Streamlining the patient revenue process at your practice will be beneficial to you in the following ways: Increases Income Credit cards are the #1 preferred payment method for patients, so this type of system is sure to be well-received by those who frequent your practice. This will essentially involve implementing a kiosk in your office where patients can keep their credit cards on file and pay quickly and easily immediately following their appointment. Once these are in place, Health iPass will help your orthopedic practice establish a COF (card-on-file) system. The first facet of the solution is for the provider to establish front-end best practices that support all of the processes that go on behind the scenes.
#Manage ipass full
In order to address these issues and ensure that orthopedic practices receive compensation for the full extent of services provided, Health iPass works towards a two-fold solution.
Health iPass is a clear solution to this complex issue, and can help orthopedic providers collect up to 95% of the revenue they should be receiving. In fact, doctors and providers have been shown to lose around 5 to 6% of their revenue each year, which can have detrimental effects on an orthopedic practice. Since many people face financial struggles, the breakdown of payment is often disorganized and inconsistent, which has made provider collection of out-of-pocket costs more difficult. Out-of-pocket costs for patients have also increased by 9% since 2012, and in 2 out of 3 office visits, nothing is collected at all. Five years ago, the majority of revenue collected by providers came from insurance companies, but in 2019, the distribution has shifted, and around one-third of revenue comes directly from the patient. The way that the average person handles healthcare costs is changing.
When you trust HIS with your orthopedic practice’s revenue cycle management, you will receive the convenience of Health iPass at no additional cost. HIS is proud to partner with Health iPass, a system designed to optimize the patient revenue cycle and ensure that orthopedic providers collect all owed revenue from patients. When steps of this process are overlooked or done incorrectly, healthcare providers may face decreased profitability and reimbursement for the services they provide. Navigating the patient revenue cycle is something that all Orthopedic practices must become proficient in to gain a profit.
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