Great cash flow and low accounts receivable balances are key to successful practices. Government programs such as Medicare and Medicaid are reducing reimbursements and searching for overpayments while commercial insurers are also taking cue and doing the same. For most practices, keeping ahead of the trends has been difficult and has tightening up cash flow. TheraOffice’s technology is positioned to improve processes to increase revenue cycle management even as trends make it more difficult to maintain and grow your business.
Start With The Patient
We surveyed practices using TheraOffice and ZirMed and on average we found that clean claims were being processed by the payer in an average range 13-17 days. The time however to turn around and send a statement to a patient for their balance could be several weeks, couple that with high deductible plans, increased coinsurance, and increased copays and a majority of your AR will be on the patient side. We all know patient collections can be costly and difficult, especially in difficult economic, so more upfront “smaller” amounts seem to be more successful than a patient receiving an overwhelming bill.
In TheraOffice 2009.1.0.22, collection of deductible, copay, and co-insurance is simplified to increase front desk collection of patient responsibility. TheraOffice utilizes payer algorithms to accurately estimate the patient responsibility to increase patient revenue capture while reducing the need to refund patients for overpayments. TheraOffice Co-Insurance/Deductible Estimator is designed to improve upfront patient revenue collection while avoiding costly collection expenses on aged patient balances. Your practice deserves to get paid for the high quality healthcare you provide, TheraOffice can help.
How it works?
At check in TheraOffice Scheduling will total the copay due and then estimate patient responsibility for the days visit. This is then collected and applied to the visit.
The beginning of the year is a great time to review policy and procedures for all areas of the practice as well as collecting up front when deductibles haven’t been met. When reviewing your policy for collections at the front desk, this new responsibility estimation tool can be implemented in one of the following ways:
The below videos will demonstrate the new patient responsibility estimator in action.
Part 1 of 2