MailMyStatements Blog

  Artificial Intelligence (AI) is the latest technology development gaining significant traction in various areas of the healthcare industry, including diagnostics, patient outreach, and revenue cycle management (RCM) activities. Because revenue cycle management functions require substantial time, financial, and personnel resources, this area is particularly suited to benefit from the adaption of AI. In fact, payers and providers spend  $496 billion  on billing and insurance-related (BIR) costs each year. What Is AI? Manual and redundant tasks like  c oding, billing, collections, and denials become  instantly simplified with appropriate artificial intelligence . AI imitates human intelligence through algorithms that identify patterns and plan for future outcomes, unlike machine learning or other robotic processes that only focus on accuracy. “Whether it’s matching a patient with the right provider, estimating out-of-pocket costs, or coding the claim, those are t...

  Encouraging your customers to pay their bills on time can be difficult. Many barriers stand in the way of prompt and accurate payments, including financial stress, confusion or discrepancies over charges, and forgetfulness — undoubtedly the most common reason for late payments. The human brain is complicated, and each of your patients has a lot on their mind. But even though these human errors are understandable, delayed payments cause a headache for the billing cycle and ultimately affect your business’s bottom line. The good news is t h at late payments are not totally out of your control. You can overcome all of these billing cycle barriers to timely payments with the application of a few simple, ethical, and effective psychology concepts that will help solicit more timely payments by meeting your customers where they’re at. Instead of taking hours of additional work to implement, many of these strategies only require minor tweaks to the way your medical practice runs. Read on...

  It’s the end of the month once again, which means it’s time for your office to distribute bills to y o ur patients. You know your younger clients probably prefer patient communications in the form of an  eStatement  with  digital payment options . But you also work very closely with the assisted living facility in your neighborhood — are your 70-year-old patients going to be able to understand a digital statement? And if so, are they going to know how to pay for their visit with something other than a check? And which option will be easier for your patients who speak limited English? When it comes to paper vs. digital patient communications, which is better? To summarize, it still depends. Even in the 21st century, when it seems as though everything is digitized, there are many circumstances in which paper statements are a great choice. While emails and online patient portals are a more instantaneous form of patient communications, paper documents are still easier ...

The escalating cost of healthcare has created a challenging landscape for both patients and providers. As consumers opt for higher deductibles to offset lower monthly premiums, they are increasingly burdened by out-of-pocket medical expenses. This trend, coupled with rising healthcare costs, has resulted in a significant strain on patient payment collections. Studies indicate that deductibles for single workers have surged by 66% over the past five years, while out-of-pocket costs have risen by  5.2%  in 2023 alone. The financial strain on patients has translated into a growing challenge for healthcare providers in collecting unpaid bills. Research suggests that a substantial 62% of healthcare providers’ administrative costs are dedicated to billing and insurance-related activities. To ensure financial viability and avoid potentially devastating losses, providers must prioritize digital patient payment strategies to enhance collection rates. This blog post will explore effecti...