At WWS one thing we know for sure that is poor revenue cycle management can be harmful for a practice. The codes required for obtaining maximum revenue pay out with orthopaedic billing are constantly changing which brings numerous challenges to an already busy practice.
The landscape continues to change and orthopaedic fee schedules are getting reduced every year. This means if you’re not on top of things at all times revenue will be lost.
What is a High Deductible Health Plans (HDHP)?
“A High Deductible Health Plan (HDHP) is a health plan product that is aimed to give the consumer greater flexibility and discretion over how they use their health care dollars”. It combines traditional medical coverage with a Health Savings Account (HSA) or Health Reimbursement Account (HRA) to assist with the high deductible in the plan.
High-deductible health plans have had a significant impact on your bottom line, from patient collections to bad debt. Due to patients having more responsibility for their healthcare costs this means more work for your practice on the collections side.
Your billing process will need to constantly evolve and your staff is now finding it necessary to dedicate additional time with patients to discuss coverage and out-of-pocket costs.
With the increasing prevalence of High Deductible Health Plans and other aggressive patient cost sharing models, it has never been more important to the financial health of your practice to have an efficient patient pre-collections program in place.
Medical Billing and Coding:
With a typical Medical Billing company, their patient collection efforts only go as far as issuing statements and generating “bad debt” reports of accounts that need to be turned over to collections. When accounts reach this point, we have found that less than 50% of these balances are ever recovered.
At WWS, we work with our client partners to develop a Patient “Pre-Collections” strategy that is both aggressive and fair.
Additionally, you will have the added support of a patient collections representative to your billing team.
Contact us today +1(302) 613-1356 for a free assessment of your patient AR to see how much money you could be leaving on the table!