Historically, revenue cycle management has focused on maximizing insurance reimbursements, but as patient financial responsibility continues to increase, the landscape is quickly changing.
In the past five years, patient payment responsibility has risen dramatically and continues to increase with the implementation of the Affordable Care Act. More people insured means more people who don’t understand their health insurance and many of the plans on the healthcare exchanges are high deductible plans.
At last year’s HIMSS conference, Aetna CEO, Mark Bertolini estimated patient pay responsibility would climb to 50% of the healthcare dollar by the end of the decade. And Lyman Sornberger, chief healthcare strategy officer for Capio Partners, says that collecting from patients is now estimated to cost up to 4 times more than collecting from payers and less than 19% of patients pay outstanding bills.
The #1 contributing factor? Not understanding their bills.
But building billing processes at the patient level, rather than the insurance level, can go a long way to solving this problem.
Standard patient pay solutions typically include separate statements for each account with little to no detail. MedData changes this by simplifying the communication process, consolidating the bills, and focusing on patient satisfaction. Our proprietary workflow is designed to making paying as easy as possible. Patients have one number to call and one place to go online to pay all of their bills.
MedData’s Patient Pay solution also consolidates all payments and balances into one easy-to-understand statement.
With the capability to pull bills from multiple systems, MedData automatically posts patient payments directly back to Client systems empowering their organization to save time, improve productivity, and accelerate reimbursement.
Are you attending HIMSS15 in Chicago this year? Stop by our booth #4851 to learn how MedData can boost your bottom line and create a better experience for your patients.