Anyone who has read my writing for any period of time knows that I am a big proponent of No Statements!
Patient statements are a waste of time and resources. Think of what your life might be like without statements:
No monthly expense to generate or send statements via electronic service or printing and stuffing.
- No need to sort them out of the mail, open them, post them, copy or scan them, and deposit them.
- No returned checks.
- When three or more statements don’t zero-balance the account, no need to prepare the accounts to be sent to third-party collections and write them off.
- No need to dismiss the patient from the practice.
- No need to post any collections payments and adjustment to the accounts.
- No need to deal with the patient when they want to return to the practice and you have to deal with it.
But what takes the place of statements?
Credit Cards.
Having a credit-card-on-file program in your practice has the potential to simplify patient collections, as well as improving your cash flow. Let’s take it a step at a time:
- Evaluate your patient base to determine if a credit-card on file program will work for you. As of the end of 2011, creditcard.com says there was a total of more than 1 billion credit and debit cards (Visa, M/C and A/E only) in circulation in the U.S., and the average person has 2.7 cards. Almost everyone has a credit or debit card and they routinely use them to pay bills.
- Once you decide you want a credit-card-on-file program, decide on a time-frame to implement it.
- Start communicating to patients that you are going to a credit-card-on-file program.
- Shop for an online credit card processor that allows you to set up payment plans and process refunds.
- Develop your workflow for collecting at time of service, and for using the credit card on file to charge balances and make refunds after the EOBs arrive.
- Role play and practice with the staff to make sure they feel confident explaining the credit-card-on-file program to patients.
- Go Live!
Want more information on how to create your Credit-Card-On-File program? Manage My Practice is giving a webinar on the topic on May 29th – look for the announcement and registration information next week.
Photo credit: 401K
Three technology trends are creating big opportunities for healthcare providers and managers to improve their bottom line, drive savings, and empower a mobile workforce with “The Cloud”:
- Improved cellular and network access to
the Internet at all times, from all devices.
- More powerful, less expensive smartphones and mobile devices to harness this improved access.
- The move to deliver computing services to these mobile devices, as well as traditional personal computers through these ubiquitous, powerful Internet connections, so that most of the work is actually done “In the Cloud”- saving a lot of resources.
The Cloud is more than just a fashionable concept – this is a real change in the way people work- and leading organizations are looking past the buzz into the substantive improvements that technology can offer in work flow and cash flow.
Today HHS announced a proposed rule (complete rule here – 175 page pdf) that would delay the go live for ICD-10 from October 1, 2013 to October 1, 2014. What follows are excerpts from the proposed rule.
Everything You Ever Wanted to Know About the Global Surgical Package: Coding and Billing for the GSP
If you do the professional fee (pro-fee) coding or billing for surgeries, you know that the rules surrounding the Global Surgical Package (GSP) are many and can be complex. CMS just published a new fact sheet on the GSP and it’s a great recap for coders and billers.
The Centers for Medicare & Medicaid Services Office of E-Health Standards and Services (OESS) is announcing that it will not initiate enforcement action for an additional three (3) months, through June 30, 2012, against any covered entity that is required to comply with the updated transactions standards adopted under the Health Insurance Portability and Accountability Act of 1996 (HIPAA): ASC X12 Version 5010 and NCPDP Versions D.0 and 3.0.
I recently had an experience at my doctor’s office where I had a problem with my account.
Actually, I had been questioning why I hadn’t gotten a refund for 2 months but was told both times I was in the office by the receptionist that she would “send a message to the biller to correct this.”
When I arrived at the doctor’s office this time, I asked about the $50 credit that I was owed and was told by the receptionist she would again “send a message to the biller.”
I lost my cool!
Here is a collection of the latest Medicare updates to get your New Year off to a good informed start:
Pay Cut: Physicians continue to receive 2011 pay rates for an additional two months while lawmakers seek a compromise on a package that could last through the remainder of 2012 (jump to story)
PQRS - National Provider Call on Physician Quality Reporting System & Electronic Prescribing Incentive Program (jump to story)
ICD-10: Did you miss the November 17th National Provider Call on ICD-10? YouTube Slideshow, Podcasts here (jump to story)
5010: New FAQs for 90 Day Discretionary Enforcement Period of ASC X12 Version 5010 (jump to story
Medicare Enrollment: Having trouble committing to Medicare this year? You have five more weeks to think about it. (jump to story)
eRx: The 2012 Electronic Prescribing (eRx) Incentive Program payment adjustment feedback report ain’t gonna happen due to the huge volume of exemptions filed.(jump to story)
IDTF: Did you get your accreditation to be able to perform the technical component of MRIs, CTs and Nuclear Medicine tests for Medicare patients? (jump to story)
PQRS: CMS announces the posting of 2012 Physician Quality Reporting System educational products (jump to story)
EFT & RA: Interim Final Rule Standards for the Health Care Electronic Funds Transfers (EFT) and Remittance Advice transaction (RA) (jump to story)
