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Related Experiment Videos

Maximizing collections from patient services billing.

Gil C Orenstein, Alan David Kaye, Charles J Fox

    The Journal of Medical Practice Management : MPM
    |September 23, 2014
    PubMed
    Summary
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    Medical practices must adapt to increasing patient financial responsibility due to healthcare reform. Improving collections processes and patient financial education are crucial for practice revenue cycles.

    Area of Science:

    • Healthcare Administration
    • Medical Economics
    • Revenue Cycle Management

    Background:

    • U.S. healthcare reform is shifting payment burdens from insurers to patients.
    • Medical practices face challenges in managing increased patient financial obligations.
    • Effective patient collections are vital for practice financial health.

    Purpose of the Study:

    • To highlight the impact of healthcare reform on medical practice revenue cycles.
    • To identify key strategies for improving medical billing and collections.
    • To emphasize the importance of patient financial responsibility and understanding.

    Main Methods:

    • Analysis of current trends in U.S. healthcare reform and payment structures.
    • Review of challenges faced by medical practices in patient collections.

    Related Experiment Videos

  • Identification of best practices for point-of-service collections and financial policies.

    • Main Results:

    • Practices are often unprepared for the shift in payment responsibility to patients.
    • Inability to collect patient receivables negatively impacts the practice revenue cycle.
    • Key solutions involve enhanced point-of-service collections, staff training, clear financial policies, and technology adoption.

    Conclusions:

    • Medical practices need to proactively improve their billing and collection processes.
    • Enhanced patient financial education and transparent payment options are essential.
    • Adapting to evolving healthcare economics is critical for sustainable practice operations.