9 Ways Healthcare Providers Can Improve Co-Pay Collection - InformationWeek

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8/15/2014
08:06 AM
Alison Diana
Alison Diana
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9 Ways Healthcare Providers Can Improve Co-Pay Collection

Co-payments account for about one-fifth of a private practice's funds, but collecting them can be tricky. These strategies and tools help practices get a handle on unpaid bills.
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Office hub
Streamlined billing practices can dramatically improve a practice's collection rates, and most practice management software includes features that allow staff to enter and confirm patient, billing, and insurance information.
After Children's Orthopaedic & Scoliosis Surgery Associates installed GE Healthcare's Centricity Practice Solution's PM module, the practice received payments 22% faster, decreased account receivable days by up to 15%, and enjoyed three years of no denials on clinical claims, according to General Electric.

(Image: GE Centricity)

Office hub

Streamlined billing practices can dramatically improve a practice's collection rates, and most practice management software includes features that allow staff to enter and confirm patient, billing, and insurance information.

After Children's Orthopaedic & Scoliosis Surgery Associates installed GE Healthcare's Centricity Practice Solution's PM module, the practice received payments 22% faster, decreased account receivable days by up to 15%, and enjoyed three years of no denials on clinical claims, according to General Electric.

(Image: GE Centricity)

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Alison_Diana
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Alison_Diana,
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8/15/2014 | 2:49:59 PM
Growing Concern
Earlier today I spoke to another HIT executive who stressed just how much bigger this concern will grow for providers, as more and more patients have to pay either larger co-pays per office visit or will have to spend more out-of-pocket as consumers opt for insurance policies with higher deductibles. Whereas it once might have meant relatively little to a practice's profitability if they didn't collect a high percentage of co-pays, patient payments will account for a bigger chunk of providers' income -- and thus, it is getting more critical for practices to collect every penny they're owed.
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