What’s Causing Large Statement Balances?

A recent study showed that patient statement balances after insurance grew by more than 52 percent between 2012 and 2017. To break that down even further, that is an increase from 8 percent of the total statement to more than 12 percent. Approximately one-third of Americans can’t afford unexpected medical bills over $100 and many hospitals are struggling to find a solution to recuperate costs. 

Individuals who spent any time uninsured or who were underinsured reported to have problems paying large statement balances or said they would pay the medical debt over a long period of time. A quarter of those individuals who were always insured and did not meet the threshold of underinsurance also reported having problems paying their large statement balances.

Attempting to Collect Patient Payments

Many hospitals are attempting to collect payments from the patient at the time of service to address the problem of self-pay balances. The problem with that is that patients are usually at a loss for what their insurance will pay. Patients are typically going through very stressful situations where staff may feel uncomfortable trying to collect large payments. In addition, most hospitals don’t have the appropriate amount of staff or budget to follow up with patients by a phone call or mailing more than a couple of collection letters for their large statement balances. Other hospitals might not even have the technology or familiarity to offer payment plans or online payment options. 

Ways You Can Reduce Your Facility’s Outstanding Balances

One way that hospitals and providers can increase available resources is by participating in third-party early out solutions programs. Early out programs offer customer-oriented proceeding toward collecting balances from patients. Early out programs are very often successful with this because doing so is their main focus. In fact, early out programs are able to center their attention on patient collections at a much lower cost than a hospital trying to do the same. This is because hospitals would have to hire additional staff, pay for statement costs, credit card fees, additional phones and computers, employee benefits, and much more. 

Another way that you can reduce your facility’s outstanding balances is by making sure that the hospital leaders aim to implement a healthcare revenue cycle that is data-driven. This helps revenue cycle leaders to be able to know the hospital’s financial health of the organization. It also allows revenue cycle leaders to see if staff are performing their tasks efficiently to ensure quick reimbursements.

Offering Different Payment Options for Large Statement Balances

Early out solutions programs allow hospitals to offer more than one payment option to patients. Many individuals aren’t able to pay their large balance statements because of poor timing, lack of payment plan options, or having to pay for other bills. In addition, COVID-19 is now playing a huge role in financial hardships for individuals. Some may be experiencing a reduction of hours at their job, or some might be experiencing being unemployed altogether. 

When self-pay patients are notified of all of their options for payment plans, when they are educated about the financial assistance that is available to them, and when they are able to speak to someone on a personal level and someone who takes the time to sympathize with them to find a solution that works for them, they will be more likely pay and reduce large statement balances.

What’s Next?

With The Midland Group’s early-out program, patients are able to pay their financial obligation in full with no negative impact on their personal credit record or credit report. For hospitals, it is an opportunity to collect 100% of charges owed with greatly reduced administrative costs. Book your free assessment today to see how you can maximize all potential revenue surrounding all types of liability claims.​

The post As a Healthcare Facility, How Do I Reduce Large Statement Balances? appeared first on The Midland Group.

It’s no surprise that Critical Access Hospitals nationwide are negatively impacted by COVID-19. As of November 2nd, Kansas has had 89,227 COVID-19 cases, 3,893 hospitalizations, and 1,046 statewide deaths. Just a few weeks ago, a rural hospital in southwestern Kansas was unable to care for a severely ill patient with COVID-19. The patient needed to be treated in the ICU, however, the closest ICU was completely full, and the nearest open ICU was seven hours away. Once there was eventually a spot in the closest ICU, the patient was in desperate need of being intubated and was starting to decline. The coronavirus is starting to get worse, and the Critical Access Hospitals are beginning to struggle.

What’s The Issue With Critical Access Hospitals?

Critical Access Hospitals are struggling the most during this pandemic because they are under the most financial distress. Over the past 15 years, 174 rural hospitals have had to close in the United States and the pandemic is only accelerating this trend. So far, 15 rural hospitals have closed in 2020 due to hospitals being forced to cancel elective surgeries, which is the main source of their revenue. Among the rural hospitals that remain, more than half of them don’t have an intensive care unit.

Before the pandemic hit, smaller hospitals were already unable to maintain their hospital status under the current payment system. “Rural areas have fewer commercial payers than more urban markets, which means these hospitals have a higher volume of state-funded healthcare with lower reimbursement rates,” according to Becker’s Hospital Review. Larger hospitals can dedicate individuals to deal with these difficulties of filing rules, which helps decide which facility receives the applicable reimbursement to be in their favor. Critical Access Hospitals lack resources in this department; therefore, they often miss out on various reimbursement opportunities which leads to financial distress.

