MailMyStatements Blog

  Transitioning to a patient eStatement system is an effective way for providers to appeal to patient preferences while streamlining the backend billing process. However, to experience these benefits, patients must be aware of the option and directed to opt in. While  73% of consumers  want to enroll in an eStatement program, only 3% have actually made the move to sign up for eStatements due to a lack of promotion, follow-up, and engagement. When patients understand the benefits of eStatements  and  how they work, the transition will be even easier for your team. Why Practices are Switching to eStatements In an increasingly online world, eStatements are the present and the future. They offer more convenience for providers and patients, and because they’re paperless, they reduce the carbon footprint of hospitals and medical practices while also lowering operating costs. eStatements accelerate the payment process, which means your team can focus on patient care ra...

  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 ...