Many patients are panicked that their physician will stop seeing Medicare patients, and that is not without cause. Physicians that care for Medicare patients do so at a loss to their practice which they can only hope to make up for from other payers. As money gets tighter and tighter, physicians are forced to decide if they can continue to see any patient at a loss.
Although a number of surveys indicate that few Medicare patients (less than 18% nationally) have difficulty finding primary care physicians, much has been written criticizing the methodology of these surveys. A survey in North Carolina in August 2012 revealed that of 200 family physicians called by “mystery shoppers”, only 100 offices indicated they accept new Medicare patients.
Here are 10 reasons why physicians might consider not seeing new Medicare patients, not participating with Medicare or opting completely out of the Medicare program.
#1: Medicare does not pay enough to cover the expenses associated with the services provided.
Mary Pat and I had the pleasure recently of being introduced to Ron De Santo and his team at SelectOrtho DME. We are always excited to hear about new products and services bringing win-win solutions to physician practices and patients. SelectOrtho’s turnkey solution for in-office brace fitting is a way for the physician practice to add ancillary services while providing quality service to patients. As a changeup from our regular “10 Question” format, we thought it might be fun to do a video interview and Ron De Santo graciously agreed.
Mary Pat’s Interview with Ron De Santo of SelectOrtho DME Part 1 of 2
Click below for the second part of the interview!
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Our next Credit Card on File Webinar will be Thursday, June 6th at 1 p.m. EST. If you want to improve your practice’s cash flow in just one hour, sign up now as seats are going fast!
We’ve had such a great response to our Credit Card on File Webinars that we are running another session.We hope you will join us!Click here to register!
How to Cut Your Medical Practice’s A/R and Collection Costs in Just 60 Minutes.
We know patients are bearing more of the financial burden for healthcare, particularly in the form of High Deductible Health Plans (HDHPs), so it falls to the provider to collect the deductibles. How can you collect deductibles, co-pays and co-insurance, as well as electronically manage patient payment plans while reducing the associated labor and resource expense? Register for the Manage My Practice webinar that teaches you everything you need to know to spend less and collect more at time of service by implementing a Credit Card on File Program in your practice.
What is a Credit Card on File Program?
A Credit Card on File (CCOF) Program facilitates the collection of a credit or debit card from each patient and requires this card to be used for co-pays, co-insurance and deductibles. You have the option of collecting an estimate of what is due at time of service, and/or charging the credit card when the payer pays the claim.
What are the benefits of a Credit Card on File Program?
- Reduced days in accounts receivable.
- Improved cash flow.
- Elimination of statements.
- Electronic management of payment plans.
- Elimination of bounced checks.
- Elimination of the manual refund process and refund check expense.
- Reduced labor in daily reconciliation process.
- Elimination of cash drawers and change issues.
- Reduction or elimination of deposits.
- Facilitate faster check-in and check-out.
- Elimination of paper receipts.
- Elimination of collections expense.
This one-hour webcourse with accompanying materials is an incredible value at $59.95
What will I learn if I take this webinar?
1. Understand how a credit card on file program differs from traditional payment options offered by practices.
2. Learn the terminology and protocols of credit card processing its not as mysterious as it seems!
3. Compare credit card processing fees and choose a vendor based on an informed analysis.
4. Utilize handouts to train staff and educate patients on the credit card on file program.
5. Successfully implement a credit card on file program.
What does the program include?
Purchase of this program for only $59.95 includes the live webinar, slide handouts, and a complete Action Pack of forms and templates in Word, including:
1. Worksheet for Credit Card on File Program Return on Investment (ROI)
2. Staff Script & Role Playing Suggestions for Staff Training
3. Sample Security Policy to Comply With PCI Guidelines
4. Credit Card on File Program Timeline Worksheet
5. Credit Card Program Comparison Worksheet
6. Patient Handout #1: Information About Our Credit Card on File Program & Discontinuation of Statements
7. Patient Handout #2: What is a Deductible and How Does It Affect Me?
8. Sample Patient Agreement for the Credit Card on File Program
Register Now!
