thomas John

Patient fees contribute a more significant percentage of your income because more patients are accountable for a higher rate of their medical expenditures. According to the Practice Perspectives on Patient Payments Research by MGMA, providers now earn $1 of every $4 in direct patient payments. Additionally, the collection task grows more challenging since 30% of patients leave the building without paying their invoices. A practice's accounts receivable will substantially lag if these patient payments are not received on time. We've compiled the top 8 efficient techniques to increase patient payment collections, stabilize your revenue cycle, and raise patient payment collections. Ascertain Eligibility One of the essential phases in managing the revenue cycle in the healthcare industry is to confirm insurance eligibility before the patient's appointment. However, using manual methods to verify insurance is time-consuming and often costs at least $6.83 for every verification. ... Continue reading →

Plutus Health Inc. created AnodynePay. A 15-year-old, technology-driven, full-cycle RCM company, Plutus Health Inc., focuses on medical coding, billing, payment posting, denial management, credentialing, prior authorizations, AR follow-up, and out-of-network negotiating. AnodynePay makes it simple to manage your invoicing and payments so you can give your patients the attention they deserve. With e-Statements, text-based payment reminders, and online bill payment periods, you may digitize the financial journey of your patients. The generation and sending of paper statements is the main problem healthcare CFOs confront in patient systems and patient payments. It involves a lot of manual labor and is expensive. An easier way to handle financial obligations for healthcare is provided by Patient Pay services, a unique provider of cutting-edge patient billing and payment solutions. Through a seamless integration of Patient Pay services into the Insight Billing platform, the AnodynePay and ... Continue reading →

Increasing Patient Engagement is the top aim for most modern medical practices, especially within the increasingly value-based medical billing situation. Even for enterprises that have yet to embrace the transition to quality over quantity, patient engagement is significantly more helpful financially than most practitioners think.   What exactly is Patient Engagement software? Even though the market for Healthcare Patient Engagement Solutions is expanding fast, many physicians are still unsure what patient engagement software is. Or how this engagement software fits into medical practice. In its broadest sense, patient engagement software is an electronic system designed to speak with patients, provide educational resources, or manage the patient-provider relationship.   You might have noticed that our definition of patient engagement software is similar to that of patient portal software. Conversely, a meaningful patient engagement solution goes beyond most portals' ... Continue reading →

Electronic payments are readily accepted in almost all industries. The total digital transaction value is expected to rise with a CAGR of 14.86% resulting in an estimated $3528 billion by 2027. But medical groups and healthcare practices have not yet wholly adopted electronic payment methods and are missing the potential benefits that digital payments can offer them. It is seen that only 29% of the patients receive medical bills.    Healthcare practices that use traditional paper-based statements frustrate the patients and increase the chances of late payment. When the patients were asked about their preferences on receiving the medical bills and invoices, 58% of patients said they wanted e-statements and online payment options. Still, their healthcare providers fail to give them these facilities.    Accepting electronic payments helps satisfy the patients and provides immense benefits to the healthcare business. Here are the top 3 reasons you should start ... Continue reading →