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Unless there are effective and streamlined up-front processes and a highly customized approach to emergency patient billing, self-pay revenue can be greatly reduced as it impacts optimal and timely reimbursement.
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Four Management Billing Strategies to Enhance Self-Pay Revenue
During the January 2018 American College of Emergency Physicians (ACEP) Reimbursement and Coding Conference in Nashville, three strategies were identified to improve self-pay and patient deducible revenues. This PPT will explore the Four Management Billing Strategists to Enhance Self-Pay Revenue. There is no doubt that emergency medicine patient billing in hospitals and freestanding ERs presents some significant challenges. Physicians are under extreme pressure to provide high level safe emergent care while reducing wait times. As a result, paperwork and information intake often take a back seat to the treatment of life or death healthcare issues. Self-pay patients may be uninsured, underinsured or members of a high-deductible health plan (HDHP). Unless there are effective and streamlined up-front processes and a highly customized approach to emergency patient billing, self-pay revenue can be greatly reduced as it impacts optimal and timely reimbursement.
Four Management Billing Strategies to Enhance Self-Pay Revenue 1. The first strategy is implementation of demographic verification technology and processes to assure that the bills are sent to the correct payer and address, even when the patient is the payer. Highly accurate consumer databases can be integrated with physician billing software and confirm patient identity upfront. An electronic search of the customer database verifies information including name, address, date of birth, and social security number. 2. The second strategy is the utilization of easy payment methods for patients such as re-occurring monthly payment plans that auto debit their bank account and payment methods allowing the patient to pay via their phone by taking a picture of their statement.
3. The third strategy is to use technology to proactively filter accounts and identify a patient’s propensity to pay. This allows staff to prioritize and focus collections on patients who are most able to pay. In the process, patients with a low propensity to pay can be quickly moved to a category of charitable care, Medicaid or write-offs. Staff efficiency is then enhanced by reducing the volume of accounts to process. It also reduces collection costs as there are fewer accounts sent to collection agencies. 4.The second strategy is real-time identification of billable insurance coverage for self-pay patients. Real-time insurance discovery eliminates manual steps and greatly increases workflow efficiency. Lists, batches, manual searching of websites and waiting for feedback along with duplicate data entry is virtually eliminated through this real-time technology solution. The result is a reduction of the needs for billing staff along with a significant boost in staff efficiency for insurance verification.
Cutting Loses and Maximizing Revenues and Cash flow in Emergency Medicine Overcoming the challenges in collecting on self-pay accounts is of critical importance as the volume of self-pay patients is rapidly climbing. The answers to streamline billing operations, increase revenues and cash flow are highly dependent on technology driven medical billing strategies. These offer rapid demographic verification, billable insurance coverage identification, filtering of accounts based on a patient’s propensity to pay and making it easier on the patients to pay their bills monthly with re-occurring payment plans and paying via their cell phones.
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