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Getting Back to Basics How to Maximize Practice Profitability Through Patient Collections

Getting Back to Basics How to Maximize Practice Profitability Through Patient Collections. Kevin Goertz, VP of Operations at Global Healthcare Alliance. Learning Objectives. The importance of collecting co-pays, coinsurance and deductibles Resetting patient expectations

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Getting Back to Basics How to Maximize Practice Profitability Through Patient Collections

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  1. Getting Back to BasicsHow to Maximize Practice Profitability Through Patient Collections

    Kevin Goertz, VP of Operations at Global Healthcare Alliance
  2. Learning Objectives The importance of collecting co-pays, coinsurance and deductibles Resetting patient expectations Simple strategies to improve time of service payments
  3. Source: MedicalEconomics.com June 25, 2012
  4. Current Climate Forty-nine percent of healthcare providers do not know expected patient responsibility before the patient is treated Seventy-eight percent of a given provider's patients know their responsibilities, they do not commonly volunteer payments if not asked (Source: InstaMed Trends in Healthcare Payments Annual Report: 2012)
  5. Current Climate Patient responsibility has increased High deductible plans are common Providers collect up to 30% of their revenue from patients Source: MedicalEconomics.com
  6. Why? What you collect from insurance companies covers your overhead What you collect from patients goes to your bottom line Source: MedicalEconomics.com
  7. Keys to Success Reset patient expectation with time of service financial policy Front desk should verify demographics and collecting copayment and deductibles The patient must know how much they will owe before their visit
  8. Keys to Success Time of service policy Collections efforts start when the patient calls for an appointment Get the doctors on board Coach staff how to ask for money and answer questions
  9. Patient Objections
  10. Patient Objections Cont’d.
  11. Keys to SuccessContinued Additional Strategies Document balances in PM system and EMR Patient visits more than $100 receives a call before the visit Offer a variety of payment methods Motivate staff to collect more Send patient statements
  12. NewModel OutsourcingCompany Practice Company assumes billing, insurance and practice responsibilities so the Practices can focus on TOS collections

  13. For More Information:

    Visit us on the web: www.globalhca.com Or call: Kevin Goertz 800-457-9269
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