Talk to any marketer during the planning phase of a marketing campaign and it's likely that they will eventually say something along the lines of, "Marketing is about putting the right product, at the right price, at the right place, at the right time." This makes it critical to evaluate different locations in order to find the ideal spot to more easily attract and retain clients or patients. Your office or practice's location can have a huge impact on patient engagement.
So far in our Building Towards Successful Policy Management webinar series we've laid the foundation by covering topics like what the responsibilities of management should be and how a successful policy process looks. We've also detailed the steps involved in implementing a policy management process by discussing how to plan your policy manual and establishing a team charter. So what's next?
For the second episode of our three-part series, Building Towards Successful Policy Management, IntraVires Health Compliance Consultants and Etactics' Product Manager, Cole Schlafer, walked you through how to properly implement policies including defining a policy team, establishing a team charter, adopting points of parity, planning and organizing your policy manual, starting policy implementation, and steps for the future.
Now that we've defined exactly how important pricing affects patient engagement in our previous blog post, it's time to investigate how promotion can have a positive impact on a healthcare organization. Any form of marketing communication strategy or campaign targeted towards customers, patients, or prospects falls under the 2nd P of the marketing mix, promotion.
In the world of healthcare, patients are a practice, hospital, pharmacy, or other medical organization's consumer. When comparing the differences between a consumer and a patient, it's clear that they aren't the same when looking at both parties under a microscope but from a high-level perspective, they are almost identical. When marketing a company, professionals focus heavily on E. Jerome McCarthy's 4 P's of Marketing adaptation of Neil Borden's Marketing Mix; Product, Price, Place, Promotion.
With Papaya Payments assistance we’ve reduced the time it takes to receive payment on all patient statements. Paired with intelliStatement®, a practice can now allow a patient that receives a printed and mailed statement to download the free Papaya Payments app, take a picture of the statement using their smart device, and choose their preferred method of payment.
Now that you have provided care, there are a few more steps involved in the revenue cycle before receiving payment and the majority of these steps are in the patient’s hands. However, there are steps you can take and solutions made available that will help influence and ensure patients make payment on their statement(s) quickly and reduce your days sales outstanding (DSO).
If you are a healthcare provider, it is almost inevitable that you will have to navigate through denials and payer audits. However, there are certain practices that can be implemented to better manage your denials, improve your claim quality, help you manage and track the challenges of audits, and reduce the overall chances of an audit and manage those you must undergo. If you don't know these best practices already, how could you?
Since the inception of the Affordable Care Act on March 23, 2010, the responsibility of payment on healthcare related services has shifted significantly to the private patient. Industry data suggest the patient’s responsible portion of the $1.00 of service rendered today meets or exceeds .17￠, and by the year 2020, will approach or breach .30￠. Providers are more prone today than ever to recover these patient responsible balances due to the impact they have on their organization’s cash flow.
Presenting episode two in our Building Towards Successful Policy Management webinar series - "Steps for Rolling Out a Policy Management Process". Now that we've appropriately established the foundation of a comprehensive policy management strategy for your organization, the second step toward comprehensive policy management is to begin the implementation process.