- June, 6th 2013 at 1:00 p.m. Eastern/ 12:00 p.m. Central/
11:00 a.m. Mountain/ 10:00 a.m. Pacific Click here to register!
NOTE: CMS has just added additional presentations of the webinar below – please check the end of the article for added dates. MPW
What is PQRS?
Register Now!
Our next Credit Card on File Webinar will be Thursday, May 9th at 1 p.m. EST. If you want to improve your practice’s cash flow in just one hour, sign up now as seats are going fast!
We’ve had such a great response to our Credit Card on File Webinars that we are running another session.We hope you will join us!Click here to register!
How to Cut Your Medical Practice’s A/R and Collection Costs in Just 60 Minutes.
I get pitched new products and services every day and it is pretty rare that I hear of something that is startlingly new. Informedika is just that – it addresses an old, old problem for practices in a new way. Continue reading for a very interesting interview with Informedika Founder and CEO Steve Yaskin.
Mary Pat: Tell us how Informedika came to be.
Steve: I am the founder and CEO of several high-tech companies in Silicon Valley and I’ve spent many years passionately solving problems using technology. In 2011 my attention turned to a problem that my wife, Dr. Inna Yaskin, faced in her medical practice every single day – the astoundingly inefficient process of ordering diagnostic tests and dealing with the results.
Staying with the theme of practice models for independent physicians, here’s an interview with Samir Qamar, MD of MedLion.
Mary Pat: You are the Founder and Chief Executive Officer of MedLion, as well as a practicing Family Physician. Tell us your story.
Dr. Qamar: I grew up around the world the son of a UN diplomat, with a lot of time spent in Europe (including medical school). Growing up, I always wondered why most Europeans never needed insurance for basic medical care. I also learned a lot about the pros and cons of government-run health systems.
This is no April Fool’s Joke for medical practices and providers: starting Monday, April 1st, we will face a 2% cut in reimbursement for services due to the “sequester.” The sequester is the other half of the “fiscal cliff” that we reported on back in January. Although not too long ago, all the conventional wisdom was dead set against the government “going over the cliff,” and here we are with both automatic tax hikes and spending cuts now a reality.
Managers might find themselves giving the same explanations about gridlock to the doctors that you gave your employees when their first paycheck of 2013 was lower than usual.
Although the cut is only 2%, it comes entirely from the 80% of the allowable that the government reimburses, as opposed to the 20% patient responsibility. The cut does not affect the Medicare patient’s co-insurance, not does it affect the 2013 Medicare Part B deductible.
To give medical practice managers an idea of what that cut will look like, here are some sample numbers.
If you could improve your patient collections from $600 a week to $6000 a week, would you do it? Of course you would! These numbers are from a Manage My Practice client who is collecting between $2500 – $3000 per day in a solo primary care physician practice with the Credit Card on File program.
Establishing a Credit Card on File program in your practice will significantly increase your practice’s cash flow, significantly decrease your accounts receivable, and reduce your patient collection expense immediately! (more…)
Most readers know that I have a special interest in helping physician practices survive and thrive, and have been writing recently about different models of care that physicians are adopting to make private practice financially viable. Here’s an interview with Scott Borden of Direct Care Consulting, who helps practices convert to a Direct Pay Model. ~ Mary Pat Whaley
Mary Pat: What is your background, Scott?
Scott: I am a passionate Health Savings Account (HSA) expert. My background has been in health insurance marketing and management for 23 years. I have been heavily involved with Consumer Driven Healthcare for the past 15 years. I have been both a talk radio show host and guest on hundreds of shows over the past 8 years. I have also been featured on several television broadcasts and been a guest speaker for dozens of organizations.
Mary Pat: Your company is calledDirect Pay Consulting and you help primary care practices transition to a Direct Payment Care (DPC) model – will you explain what that model is? (more…)
