Patient Collections 101: Let's Start at the Very Beginning
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Post on 23-Aug-2014
DESCRIPTIONWhen was the last time you took a good look at your patient collections processes? Things have been changing in recent years, and they continue to do so in 2014. Patients are paying as much as 30% of their healthcare costs today out of pocket. While many preventive care services are now covered, there are a lot of people who now have higher deductible plans and higher copays. As a result having a strong program for effective patient collections is more crucial than ever In this webinar, patient collections expert Mary Pat Whaley offers a review of the basics and the best practices for improving patient collections. Youll learn: -How to create and use a payer matrix -The value of eligibility and benefits information -Why the financial policy is the best patient collection tool you have -The role of a credit card on file program in patient collections
- PAGE 1 KAREO | @GoKareo; #KareoTip Patient Collections 101 Lets Start at the Very Beginning
- PAGE 2 KAREO | @GoKareo; #KareoTip Our Schedule for Today 1 Introduction & Welcome Mary Pat 2 Patient Collections 101 3 Discover Kareos Role 4 Answer Questions
- PAGE 3 KAREO | @GoKareo; #KareoTip Your Hosts Today Mary Pat Whaley, FACMPE, CPC, Co-Founder & President, Manage My Practice Lea Chatham Content Marketing Manager, Kareo
- PAGE 4 KAREO | @GoKareo; #KareoTip Participate via Social Facebook.com/GoKareo Twitter.com/GoKareo http://kareo.ly/kareogroup Well be live tweeting during todays webinar! How to participate: 1. Follow @GoKareo on Twitter 2. Follow @LeaChatham on Twitter 3. Search for #KareoTip 4. Join the conversation using #KareoTip 5. Join Building Best Practices group on LinkedIn
- PAGE 5 KAREO | @GoKareo; #KareoTip Mary Pat Whaley Over 25 years practice management experience FACMPE, CPC, Co-Founder & President, Manage My Practice Board Certified in Medical Practice Management Popular blog and top LinkedIn contributor Interviewed and quoted in publications such Medical Economics, Physicians Practice, Physicians Digest, and others www.managemypractice.com firstname.lastname@example.org 919-370-0504
- PAGE 6 KAREO | @GoKareo; #KareoTip Our Schedule for Today 1 Introduction & Welcome Mary Pat 2 Patient Collections 101 3 Discover Kareos Role 4 Answer Questions
- PAGE 7 KAREO | @GoKareo; #KareoTip Todays Agenda The Basics of Accounts Receivable Patient Collections in 2014 The Importance of Staff Training The Payer Matrix The Role of Eligibility and Benefits Information The Financial Policy is the Best Patient Collection Tool You Have Credit Card on File Program in Patient Collections
- PAGE 8 KAREO | @GoKareo; #KareoTip Accounts Receivable = any monies that are due to the practice from any payment source (patients, payers, etc.) Often written as A/R.
- PAGE 9 KAREO | @GoKareo; #KareoTip Understanding Accounts Receivable A/R is typically broken into 2 or 3 sections: Patients Collection agencies Third parties such as insurance plans
- PAGE 10 KAREO | @GoKareo; #KareoTip Understanding Accounts Receivable Accounts Receivable Get Old. The longer it takes to collect, the less likely you are to collect. A/R is aged in cycles of 30 days. A common benchmark for the health of a practice is the number of days to collect or number of days a charge sits on the A/R. AGE PROBABILITY of COLLECTION CURRENT (
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