Mr. Wise shared the following advice with Becker’s Hospital Review:
“Half of all providers lose at least $23,000 a year from uncollected patient pay, with 40 percent of providers failing to collect more than $30,000 annually. In order to optimize patient collections, revenue cycle management services need to offer real-time insights and enable practices to generate reports to see how each user is performing when collecting copays and outstanding balances. Providers can then use this data to understand how they can improve patient pay collections by performing targeted staff training on pre-visit collections, time-of-service collections, and ongoing collection efforts.”
Read more about patient collections here.
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the “RCM tip of the day” series.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
