Revenue cycle advice: Whether bills are paper or digital, get paid upfront

Healthcare Finance News April 29, 2019
Susan Morse

In an age of squeezed operating margins, consumerism must be combined with what works to get paid faster and to collect all that is owed.

Patient balances present one of the most significant challenges in revenue cycle.

Eighty-five percent of covered workers have a deductible and in 2018, the average deductible was $1,573. The percent of patients unable to pay a $1,000-plus medical bill is 56 percent, according to the ninth annual InstaMed Trends in Healthcare Payments report.

PAPER VS. DIGITAL?

InstaMed’s client solution is to go electronic at the time of registration to increase collections. Eighty-five percent of consumers own smartphones, and many of them are constantly checking their messages; Why not make billing a part of that experience,...

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