Keeping Collections Current

Part 1: Keeping Collections Current

Keeping collections current is vital to clinics in today’s medical industry. Managing the cash flow of your clinic can be an overwhelming and daunting task if you don’t have some procedures and office protocols in place to help keep cash flowing, bills paid, salaries met, and the like.

Below is the first of several helpful ideas to keep your clinic maintaining a consistent cash flow and working within financial guidelines towards success.

# 1 Clinical Financial Polices – ways to keep your clinic financially on track

Patients need to be informed and often educated on what they owe and why. As often as your staff can, attempt to explain to patients the cost of their visit and any other items that might be required at the time of service such as co-payments, deductibles, etc.
Communicate your practice’s financial policies to patients. Make sure that they understand items such as insurances accepted by the practice, out-of-pocket expenses and how they are expected to be paid by the patient, costs of visits that will be self-pay, etc. Post these in visible locations within the office, on your practice’s website and tell the patients verbally while in the office.
Ask patients to sign an acknowledgement that they have read AND understand all financial policies of the practice. Keep this on file for future reference.

Remember: Information, Education, Communication & Documentation! All part of keeping your practice on track financially.

Part 2: Keeping Collections Current, continued…

Our first tip was to maintain a financial policy for your practice. Make sure that patients fully understand the total expected costs associated with the visit. Communicate this policy with patients via your clinic’s website, verbally through helpful staff, and through written forms provided at the time of registration. By doing so, hopefully your practice can keep patient’s better informed, while keeping your collections current.

Below is the second of several helpful ideas to keep your clinic maintaining a consistent cash flow and working within financial guidelines towards success.

#2 Verifying Patient’s Insurances – Important Reasons to Verify Insurance Prior to Visit

Healthcare Reform mandates a three-month grace period on some health plans. During months two and three of the grace period, all network contract guidelines must be followed and the provider assumes the risk of non-payment. Blue Cross now provides grace period alert messages in eligibility & benefits. Visit https://www.bcbsal.org/providers/hcReform/3MonthGracePeriod.pdf for more information.
Some employers have decreased benefits or completely dropped coverage due. Again, by verifying the patient’s true coverage, your clinic can alleviate many visits that may or may not be covered.
Many insurance carriers have increased or changed a patient’s out-of-pocket expense through higher co-pays, deductibles, and co-insurance. Other items that could affect the carrier’s payment of claims is the stipulations that could go along with a visit. These are items such as pre-certifications, referrals and the like. Make sure your staff understands the importance of educating patient’s on their out-of-pocket expenses, while also doing due diligence when required. Prior to treatment, staff should contact the carrier to confirm all the details of the patient’s coverage.
With a recessed economy, patients may move from one job to another which can mean that they are utilizing plans such as COBRA to maintain insurance. Just because a patient presents an insurance card, that does not mean that the insurance is active for the patient. Make sure to verify each patient’s insurance, if possible prior to the visit.

MediSYS Tip: When verifying patient’s eligibility and benefits within MediSYS PM, the patient’s grace period is displayed for applicable plans.

REMINDER: Blue Advantage Claim Filing Requirements are required October 1st to avoid rejected claims! Don’t wait…start sending the required information NOW!

Part 3: Keeping Collections Current, continued…

Our second tip was to always verify patient’s insurances. Making sure that you are aware of guidelines and grace periods from various carriers is vital to collections. Understanding benefits and coverage can help your clinic keep patient’s better informed of services that will be covered and hopefully cut down on visits that will require more out-of-pocket expenses for the patient.

Below is the third of several helpful ideas to keep your clinic maintaining a consistent cash flow and working within financial guidelines towards success.

#3 Collect Patient Responsible Payments at the Time of Service

Always try to collect co-pays and any outstanding balances at the time of service. Many offices collect co-pays during patient registration, as well as any overdue or patient responsible balances. It can also be helpful to have appointment scheduling staff understand what is due from the patient so they can prepare the patient as to what will be expected as payment when they come for their next appointment.
Try to collect patient responsible balances in person. By doing so, you are not only keeping the patient informed of their payment responsibilities, but could also cut down on postage and mailing expenses.
If a patient’s insurance requires a deductible be met, this can be discovered by checking their insurance benefits. By knowing this prior to the services, your office could ask that the patient pay a portion of the deductible in advance, then collect the final amount owed once charges are finalized upon treatment completion.

MediSYS Tip: Stay informed and be better prepared! By understanding the patient’s insurance in advance, your practice can hopefully avoid those noncollectable amounts and keep your patient responsible cash flow coming!

Blue Advantage Deadline to Submit Clinical Data: Blue Advantage member clinical data obtained in August must be submitted to Blue Cross no later than September 17, 2014. Don’t wait…start sending the required information NOW!