Transcript of Getting Back to Basics How to Maximize Practice Profitability Through Patient Collections Kevin...
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- Getting Back to Basics How to Maximize Practice Profitability
Through Patient Collections Kevin Goertz, VP of Operations at
Global Healthcare Alliance
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- Learning Objectives The importance of collecting co-pays,
coinsurance and deductibles Resetting patient expectations Simple
strategies to improve time of service payments
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- Source: MedicalEconomics.com June 25, 2012
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- Current Climate Forty-nine percent of healthcare providers do
not know expected patient responsibility before the patient is
treated Seventy-eight percent of a given provider's patients know
their responsibilities, they do not commonly volunteer payments if
not asked (Source: InstaMed Trends in Healthcare Payments Annual
Report: 2012)
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- Current Climate Patient responsibility has increased High
deductible plans are common Providers collect up to 30% of their
revenue from patients Source: MedicalEconomics.com
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- Why? What you collect from insurance companies covers your
overhead What you collect from patients goes to your bottom line
Source: MedicalEconomics.com
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- Keys to Success Reset patient expectation with time of service
financial policy Front desk should verify demographics and
collecting copayment and deductibles The patient must know how much
they will owe before their visit
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- Keys to Success Time of service policy Collections efforts
start when the patient calls for an appointment Get the doctors on
board Coach staff how to ask for money and answer questions
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- Patient Objections Patient ObjectionFront Desk Response I've
never been asked to pay before I understand, however, we have
recently changed our policy and paying now helps control our costs
so we do not need to increase our charges. Now, how would you like
take care of you balance today? You seem more worried about my bill
than my health Please be assured that we are concerned about your
care first. Any payment for care ensures that we can continue to
provide with the quality treatment you and others expect. I didn't
bring my checkbook today OR my spouse/ex- spouse pays for all
medical bills That's okay. We also accept cash or credits. We will
give you a receipt that shows youve paid and you can share it with
your spouse (ex-spouse). Now, how would you like to take care of
your balance today? My doctor told me not to worry about the bill
Your physician did not mean that you would not have to pay, but
that you should not worry about the bill because our payment
policies allow us some flexibility. Our payment policy for your
balance of "X" indicates we can offer "X".
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- Patient Objections Contd. My insurance will pay Your insurance
does cover most services, however, this is the amount we have
calculated that you owe based on your insurance plan and benefits.
Can I make payments? We would prefer payment in full based on our
policy. However, based on your balance, our payment policy allows
us to accept "X" today and you may establish "X" payments over the
next "X" weeks/months. GET A SIGNED FINANCIAL AGREEMENT. I do not
have a job and have no income Some office may offer charity care.
If so, then you should state, we have a financial assistance
program and you can complete the application today and submit the
required documents to "X" by X date to receive a determination. If
charity care is not offered, clinical triage can be done to assess
if the patient must be seen or can be rescheduled or referred to a
subsidized clinic. I already sent a check in the mail Okay. It must
be in process in the billing office. Next time, please just bring
the payment in with you. I will make a note on your account. Do you
have the check #, amount and date it was sent? If they can't
provide the information, ask to swipe their credit card and
preauthorize a payment. The patient can be told that the office
won't charge their credit card unless payment is not received in
the next 7 days. I just lost my job I am sorry to hear that. This
is affecting so many people. Unfortunately, we are being affected
by this economic downturn as well, and unless we collect what is
owed, we cant pay our bills here and then we are at risk of losing
our jobs. I can offer you a payment plan or refer you to a
subsidized clinic.
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- Keys to Success Continued Additional Strategies Document
balances in PM system and EMR Patient visits more than $100
receives a call before the visit Offer a variety of payment methods
Motivate staff to collect more Send patient statements
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- New Model Practice Outsourcing Company Company assumes billing,
insurance and practice responsibilities so the Practices can focus
on TOS collections
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- For More Information: Visit us on the web: www.globalhca.com Or
call: Kevin Goertz 800-457-9269