January 2015
  
 

3 Steps for getting your patients to pay up

Remember the revenue cycle of the 90s? The typical patient made an appointment, showed up, received treatment and possibly made a modest co-payment. Financially speaking that was the story's end for too many patients. Consequently, the bulk of the practice's revenue cycle workload addressed claims management.

 

Today, however, is an all-too-different scenario - and many practices need to help patients make the adjustment.

 

According to America's Health Insurance Plans (AHIP) Center for Policy and Research, the number of people with health savings accounts and high-deductible health plans rose to nearly 17.4 million this year. With patients shouldering more of our nation's rising care costs in the form of higher deductibles and co-payments and in a slowly recovering economy, medical bills compete with a long list of other financial responsibilities.

 

These factors add up to a more challenging collections scenario, namely because patients need more education regarding their financial responsibility as well as more options for making payments. But here's the silver lining: 52 percent of patients are willing to pay something at the point of care - they just need to know an estimate of the cost .

 

Regardless of whether you have a patient portal, you can capitalize on this trend to establish early and ongoing communications regarding financial responsibility. With a proactive strategy that engages patients at all points of service, as explained below, you can set expectations and ultimately both increase and accelerate patient payment.

 

Read More

 

HIPAA Compliance Corner
 

Information Security Awareness - Is your employee termination process effective?

Information security professionals often classify security threats based on if they are conducted by company insiders or outsiders. There is a continual debate about which type of attacks are more severe to the ongoing health of a business but there is one intriguing time when insider and outsider threats blend together - at the employee termination process. How effective is your employee termination process with respect to maintaining the information security health of your company?

 What kind of risk does your business face when an employee is terminated?

Your business is in a potentially vulnerable situation when an employee is terminated if you do not have effective procedures in place. The level of that threat is based on a number of reasons including:

  • How friendly were the terms of departure?

  • How much inside information does the departing employee have?

  • What kind of employees did you have working for you?

  • What kind of ongoing relationship will the severed employee have with your company?

What kind of process do you need to secure your business from risks when an ex-employee moves on?

Your business should have an employee exit checklist that covers many of the items listed in the sample checklist below. It is important to promptly complete an employee exit procedure to minimize the risk of an ex-employee misusing information assets after their term of employment. Many companies have been victimized due to their own sloppy enforcement of policies to remove access to electronic accounts neglecting to turn off VPN or external email services that were provided to the employee.

Sample Checklist
 

 


Start the New Year with a New Collection Tool

 

 

We've made it easier for you to take private pay payments.

 

MRC has partnered with PNC Merchant Services to provide you with a resource to take Visa, MasterCard, Discover and American Express as payment for services.

 

With New Year patient deductibles will be applied shifting your accounts receivable to private pay. PNC Bank's credit card service for your practice will allow MRC staff to accept credit/debit cards on-line. Your clients will be able to pay you through a link on your website and your office can take credit/debit payments at your front desk.

 

 

Program Features ~

  • Process credit/debit card transactions

  • Low rates

  • No monthly fees

  • Free emailed statements

  • All funds directed to the practice, not MRC.

  • Allows for MRC to process credit card transactions as a collection too

 

For more information please contact Kim Allbaugh at 877-852-9299, ext: 101 or kim.allbaugh@mrcbilling.com

 

Yearly Deductibles
Watch Your Cash Flow

The patient's yearly deductibles will be starting over again in January.  The deductible is the amount that the patient is responsible for paying out of pocket before insurance will begin paying their claims.  The deductible amount varies per insurance company but could be anywhere from $50 to as high as $5,000 if the patient is on a high deductible plan.  This will cause a drop in cash flow for approximately the first 2 months of the New Year.   Collecting deductibles and copayments at the time of treatment will offset this decrease in cash flow.
 
An additional note: Please be aware of new procedure codes that will be in effect with may insurance companies starting January 1, 2015.
2015 Holiday Schedule
Click Here for a list of Holiday office closings.

Employee Spotlight
Sandy Fenton
 A/R Specialist

Sandy is a graduate of Taylor High School in Kokomo and attended Franklin Community College. Her work background is mostly in the insurance industry.  She has been with MRC for 14 months, but did work for Kim in his previous business for 5 years. 
  
Did you know....
Sandy is an animal lover.  Adding to her work history she spent 6 years as a practice manager for a veterinarian clinic.  Currently she has one horse, one dog and a cat.  She enjoys spending time with her family which includes her husband, Dewey, 3 children and 2 grandchildren.