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Patient Healthcare Costs Rise Again, ClinicSpectrum’s Soluti

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Presentation Transcript
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“Patient Healthcare Costs Rise Again, Clinicspectrum’s Solutions Lessen the Burdens and Increase Revenue”

New Jersey2222 Morris Ave. 2nd Floor,Union, NJ-07083 Phone : 908-834-1608Fax : 877-600-9390

SalesPh: (908)-834-1608Email: info@Clinicspectrum.com

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Article on Forbes.com

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According to a recent article dated November 13th, 2014 on Forbes.com, “Worker Out-Of-Pocket Health Costs Have Doubled In Five Years”, the healthcare landscape is predicted to change even further in 2015. “As the economy improves and employees spend more on health care, employer-paid premiums are rising again with an increase of 5.5 percent forecast for 2015 with worker premiums and out-of-pocket costs – which have doubled since 2009 – rising at an even faster clip.”

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Annual Healthcare Costs per Employee

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This means that more out of pocket expenses are outstanding and collecting that money can raise new challenges for medical groups. Strategic solutions must be implemented in the areas of proper benefit verification, and automated patient collections to reduce revenue downfalls for practices.

2014

$11,304

Practices are generating up to 30 to 40 percent of their revenue from patients who have high-deductible insurance coverage. Failing to check patient eligibility and deductibles can increase denials, negatively impact cash flow and profitability.

$10,717

2013

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Solutions to improve Eligibility Checking

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Check patient eligibility 48 to 72 hours in advance of scheduled visit using one of these three methods:

Business-to-business (B2B) verification, which enables practices to electronically check patient eligibility using electronic data interchange (EDI) via their electronic health record (EHR) and practice management solutions.

B2B Verification

Look up patient eligibility on payer websites.

Payer Website

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Solutions to improve Eligibility Checking

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Call payers to determine eligibility for more complex scenarios, such as coverage of particular procedures and services, determining calendar year maximum coverage, or if services are covered if they take place in an office or diagnostic center. Clearinghouses do not provide these details, so calling the payer is necessary for these scenarios.

Call Payers

Determine Co-Pays

Determine co-pays and collect before service delivery.

Counsel Patients

Determine patient financial responsibilities – high deductibles, out-of-pocket limits, then counsel patients about their financial responsibilities before service delivery, educating them on how much they’ll need to pay and when.

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Revenue Optimization

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Another area of potential pitfall for revenue optimization comes from collecting patient balances after the services have been rendered

Patient

Automated Collection Software

Automated collection methods using technology platforms, decisions rules and messaging such as text, email, push notifications on smart phones and automated calls to allow seamless, consistent results for balance collection.

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Can be installed and managed by practices

to contact debtors to increase collection rates!

Traditional collection methods of standard

mail delivery and costly representative phone

calls are replaced by a more elaborate,

seamless, cost-effective auto collection process.

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Follow Us on Social Media

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New Jersey2222 Morris Ave. 2nd Floor,Union, NJ-07083 Phone : 908-834-1608Fax : 877-600-9390

SalesPh: (908)-834-1608Email: info@Clinicspectrum.com

https://twitter.com/clinicspectrum

https://www.facebook.com/ClinicSpectrum