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Getting Back to Basics How to Maximize Practice Profitability Through Patient Collections Kevin Goertz, VP of Operations at Global Healthcare Alliance

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Learning Objectives The importance of collecting co-pays, coinsurance and deductibles Resetting patient expectations Simple strategies to improve time of service payments

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Source: MedicalEconomics.com June 25, 2012

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Current Climate Forty-nine percent of healthcare providers do not know expected patient responsibility before the patient is treated Seventy-eight percent of a given provider's patients know their responsibilities, they do not commonly volunteer payments if not asked (Source: InstaMed Trends in Healthcare Payments Annual Report: 2012)

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Current Climate Patient responsibility has increased High deductible plans are common Providers collect up to 30% of their revenue from patients Source: MedicalEconomics.com

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Why? What you collect from insurance companies covers your overhead What you collect from patients goes to your bottom line Source: MedicalEconomics.com

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Keys to Success Reset patient expectation with time of service financial policy Front desk should verify demographics and collecting copayment and deductibles The patient must know how much they will owe before their visit

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Keys to Success Time of service policy Collections efforts start when the patient calls for an appointment Get the doctors on board Coach staff how to ask for money and answer questions

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Patient Objections Patient ObjectionFront Desk Response I've never been asked to pay before I understand, however, we have recently changed our policy and paying now helps control our costs so we do not need to increase our charges. Now, how would you like take care of you balance today? You seem more worried about my bill than my health Please be assured that we are concerned about your care first. Any payment for care ensures that we can continue to provide with the quality treatment you and others expect. I didn't bring my checkbook today OR my spouse/ex- spouse pays for all medical bills That's okay. We also accept cash or credits. We will give you a receipt that shows youve paid and you can share it with your spouse (ex-spouse). Now, how would you like to take care of your balance today? My doctor told me not to worry about the bill Your physician did not mean that you would not have to pay, but that you should not worry about the bill because our payment policies allow us some flexibility. Our payment policy for your balance of "X" indicates we can offer "X".

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Patient Objections Contd. My insurance will pay Your insurance does cover most services, however, this is the amount we have calculated that you owe based on your insurance plan and benefits. Can I make payments? We would prefer payment in full based on our policy. However, based on your balance, our payment policy allows us to accept "X" today and you may establish "X" payments over the next "X" weeks/months. GET A SIGNED FINANCIAL AGREEMENT. I do not have a job and have no income Some office may offer charity care. If so, then you should state, we have a financial assistance program and you can complete the application today and submit the required documents to "X" by X date to receive a determination. If charity care is not offered, clinical triage can be done to assess if the patient must be seen or can be rescheduled or referred to a subsidized clinic. I already sent a check in the mail Okay. It must be in process in the billing office. Next time, please just bring the payment in with you. I will make a note on your account. Do you have the check #, amount and date it was sent? If they can't provide the information, ask to swipe their credit card and preauthorize a payment. The patient can be told that the office won't charge their credit card unless payment is not received in the next 7 days. I just lost my job I am sorry to hear that. This is affecting so many people. Unfortunately, we are being affected by this economic downturn as well, and unless we collect what is owed, we cant pay our bills here and then we are at risk of losing our jobs. I can offer you a payment plan or refer you to a subsidized clinic.

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Keys to Success Continued Additional Strategies Document balances in PM system and EMR Patient visits more than $100 receives a call before the visit Offer a variety of payment methods Motivate staff to collect more Send patient statements

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New Model Practice Outsourcing Company Company assumes billing, insurance and practice responsibilities so the Practices can focus on TOS collections

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For More Information: Visit us on the web: www.globalhca.com Or call: Kevin Goertz 800-457-9269