Tag Archives: Patient

RECOGNIZING THE FOUR PATIENT PAYER TYPES

20 Mar

The way that healthcare approached patient payers in the past no longer works nearly as effectively as it once did.  With the dramatic rise in high deductible health plans (HDHP) and higher co-pays, collecting patient balances quickly and effectively is imperative.  The “one size fits all” approach is dead, both in follow-up and collections of slow-pay and delinquents accounts.

Reasons for a patient not paying the bill when due can be varied.  Some don’t pay on time because of financial reasons, many times because of the high deductibles in their health plan.  Others have the funds but, due to confusion surrounding their insurance policy, aren’t sure the balance is correct.  Others are simply too disorganized to remember to find the statement and pay the bill when they have the money.  Still others feel that their insurance has paid enough and the practice should be satisfied with that.  Some will say, “that doctor is rich, he doesn’t need my money!”

It is a delicate balance that practices must strike to be aggressive enough to motivate the patient to pay the bill without being so aggressive that the practice risks losing what might be a profitable patient in the future.  Some practices spend great deals of money with internal follow-up through statements, phone calls and letters, not realizing that each contact with a patient in follow-up internally can cost the practice between $10-12.  That expense, not to mention the staff time and attention this takes, can wind up making the whole follow-up proposition more expensive than it is actually worth.

So what is a practice supposed to do?

We, at TSI (formerly known as Transworld Systems) have determined that there are actually four distinct types of patient payers.  Each is motivated in a different way to pay the bill, and it is a mistake to treat them all the same.  They are:

THE DUTIFUL PAYER

The dutiful payer feels a keen responsibility to pay their debts in a timely manner.  They are motivated to pay the bill by the initial statement you send following patient responsibility.  Fortunately, they are (or should be) the largest category in your practice.

THE DISTRACTED PAYER

The distracted payer has the very best intentions to pay your bill, but they seem to be so busy and distracted that they misplace your statement or just forget to pay it.  Timely reminders are sufficient to motivate them to get that bill paid.

THE DISRESPECTFUL PAYER

The disrespectful payer tries to see what they can get away with, and hope that you will give up trying to collect the bill if they dodge you long enough.  They do not respond to your statements, letters, or phone calls.  Rather it will take a contact by a third party collection agency for them to be convinced that the practice is serious about collecting the debt.  That alone will motivate them to pay, and they will generally pay the bill after they receive the first contact by that third party.

PROFESSIONAL DEBTOR

The professional debtor never intended to pay the bill when they received service.  They are likely in collections with other creditors already.  These, and these alone, need to be in the hands of professional collectors, familiar with medical debt, before too much time has elapsed and too much money has already been spent chasing them.

TSI offers a free interface that works with virtually all dental software to help you identify which type of category each patient falls into, and tools to communicate with them in an appropriate manner.  The practice retains control of each account, and the type of communication that is being used on a particular patient.  These tools eliminate the need for the practice to continue time-consuming internal chasing of accounts at a cost that is generally less than they are spending on follow up currently.

For a full description of the tools and services provided by TSI, please call 888-780-1333 to speak to me personally, or email me at david.wiener@transworldsystems.com.

 

Top 10 Reasons Why Dentists Should Carry Their Own Dental Coverage

8 Jun

CFS DENTAL OFFICE

If you have a dental practice, you should seriously consider setting up your own self-administered dental plan.  Here’s why:

  • Dental insurance covers less and costs more every year for patients
  • Dental insurance pays the dental office less and less every year
  • You can customize a dental coverage plan to meet the specific needs of your practice
  • Patients and staff always know how much is covered and what remains
  • Far easier to administer than conventional insurance plans
  • Makes dental care more affordable to the patient, resulting in more treatment plan acceptance
  • Provides treatment to patient immediately
  • The dentist earns a greater portion of service than paid by insurance companies
  • Patients will stay in the practice longer
  • Patients will get treatment they would otherwise neglect.

The purpose of the Private Dental Plan program is to help the patient receive immediate and personalized service through a dental service plan and allow the dentist to keep more money for their services.  This self-administered dental service plan allows dental offices to offer access to dental coverage for those who would not normally be able to afford it.

Through my new affiliation with Dental Practice Services, Inc., I am now able to assist practices in getting set up with such a plan.  Please contact me for more information about how your practice can benefit from a personalized self-administered dental plan.

RECOGNIZING THE FOUR PATIENT PAYER TYPES

12 Feb

The way that healthcare approached patient payers in the past no longer works nearly as effectively as it once did.  With the dramatic rise in high deductible health plans (HDHP) and higher co-pays, collecting patient balances quickly and effectively is imperative.  The “one size fits all” approach is dead, both in follow-up and collections of slow-pay and delinquents accounts.

Reasons for a patient not paying the bill when due can be varied.  Some don’t pay on time because of financial reasons, many times because of the high deductibles in their health plan.  Others have the funds but, due to confusion surrounding their insurance policy, aren’t sure the balance is correct.  Others are simply too disorganized to remember to find the statement and pay the bill when they have the money.  Still others feel that their insurance has paid enough and the practice should be satisfied with that.  Some will say, “that doctor is rich, he doesn’t need my money!”

