MailMyStatements Blog

In today’s healthcare landscape, improving the patient experience is a vital step in creating a  seamless revenue cycle . Properly engaged patients spend less time with customer service and pay their financial obligations in a quicker manner. Recent data confirms  that offering patients a customizable billing solution including  estatements  and  digital payment options  results in higher patient satisfaction and increased practice revenues; so why aren’t more healthcare systems offering customizable solutions? Outsourcing and Medical Billing APIs In the past, many practices chose to handle billing and payment collection in-house, resulting in limited technology development due to restricted monetary and personnel resources. However, partnering with a third-party vendor is becoming the new industry standard. In fact, the global medical billing outsourcing market size  was valued  at USD 10.2 billion in 2020 and is expected to expand at a compound ...

  The No Surprises Act, which took effect on January 1, 2022, includes new rules about healthcare billing. The federal law is designed to protect customers from receiving unexpected bills from out-of-network providers for urgent or emergency care. Understanding these provisions can help your practice avoid costly sanctions while strengthening patient relationships with improved financial transparency. Defining the problem According to the Kaiser Family Foundation , 20% of emergency room visits result in surprise medical bills for the patient. This also occurs with up to 16% of non-emergency hospitalizations, specifically when the person receives care from an out-of-network provider they did not select (an anesthesiologist, for example). These surprise bills subject patients to higher out-of-network charges as well as denied claims. KFF reports that the No Surprises Act will eliminate about 10 million surprise billing incidents annually. Data in an article from Forbes  indicate...

  Over the past 30 years, 3D printing technology has continued to develop, improve, and become useful -even lifesaving – throughout various industries and applications. Did you know that many health systems are acquiring 3D printers to improve the quality, customization, and affordability of treatments and supplies? With the price of 3D printers becoming more affordable over the last ten years, the investment seems like a no-brainer to many healthcare systems. In fact, the global 3D printing healthcare  market size  was valued at $973 million in 2018, and is projected to reach $3,692 million by 2026, growing at a CAGR of 18.2% over the eight-year period. 3D printing is especially beneficial to the healthcare industry, as various medical practices are already relying on this technology to improve treatments. Let’s dive further into the specific 3D printing applications in healthcare and the future implications. Healthcare 3D Printing Customized Treatment Pharmacies and hos...

  eStatements are here to stay in most industries, including healthcare. As a finance executive, you’ve probably examined the advantages of offering digital communication and payment solutions made possible with healthcare estatements. If you haven’t taken the leap, the time is right to consider taking practice collections at least partially online. Explore the benefits of offering an estatement program for your healthcare facility Reduce Postage Costs Using Healthcare eStatements The United States Postal Service (USPS )  steadily increases postage costs on an annual schedule. Starting in 2023, the USPS will begin increasing postage prices twice a year. Post office customers experienced an 18% increase in postage prices from 2017 to 2021 alone. Switching to a primarily digital statement and payment collection system reduces the impact of these ever-increasing costs on your institutional budget. Cater to Known Preferences fo Increased Patient Engagement Today, even the most tra...

Investing in patient financial engagement can result in significant returns for your practice or billing department. Recent data by KLAS Research  reported in Compsmag  indicates that 92% of early adopters report the benefits of a unified patient payment portal in improving the patient financial experience. Other systems that can potentially improve patient user experience include a  cloud-based patient billing  system,  eStatements ,  text message reminders and payments , and interactive voice response systems. Explore the advantages of using new tech solutions to enhance both revenue and patient-provider relationships. Real-time cost savings In the KLAS study, which looked at providers and practices who have already adopted patient financial engagement systems: 64% of participants said their  collections rate improved 55% spent less money on billing 46% of respondents reported an immediate return on investment 27% reduced the number of days spent in ...