Most practices demanding upfront payments, other trends revealed in 2018 survey

Medical practices are prioritizing upfront patient payments, according to Medical Group Management Association's 2018 Practice Operations Survey.

The survey examined comparative data from more than 1,000 organizations. Participants were physician-owned and hospital-owned practices, along with U.S. organizations at small and large practices.

Four findings:

1. More than 80 percent of practices collect co-payments from patients at the time of service. The finding was true across all specialties and ownership types.

2. Physician-owned practices also collect 50 percent or more of patient due balances at time of service, regardless of specialty. Hospital-owned practices collect 15 percent or fewer.

3. Physician-owned and hospital-owned practices see similar amounts of insurance claims denied on first submission. Physician-owned practices see 5 percent or 6 percent, while hospital-owned practices see 3 percent to 6 percent.

4. Physician-owned and hospital-owned practices also reported similar numbers for the time between the patient's visit and when the charge is posted for third-party payment. Across the board, charge-posting lag time is three to five days.

Click here for information on accessing the full survey.

 

More articles on healthcare finance:

This week's 5 must-reads for hospital RCM leaders
Insured family of 4 will spend average of $28K on healthcare this year, plus 6 other facts on healthcare costs
Cone Health's operating margin drops to 1.9% in first 9 months of fiscal year: 5 things to know

 

 

Copyright © 2022 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Learning Opportunities

Featured Whitepapers

Featured Webinars