Hospital Access Management – January 1, 2014
January 1, 2014
View Issues
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95% of revenue collected at time of service: Exceed ‘low hanging fruit’
There is still a significant amount of untapped revenue with upfront collections, say patient access leaders. By putting information on the patient's responsibility in the hands of registrars, Danbury Hospital now collects 95% of revenue due at the time of service, up from 50% in 2006. -
Find better fit for struggling collectors
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30-minute session sharpens skills
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Price estimate is biggest challenge
After price estimation technology was implemented at Ohio Health, collections increased from $12.8 million in FY 2013 to more than $19 million in FY 2013. -
Collections are now at $540,000 monthly
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These collections tips are tried and true
Successful collectors agree that requests for money should be respectful and matter-of-fact. -
Collections to top $8 million in 2013
Difficulty getting pricing info is challenge -
1% of net revenue: Tools needed to do it
To excel at upfront collections, patient access need real-time insurance verification, patient risk scoring, and payment estimation tools, according to revenue cycle experts. -
Patients to have Web, bedside pay options
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Teach staff to fix collection mistakes
Patient access leaders should explain to employees why collection is important to the hospital and instruct staff on how to correct mistakes. -
Have staff members learn from top collectors
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Training is key to pre-service center
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Offer incentives to top collectors
After implementing incentives in 2013, OSF Healthcare collected more than $30,000 in copays, up from $2900 in 2012. -
Provision of Obamacare fuels sticker shock