The average practice has only a 17% patient A/R recovery rate. As patient payments continue to increase as a percentage of practice revenue, It is important to look at how you are managing your patient receivables. Traditional in-house and outsourced billing focuses only on the insured portion of medical bills while patient receivables have been historically difficult to collect. Back office processes tend to be manual and labor intensive and not designed to manage or track patient accounts receivable.
MPS simplifies your patient billing process and take complicated patient recovery management off your plate with an average patient revenue increase of 40% . We work with mid-to-large ambulatory groups within a variety of specialties, such as: orthopaedics, cardiology, urology, ENT, gastroenterology, and multi-specialty.
Today hospitals and large healthcare organizations face many complex challenges around system connectivity. With MPS’s system agnostic software platform, you can manage patient billing and recovery across all disparate systems. And we offer the option to generate guarantor level patient billing statements that aggregates patient balances across locations, databases and family members. Our analytics and reports provide insights, trends and actionable data to track patient receivables.
MPS helps you maximize financial performance for your organization, so you can focus on serving your patients, communities and stakeholders. Hospitals using MPS on average recover double the national average net patient revenue.
The burden of healthcare costs continues to shift to consumers with out-of-pocket expenses and deductibles projected to grow over 40% in the next five years. As the landscape of medical expenses becomes more complex, we know it’s more confusing than ever for patients to understand what they owe and why they owe it. Often when patients don’t understand their bill, they don’t pay it and assume insurance will pay their balance. And we know the more time that goes by, the less likely patients are to pay their bill, ultimately ending up as a write-off or unnecessarily sent to collections.
The MPS team works one-on-one with patients from the first day they have a balance. We explain their bill and troubleshoot billing questions in simple everyday language. No codes. No medical jargon. We have the hands-on approach that patients need with the convenient payment options that patients want. Because patients now understand their bill and can easily pay online, they are more satisfied with the process.