It is a delicate balance that practices must strike to be aggressive enough to motivate the patient to pay the bill without being so aggressive that the practice risks losing what might be a profitable patient in the future.  Some practices spend great deals of money with internal follow-up through statements, phone calls and letters, not realizing that each contact with a patient in follow-up internally can cost the practice between $10-12.  That expense, not to mention the staff time and attention this takes, can wind up making the whole follow-up proposition more expensive than it is actually worth.

So what is a practice supposed to do?

We, at TSI (formerly known as Transworld Systems) have determined that there are actually four distinct types of patient payers.  Each is motivated in a different way to pay the bill, and it is a mistake to treat them all the same.  They are:

THE DUTIFUL PAYER

The dutiful payer feels a keen responsibility to pay their debts in a timely manner.  They are motivated to pay the bill by the initial statement you send following patient responsibility.  Fortunately, they are (or should be) the largest category in your practice.

THE DISTRACTED PAYER

The distracted payer has the very best intentions to pay your bill, but they seem to be so busy and distracted that they misplace your statement or just forget to pay it.  Timely reminders are sufficient to motivate them to get that bill paid.

THE DISRESPECTFUL PAYER

The disrespectful payer tries to see what they can get away with, and hope that you will give up trying to collect the bill if they dodge you long enough.  They do not respond to your statements, letters, or phone calls.  Rather it will take a contact by a third party collection agency for them to be convinced that the practice is serious about collecting the debt.  That alone will motivate them to pay, and they will generally pay the bill after they receive the first contact by that third party.

PROFESSIONAL DEBTOR

The professional debtor never intended to pay the bill when they received service.  They are likely in collections with other creditors already.  These, and these alone, need to be in the hands of professional collectors, familiar with medical debt, before too much time has elapsed and too much money has already been spent chasing them.

TSI offers a free interface that works with virtually all dental software to help you identify which type of category each patient falls into, and tools to communicate with them in an appropriate manner.  The practice retains control of each account, and the type of communication that is being used on a particular patient.  These tools eliminate the need for the practice to continue time-consuming internal chasing of accounts at a cost that is generally less than they are spending on follow up currently.

For a full description of the tools and services provided by TSI, please call 888-780-1333 to speak to me personally, or email me at david.wiener@transworldsystems.com.

 

Great news for users of Epic, Mysis Tiger, Mac Practice, and Medisoft PM Software

21 Nov

Not only does Transworld Systems offer the most unique and cost effective solutions for managing a medical practices patient accounts, they now offer an interface with most major medical practice management software packages.  New to the list is:

Epic
Mysis Tiger
Mac Practice and
Medisoft/Lytec

Users of these, and many other software packages/systems can now seamlessly interface with Transworld’s unique 4-stage approach to patient A/R management.  This revolutionary, automated, technology based solutions provides medical practices with the ability to:

1.  Cut internal expenses and staff time spent chasing slow pay and delinquent patient accounts
2.  Speed up cash flow and increase bottom line profits for the practice
3.  Ensure compliance with ever increasing and changing Federal, State and local regulations.
4.  Elminate, or significantly decrease, the need for expensive collection agency fees.

For a brief, no=obligation, demo of these services, to receive a list of all of Transworld’s technology interfaces, or to receive my report, “It’s Only Going To Get Worse: Surviving the Tough New Reallity for Physicians”  please contact me using the form at the bottom of this page, or call me directly at 888-780-1333.

Tools To Help You Get Paid Faster

6 Sep

acceleratorinfographic

 

Are you having a hard time finding the time to contact your customers or patients regarding payments?  Let Transworld Systems help you Accelerate your payments and improve your cash flow with Accelerator.

The below infographic illustrates the benefits of Accelerator and how we can help you get paid faster!  Don’t wait until 60, 90 or 120 days for you outstanding invoices.  The sooner you react, the sooner you can get paid the money you are owed!

Call me, David, directly at 888-780-1333 for a free overview of the tools that can help you motivate your customers and patients to pay you sooner, while maintaining your good relationship with them.

Docs flock to cloud to save bottom line | Healthcare IT News

6 Sep

Take the time to read this important article.  There is no real choice.  Doctors must upgrade their EMR/EHR, billing procedures and follow-up procedures or face being left behind in the current healthcare market.

Docs flock to cloud to save bottom line | Healthcare IT News.

Outsourcing is critical for a medical or dental practice, or hospital to keep current and make the most of the opportunity they have.  In-house solutions will not keep pace with the changing environment that the medical world faces.

The current reality is:  They must find a cost effective way to motivate insurance companies and, especially, patients to pay them sooner.  I can point you to services that, in most cases, work directly with your software system to help you:

– Cut internal staff time spent on unproductive work

– Cut internal costs associated with insurance and patient account resoution

– speed up your cash flow

– increase your bottom line

– Keep you and your staff in business

Respond to me and I will be happy to explain what tools I can offer you to make this happen in your practice/hospital.  There is no cost or obligation.  Is it worth 20 minutes to find out how to make your practice more profitable?

