an average of 3.3 statements to collect payment – by the third statement, the chances of getting paid are drastically reduced. Alarming Statistics
  44. 44. Drive patients to pay online Make it Easy on Everyone
  45. 45. Drive patients to pay online Keep online bill pay URL short Make it Easy on Everyone
  46. 46. Your Online Bill Pay Website is Printed on your Patient Statements
  47. 47. Drive patients to pay online Keep online bill pay URL short Make “Pay My Bill” Easy to find “Above the fold” Make it Easy on Everyone
  48. 48. Drive patients to pay online Keep online bill pay URL short Make “Pay My Bill” Easy to find “Above the fold” Enable Guest Pay Make it Easy on Everyone
  49. 49. 3x MORE patients pay online when Guest Pay is enabled
  50. 50. Enable Guest Pay
  51. 51. Go to: www.abcmed.com And enter your Online Bill Pay Code: bpc0d3 bpc0d3
  52. 52. Drive patients to pay online Keep online bill pay URL short Make “Pay My Bill” Easy to find “Above the fold” Enable Guest Pay Automate payment plans Make it Easy on Everyone
  53. 53. Drive patients to pay online Keep online bill pay URL short Make “Pay My Bill” Easy to find “Above the fold” Enable Guest Pay Automate payment plans Allow payments to auto-post Make it Easy on Everyone
  54. 54. > Poll Question
  55. 55. Online Bill Pay ROI 15% payments made online 6 minutes to take and post a payment 15 hours saved/1,000 statements sent
  56. 56. TIP #5 Implement a Past Due and Final Notice Strategy
  57. 57. Accelerate and increase patient-owed payments. Lower billing and collection costs. Improve the patient experience. Allow patients to pay and receive their statement in their preferred method. Reduce the number of billing-related patient calls. Improve Your A/R with a Partner Like POS
  58. 58. About POS PRINT + PATIENT PAYMENT SERVICES + DIGITAL MESSAGING + PATIENT SURVEYS You provide the care. We provide the communications.
  59. 59. Current HealthCo statement customers? Current HealthCo customers using a different statement vendor? Current HealthCo customers interested in Online Bill Pay? Not a HealthCo customer but would like to learn more?
  60. 60. > Contact Information lindah@healthcosystems.com jasonp@healthcosystems.com For product questions and information: For pricing details and questions about your current statement program:

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