Powerful, intuitive, versatile all three of these words encompass what our foundational technology platform, ConnectPlus, provides. This premier innovation platform's purpose is flexibility as it powers a number of our SaaS-based applications that we provide to more than 1,000 of our current customers.
Think about how much information your doctor’s office has to digest within one day. Let’s say it’s a small healthcare provider that sees an average of 20 patients on any given day. Each of these patients has different health insurance’s that all process and respond differently. Now imagine how many patients have different health insurance’s in a larger practice or even a hospital, the numbers add up quickly.
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).
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.
The industry that we serve on a daily basis is complex. We work within the healthcare space helping health systems, hospitals, clinics, medical billing companies, early out providers, physician groups, and providers manage what's known as the Revenue Cycle. Many people don't know what this means which is why we are announcing Etactics' Educational Whiteboard Series. This series of videos will explain the terminology, best practices, and procedures of our industry to make it easier to understand exactly what we do to help our clients get paid.
Patient responsibility is a large component in today's Healthcare Reimbursement Landscape, due to higher-deductible plans and higher co-pays on the rise. As plans change, patient confusion increases causing a need for providers to be more strategic and ensure that they have the tools in place in order to collect while also not draining their revenue. With healthcare consistently evolving, providers are looking to improve business processes, boost staff productivity, reduce expenses and accelerate payment.
In the fall of 2014, we began to serve the Long Term Care Pharmacy vertical marketplace with our automated statement solutions. Although we have been serving similar healthcare clients for years with our service, this vertical had some unique challenges that we encountered and were able to solve. They included the following…
Many healthcare providers choose to work with vendors like Etactics so they can focus on providing quality care to their patients. Several of our previous blog posts have discussed the need for vendors to be interoperable. This is a very important quality to note when choosing a vendor. However, this does not mean that an outside company can always do a better job than your current billing staff, specifically when it comes to collections. Today we will discuss key considerations to decide if using an early out vendor is right for you.