MailMyStatements Blog

  Providers and health systems are actively and frequently seeking ways to improve the patient billing and collections process and, in turn, generate steady, sustainable cash flow. However, exactly where to start making these positive changes can be less clear. Derive real insights from your patient billing data by tracking these eight important key performance indicators, or KPIs. Rate of bad debt This metric indicates the percentage of patients who pay their bills late or not at all. By calculating bad debt, you can find out how these past-due payments really impact practice revenue. To get the percentage, divide the number of allowed charges for the analysis period in question by the number of accounts you’ve written off for failure to pay. Consider tracking this metric over time so you can address an increasing bad debt percentage by offering  flexible payment options  or new billing methods such as  text-based statements. Rate of net collection Understanding thi...

  Although digital transformation has helped streamline the healthcare revenue cycle, billing and reimbursement continue to become more complicated over time. Each insurance company requires specific documentation and follow-up to get your claims paid. Effective cash flow for practices and medical billing offices increasingly requires in-depth knowledge of clinical documentation, case management, coding, and health information management. In this environment, investing in revenue cycle automation technologies can potentially improve cash flow and efficiency as well as workforce morale. According to  recent data , 78% of health systems surveyed used or were in the process of implementing these solutions in 2021, compared to just 66% in 2020. How automation supports a seamless revenue cycle As technological advancement accelerates beyond our imaginings, medical practices can take advantage of solutions such as data analysis, cloud applications, machine learning,  artificial...

  Covid-19 has had far-reaching effects on all aspects of the economy, from setting the stage for  eventual inflation  to dramatic fluctuations in employment rates. One of Covid’s ongoing ripple effects has been the current healthcare labor crisis in the United States. The labor crisis is making automation more important than ever for healthcare systems, hospitals, and medical offices throughout the country. With an aging population in need of care and a shortage of administrative and billing staff, it is becoming increasingly difficult to provide attentive and prompt customer service, and revenue cycles are slowing as a result. Automation can help fill the gap by reducing the need for human labor and also improving the patient experience in the process. What is the labor crisis? The labor crisis describes the current employment situation in the U.S., in which there is a shortage of workers to fill available job openings. Labor shortages can occur in specific sectors and ...

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...