Subscribe to our free newsletter.
Get insights on the healthcare industry that will show you how to tap into opportunities around you.
Patient collection is an integral part of the revenue cycle management, yet it is also the task medical practices enjoy the least. Patient deductibles are in general increasing. According to a study, 22.7 percent of people under the age of 65 with private health insurance are enrolled in high deductible health plans. According to the McKinsey report, 36 percent of patients have a balance of 60 days or more past due. So bad debts are on a rise as well. Determining the actual amount of money due and finding effective, yet cheaper ways to recover it is what becomes tricky.
On a typical day, you check your schedule and plan your day accordingly. The first patient walks in, checks out. Second patient walks in, checks out. You call in for the next patient. Guess what, the patient never made it to the appointment. The patient is a NO SHOW without prior notice. The rate of no show visits varies from 10% to 60% across the country. That’s a very big number to consider, adding to lost revenue and time.