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GroupOne Health Source Practice Management Blog

      

The GroupOne Health Source Blog

 Answers and Insights Every Healthcare Professional Needs.

 

12 Eye-Opening Patient Pay and Healthcare Payment Market Statistics You Should Know

by Kaitlyn Houseman on September 14, 2017

With the increasing number of high-deductible health plans, optimizing your revenue cycle management for patient pay collections is no longer a matter of if, but when. These 12 eye-opening patient pay and healthcare payment market statistics are sure to convince you that focusing your revenue cycle efforts on patient pay collections is worthwhile.

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Topics: Revenue Cycle Management, Self-Pay, Physician Payment, Patient Pay

5 Ways to Improve Your Practice's Front Desk Collections

by Kaitlyn Houseman on September 27, 2016

Although it's considered best practice to collect co-payments at the time of service, things don't always happen that way. Sometimes your office is understaffed, or the patient doesn't have the co-payment required, or another issue may arise that prevents collections from happening on the date of service. If this becomes a habit, however, then you are setting yourself and your practice up for long term collection and medical billing issues.

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Topics: Revenue Cycle Management, Medical Business, Self-Pay

How to Make Sure Patients with High Deductible Health Plans Pay Their Bills

by Keith Lage on July 5, 2016

With more and more patients moving to a high deductible health insurance plan, it is becoming increasingly important to make sure that those patients pay their deductibles on time and in full. Though a portion (ideally no higher than 4 to 6%) will become bad debt and be written off, to keep your practice healthy, you will need to encourage your patients to pay these deductibles and make that payment process easy and as pain-free as possible.

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Topics: Revenue Cycle Management, Self-Pay

How Can You Reduce Your Accounts Receivables? Try a CCOF Policy

by Kaitlyn Houseman on June 29, 2016

Today, high-deductible insurance plans are more and more standard for patients. According to a recent report from InstaMed, 74 percent of healthcare providers reported an increase in patient financial responsibility in 2015, which has prompted healthcare revenue cycle management strategies to focus more on consumers. This reality makes collections that much more difficult, and practices often encounter patients “forgetting” their checkbooks or credit cards at the time of service. 

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Topics: Revenue Cycle Management, Practice Management, Self-Pay

Strategies to Turn Patients Into Bill-Paying Customers

by Kaitlyn Houseman on March 22, 2016

Revenue cycle management is a complex interaction of services, billing codes, benefit analysis, and successful invoicing. Historically, hospitals and most other providers received 90% of their reimbursement from insurance plans, with the patient portion receiving significantly less concern, since it was traditionally such a small part of overall revenues.
  
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Topics: Revenue Cycle Management, Self-Pay

Are You Ready for Self Pay Patients in 2016?

by Kathy Kuhn on January 14, 2016

Today's American healthcare consumer is responsible for paying almost 35% of his or her own medical expenses - triple the amount paid out of pocket in 1980. This has led to a major shift in medical practices today focusing more on patient pay strategies. Now that we are in a new year and patients will be back at zero when it comes to meeting their deductibles, practices need to take collecting from patients very seriously or prepare to lose revenue.

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Topics: Revenue Cycle Management, Self-Pay

Increasing Patient Pay: 5 Questions You Must Ask

by Kaitlyn Houseman on December 14, 2015

Medical billing can be the "elephant in the room" when it comes to dealing with patients. Tricky as it can be, however, it's important to maintain lines of communication with patients, particularly since more patients are paying a larger portion of their medical bills despite more people having insurance.

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Topics: Revenue Cycle Management, Patient Engagement, Self-Pay

Collecting from Patients in a Difficult Economy

by Kaitlyn Houseman on October 2, 2015

Despite the fact that more Americans have health insurance, many still struggle to pay their medical bills due to the increasing number of high deductible health plans.  Collecting from self-pay patients can be also be costly for a medical practice since it typically takes more time and hassle. 

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Topics: Revenue Cycle Management, Patient Engagement, Self-Pay

Protecting Against Credit Card Fraud at Your Practice

by Kathy Kuhn on October 1, 2015

One way healthcare providers increase medical billing collections is by allowing multiple payment options, including credit cards. But it's important that medical billing professionals understand credit card fraud and know how to prevent it. Credit card fraud costs credit card issuers millions of dollars each year, because consumers generally aren't responsible for fraudulent use of their cards.

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Topics: Revenue Cycle Management, Practice Management, Self-Pay

10 Signs You Should Invest In a Self-Pay Strategy at Your Practice

by Kaitlyn Houseman on September 29, 2014

Find yourself making excuses for not having a strategy to collect from patients? Patient balances are only going to get higher due to the increase in high deductible plans offerred. You might even see a growing number of patients that are first time insurance policy holders due to the Affordable Care Act and the Patient's Bill of Rights. Here are 10 signs you should invest in a self-pay strategy at your medical practice as soon as possible.

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Topics: Practice Management, Self-Pay

How to Solve the Biggest Problems with Self Pay Patients

by Kathy Kuhn on September 18, 2014

When it comes to self-pay patients there are two kinds. There are patients that have healthcare plans with high deductibles and copays and then there are patients with no health insurance whatsoever. The latter will become less common due to the recent changes under the health reform law. The health reform law includes an individual mandate, requiring every American to have health coverage, with just a few exceptions. With this mandate comes a number of health plans with high deductibles and patients with health insurance that are not familiar with how health plans work. High deductible plus patients that don't understand payment obligations equals an increase in bad debt for your practice.

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Topics: Revenue Cycle Management, Self-Pay