Monday, December 1, 2014

Getting Paid in a High Deductible Landscape

Physicians getting paid
It's time to have the
"money conversation".
To thrive in the new healthcare environment it is vital to address the shift toward cost sharing where patient portions are a bigger piece of your reimbursement pie.

Patients’ financial responsibility has increased dramatically with rising co-pays and one-third of U.S. workers on high deductible plans. Practices can no longer afford to write-off as much as half of patient portions!

You and your staff members must take a firmer stand on patient collections, and do so in a way that works for patients too. Upfront financial conversations with patients are now an essential part of medical practice. It’s not easy for staff to have the “money conversation” but its necessary. Taking a patient-centered approach can boost collections and ease the process for staff -- while showing patients you’re on their side too!

Here are the main issues to consider when formulating your approach:

  • What are the best practices for discussing financial obligations with patients?
  • How can you use the power of HealthIT to influence patient expectations?
  • What communication techniques for staff best boost Point of Service (POS) and Over the Counter (OTC) revenue collections?
  • What are the ways to obtain team support to improve collection efforts throughout the practice?
  • What financial policies and procedures work?
  • How do you educate patients about their coverage and coverage options, especially newly insured patients?
  • How should you discuss, write up and execute patient payment plans?

Here is a resource that can help. Its a 60 minute, recorded webinar (in CD format with handouts) by Cheryl Bisera that addresses these questions.