Helping your patients want to pay you

Area of Science:

• Healthcare Administration
• Medical Practice Management
• Health Economics

Background:

• Historically, patient financial responsibility was minimal.
• Declining medical revenue and increasing consumer-driven health plans have shifted financial burdens.
• Patient-balance collections were once a lower priority.

Purpose of the Study:

• To highlight the growing importance of patient-balance collections.
• To emphasize the role of patient payments in revenue cycle management.
• To address the impact of consumer-driven health plans on medical practices.

Main Methods:

• Analysis of current trends in healthcare revenue.
• Examination of the impact of insurance plan structures on practice finances.
• Review of revenue cycle management best practices.

Main Results:

• Patient deductibles and copayments now form a significant portion of accounts receivable.
• Effective collection of patient payments is critical for financial stability.
• Practices must adapt their strategies to manage patient financial responsibility.

Conclusions:

• Collecting patient payments is a primary concern in modern revenue cycle management.
• Healthcare practices need robust systems for managing patient balances.
• Adapting to consumer-driven health plans is vital for practice viability.