Discuss the implementation of this in a medical group practice sense

Collecting upfront. Alleviating the financial pressure that can result from the growth in self-pay and high-deductible patients also begins with appropriate technologies, policies and procedures. Using automated, real-time systems to verify insurance eligibility, confirm care authorizations, and clarify patient co-pay and deductible responsibilities can go a long way toward eliminating inaccurate or outdated information at the outset of the care episode. Most importantly, collecting some or all payments due from patients upfront is an essential step in limiting patient slow pay or no-pay and reducing bad debt. A recent study by the Advisory Board Company found that point-of-service collections as a percentage of net patient revenues more than doubled over four years: In FY 2015, the medium institution's total point of service collection was $700,000; by 2018, that number had reached $1.8 million. The Healthcare Financial Management Association (HFMA) recently produced a report outlining best practices for the resolution of medical accounts. Among other things, the report recommends patient-friendly billing statements and continual communications, education and counseling with patients regarding financial expectations and obligations. As the regulatory environment becomes more complex and patient self-pay continues to rise, practices may want to explore outsourcing their revenue cycle management. Assuming groups align with a qualified and experienced vendor, outsourcing can improve collections while supporting more rigorous and consistent compliance protocols. This produces not only financial benefits, but just important, peace of mind in an ever-changing healthcare marketplace. You may include more updated figures in your discussion of this topic.

Answer rating: 100% (QA)

In a medical group practice implementing upfront payment collection strategies can significantly enh... View the full answer