Rising costs, increased patient responsibility and expanding healthcare consumerism within the ambulatory care industry have left many independent practices facing stagnant or shrinking revenue. In this whitepaper, readers will gain insight into the revenue cycle management shift in the last decade from commercial payer reimbursement to direct patient collections as well as strategies for providers to improve their billing processes, including:
More Americans today have health insurance than ever before, but they're also bearing a greater financial burden for their care through higher cost-sharing health plans. Additionally, the trend of consumerism is raising patient expectations for greater transparency into provider performance and costs as patients take a more direct role in the healthcare decision-making process.
Is your practice equipped to collect payments efficiently from patients? Adapting to a more modern payment methodology involves examining office financial policies, technology solutions and billing communications from the patients' perspective in order to ensure medical bills are paid in a timely manner without damaging the quality of care provided.
As patients increasingly flex their buying power in health care, practices should optimize their billing process with the patient in mind. From payment plans to text message reminders, there are many modern methods for independent providers to optimize their services to fall in line with the way patients evaluate and shop for care.