How Midland On-Call Can Help Critical Access Hospitals

Here at The Midland Group, we believe that Critical Access Hospitals are not only vital in the creation of jobs and opportunities for communities, they also allow businesses to continue opening their doors. That is why we created Midland On-Call: Patient Advocacy and Self-Pay Solutions, which is reserved exclusively for Critical Access Hospitals. The Midland Group believes that Critical Access Hospitals should have the same resources and firepower that is traditionally reserved for large acute care hospitals and multi-provider-based healthcare systems.

Features of Midland On-Call Include:

Public Benefits Eligibility Solutions consisting of Medicaid Screening & Application Processing, SSI/SSDI, Crime Victims Compensation, etc.

Early Out Support which includes prompt-pay and negotiating payment plans.

Managed payment plans at no cost to your hospital.

Financial Assistance Screening and assistance with the application.

Accident Recovery Solutions consisting of PIP/Med-Pay capture, hospital lien filing, and Workers’ Compensation follow-up.

Annual 501(r) compliance consultation & legal review, ongoing business office training & support, and much more.

You get to choose how patient-centered resources are applied to your patient population.

Now What?

If you are part of a Critical Access Hospital and you’re struggling, know that you aren’t alone. The Midland Group has helped large and small facilities increase billing efficiency and maximize reimbursement rates. As a member of the Midland On-Call program, you can ensure that your patients are receiving the advocacy they need to qualify for public healthcare benefits and the information they need to resolve their self-pay balances with your hospital. Book your free assessment today to see how you can maximize all potential revenue surrounding all types of liability claims.​

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Improving the Patient Experience

The patient experience is influenced by multiple touchpoints, from nurses to doctors to the anesthesiologist. However, one important aspect of the patient journey that is often overlooked is the billing process. Friendly nurses and informative doctors can be forgotten if a patient has a negative experience with the billing department. Receiving multiple calls, emails, and bills in the mail can frustrate patients, causing them to delay or even avoid payment. Having to explain their financial situations to multiple people multiple times can be exhausting, especially as they recover from medical procedures.

That’s why many hospitals have chosen to move to a single touchpoint billing system. Instead of having separate services for Accident Recovery, Public Benefits, Payment Plans, and more, patients can choose from a variety of solutions all consolidated in one place. When patients can find a solution that works for their situation, they are more likely to work to pay off their balances.

As a revenue cycle professional, you understand how important patient satisfaction is to the financial health of your hospital. Patients who have positive experiences are more likely to pay their bills on time and remain loyal to your organization. MedCity News identifies components that improve the patient experience. They include:

• Personalization: Patients want a personalized experience, where their circumstances are understood and they are presented with all available options. 
• Process: Patients prefer clarity and simplicity in billing, empowering them to make informed decisions.
• People: Patients desire caring advocates to help them navigate complicated insurance processes.
• Platform: Although many patients prefer digital solutions, they should always be complemented with positive human interactions.

A single touchpoint billing system allows each of these components to be addressed, resulting in an improved patient experience.

Economic Value

A positive patient journey results in increased revenue—both from paid bills and customer loyalty. One group found that healthcare organizations that simplify the patient statement and billing process are more likely to achieve a higher patient collection rate than systems that continue to collect with multiple separate bills. 

A single touchpoint billing system also increases efficiency in your organization, reducing the number of paper statements that need to be mailed out. It can also reduce the number of concerned phone calls the office receives after a patient opens a confusing bill. Saving time and resources mean saving your hospital money and improving your revenue cycle.

Need Help?

Although the benefits of a single patient touchpoint system are numerous, implementing one can seem daunting at the outset. Changes may need to be made in your staff, technology, policies, and processes. The Midland Group’s One-Touch Solutions offer a personalized approach to healthcare billing and collecting that allows people to work together to ensure a positive outcome for everyone involved. It gives the patient a sense of ownership in the decision making process and it is also a respectful way to handle collections. A patient is no longer just a file shifted from person to person, but rather, an active participant in the financial outcome, which can lead to greater financial recovery and a healthier patient/provider relationship. Book your free assessment today to see how you can maximize all potential revenue surrounding all types of liability claims.​

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