Medical practice executives cite financial management issues as most challenging – MGMA

27 Jun

Medical practice executives cite financial management issues as most challenging – MGMA.

As an MGMA Admini-Serve partner for over 13 years, the tools provided by Transworld Systems are THE best answer to the concerns that medical practices are facing in an ever increasing way.

  • We can help you deal with the new reimbursement models that place financial risk on the practice
  • We can help you better manage your finances
  • We can ensure that self-pay patients, or those with high-deductible health plans pay you sooner and more often.

In 22 minutes, I can help you determine if the tools I can provide will help alleviate these concerns for you and your practice.  I will conduct a brief A/R strategy session at no cost or obligation via phone to help you determine if our tools are a good fit for your practice.

Isn’t it worth a 22 minute investment of time?

Patient payment responsiblity increases | Healthcare Finance News

11 Jun

Patient Payment Responsibility Increases.

Does this surprise you????

If you have been paying attention these last few years, you already knew this.  It has been steadily going up for a lot of years.  What many doctors and practice administrators don’t know, or aren’t paying attention to, is the result of this increase.

Doctors MUST, perhaps for the first time, figure out how to get patients AND insurance companies to pay them faster.  In many cases, to pay them at all.  To fail to do this quickly is resulting in:

  1. A 10-fold increase in SBA backed loans made to medical practices over the last 10 years.
  2. An unprecedented number of physicians forced to declare bankruptcy, even though they have very busy practices.

This does not have to happen!!  It is foolish and unsustainable.  I can show you, in 22 minutes, how to get more patients paying you, and faster than before as well as speeding up the response time from insurance companies who benefit from dragging their feet before finally sending you a check.  I can show you how to do it for less than you are currently spending to do it the way that you are currently doing it, possibly the reason for the problem after all.

Respond to me via the form at the bottom of this email, requesting a 22 minute A/R strategy session.  It won’t cost you anything and you will know, when we are done, if the tools I recommend will help you put more cash in your accounts than you are currently getting.  Even so, after we are done you are under no obligation to take my advice.

Isn’t it worth a 22 minute phone call?

Patient payment responsiblity increases | Healthcare Finance News.

Self-Pay Is Here To Stay: And It’s Scary

18 May

medical bill

So are you one of those who thought that health exchanges would cause self-pay to go away?  You need to think again!!  Self-pay isn’t going anywhere anytime soon. and it’s growing.

It has been projected that out of pocket expenses nationally will rise more than $400 billion by 2016.  The advent of mandated medical coverage, which is coming in 2014 will markedly increase the number of “basic” health plans with the demise of “Cadillac” plans.  Higher deductibles and lower co-pay in these basic plans will leave the patient covering up to 40% of the bill.  All of this happening with a patient population that has an increasingly difficult time covering their portion of the amounts.  Couple that with the fact that percentage of Americans who are enrolled in the increasingly popular high deductible plans hit a record 28% in 2012,  It’s getting scary!

Some things you might not know:

  • 55% of patient responsibilities are never covered.
  • 81% of “true” self-pay responsibilities are never covered.
  • It costs twice as much to collect from the patient vs. the payer
  • Between 2007 and 2012, patient responsibility grew from 12% of total revenue to 30% and isn’t slowing down.
  • Self pay is the number three payer after Medicare and Medicaid
  • Each family will be responsible for up to 32% more in financial responsibility in 2014
  • An “insured” patient doesn’t guarantee full payment.
  • ICD-10 will also potentially increase patient responsibility.

These are just a few facts that indicate our future.  A strategy or partner will be necessary to respond well to these challenges that are before us.  The view of patient out of pocket will have to change.  No more can a practice just assume that they can absorb patient balances that aren’t collected.  Balances will need to be collected and early in the cycle, as accounts receivable depreciate in collectability very quickly, more quickly than ever.  Any A/R over 90 days, depreciates at .5% per day, and practices can’t absorb the losses any more.

Most practices cannot do this on their own.  What is not collected at time of service is both challenging and expensive to work adequately in-house.  The expense associated with pursuing these well is more than the practice can handle, so the choice is clear.  You can either “do the best you can with what you’ve got” or you can find a partner who can help you do it well, and for less cost.

Make sure that anyone that you partner with is 100% committed to compliance, because federal, state and local regulations are making it more and more challenging to accomplish the task.  Ensure they protect you, as well, from liability for what they do.

Again, I realize that many who read this will deny that this is the future, and rely on the belief that more patients insured will mean less challenge for the practice in pursuing patient balances.  If you are among those, I have a bridge I’d like to sell you.

If you realize the challenge, and would like to investigate what I believe to be the best available solution to this increasing problem, respond to this article and ask and I will be happy to share it with you.

%d bloggers like this: