The Patient Responsibility of Total Revenue Continues to Climb
According to a recent article in Modern Healthcare, in 2018, the average family deductible is estimated to be $8,232. This results in the average patient responsibility percentage being 35 to 45% of total revenue for most healthcare organizations.
The article goes on to say that with this huge shift in patient responsibility, patients are more confused than ever about what their insurance company will cover, and patients that don’t understand “why” they have a balance, won’t pay.
So what’s your responsibility as a healthcare organization?
(1) make sure the patient bill is correct
(2) make sure the bill is informative and understandable
(3) make sure you have an effective way to answer patient questions
(4) to obtain payment from the patients.
Standard low-cost statements and outbound calls during office hours are simply not enough anymore. You need to step up your game, in an affordable way, to monetize out-of-pocket patient balances.
You may never have used, or even heard of, a patient A/R clearinghouse. However, in this new “high deductible” world, this service is every bit as important to your financial health as your insurance claim clearinghouse, and once you understand why, you won’t even think of doing business without one.
Just as your insurance clearinghouse scrubs claims for accuracy, the MPS patient clearinghouse scrubs patient bills for content and demographic accuracy before they go out.
Similar to the way your insurance claims are managed through your clearinghouse, MPS enables you to manage your patient A/R online by individually sorting, grouping, and providing efficient work queues.
Imagine being able to forecast patient revenue. That is the exact clarity this service provides. The MPS patient A/R clearinghouse solution provides technology driven tools that patients utilize to answer questions, thus removing payment barriers and increasing patient revenue.
This solution also enables patients to manage their bills online and pay via different electronic methods, thus optimizing patient revenue.
Why do I need a Patient A/R Clearinghouse?
Because Insurance Clearinghouses ONLY Optimize Payment of Insurance Claims – Not Patient Balances.