Navigating the patient revenue cycle is something that all Orthopedic practices must become proficient in to gain a profit. When steps of this process are overlooked or done incorrectly, healthcare providers may face decreased profitability and reimbursement for the services they provide. HIS is proud to partner with Health iPass, a system designed to optimize the patient revenue cycle and ensure that orthopedic providers collect all owed revenue from patients. When you trust HIS with your orthopedic practice’s revenue cycle management, you will receive the convenience of Health iPass at no additional cost.
The way that the average person handles healthcare costs is changing. Five years ago, the majority of revenue collected by providers came from insurance companies, but in 2019, the distribution has shifted, and around one-third of revenue comes directly from the patient. Out-of-pocket costs for patients have also increased by 9% since 2012, and in 2 out of 3 office visits, nothing is collected at all.
Since many people face financial struggles, the breakdown of payment is often disorganized and inconsistent, which has made provider collection of out-of-pocket costs more difficult. In fact, doctors and providers have been shown to lose around 5 to 6% of their revenue each year, which can have detrimental effects on an orthopedic practice. Health iPass is a clear solution to this complex issue, and can help orthopedic providers collect up to 95% of the revenue they should be receiving.
In order to address these issues and ensure that orthopedic practices receive compensation for the full extent of services provided, Health iPass works towards a two-fold solution. The first facet of the solution is for the provider to establish front-end best practices that support all of the processes that go on behind the scenes. Once these are in place, Health iPass will help your orthopedic practice establish a COF (card-on-file) system. This will essentially involve implementing a kiosk in your office where patients can keep their credit cards on file and pay quickly and easily immediately following their appointment. Credit cards are the #1 preferred payment method for patients, so this type of system is sure to be well-received by those who frequent your practice.
Streamlining the patient revenue process at your practice will be beneficial to you in the following ways:
When patients leave your office without paying for that day’s services, they must be mailed a bill, which oftentimes does not get paid right away or even at all. A COF system reduces the time taken to collect patient revenue as well as the cost of collection. Doctors are also able to automatically bill the credit card on file, so that there is no confusion when organizing payments. Research has shown that practices who work with Health iPass have seen a 97% residual balance collection rate.
Health iPass allows for price transparency between you and your patients through a variety of tools. Patients will have access to co-pay, deductible, and co-insurance amounts, as well as care cost estimates at various stages throughout the patient journey. Having access to this type of information helps increase your patients’ trust in you and your practice and optimizes the entire payment process.
This benefit goes along with price transparency – when patients have access to an abundance of information about their payments and care costs, their trust in you as a practice will increase because no doors are left closed. This increased trust allows patients to feel more confident and satisfied in their care and in the way their payments are being handled, which will keep them coming back to your practice in the future.
If your orthopedic practice is looking to optimize the revenue cycle and increase profits on a daily basis, HIS and Health iPass are here to help. Working hand-in-hand, our teams are focused and determined to bring you revenue cycle optimization that is beneficial for both you and your patients. Health iPass is just one part of our expert revenue cycle management services – with RCM assistance from HIS, your practice will see increased cash flow, maximized reimbursements, and increased profitability. HIS is a physician’s management organization with more than three decades of experience providing revenue cycle management and practice management and consulting services for orthopedic practices. We are proud to provide services that allow our clients to focus on what is most important to them – their patients. For more information about how HIS and Health iPass can provide your practice with a comprehensive revenue cycle solution, please contact us today. We look forward to working with you.