In a recent Transunion survey of hospital administrators, nearly half of the surveyed administrators say their hospitals have experienced a 6 percent to 10 percent increase in uninsured and underinsured patients since early 2007. Almost 30 percent observed an increase of 11 percent to 20 percent.  The survey covered hospitals in 15 states.

More than 40 percent of respondents indicated they have bad debt percentages between 7 percent and 10 percent.

Other key survey findings include:

• Nearly 79 percent of respondents said they are concerned that Consumer Directed Healthcare Plans will increase their bad debt within the next two years.
• When ranking business objectives in order of importance, 43 percent of respondents said increasing collections at the time of service and post discharges were their number one objective, followed by improving operational efficiencies at 21 percent and decreasing bad debt at 18 percent.

It is there therefore supremely important to collect well form the patients.  Clinics and practices need every tool available — basic and advanced — to streamline what is otherwise a very labor-intensive task:

• Online payment technology is evolving—with some new technology the web sites now can accept credit cards as well as debit cards and even electronic checks.
• Have more than one credit-card reader if you’re processing a lot of patients at the same time. If possible, install a card reader with a built-in check scanner to convert a paper check into an electronic one, debiting the patient’s account that much faster.
• Establish a consistent policy on whether you’ll reschedule these patients or let them see the doctor and mail in their money later. If you choose the latter route, make it easy for patients to remember their responsibility. Hand them a self-addressed envelope marked “COPAY-URGENT”.
• Tailor your follow-up based on the credit status of each patient. Your three basic categories could be — (1) insured, employed patients with a record of timely payments; (2) insured, employed patients with a spotty history; and (3) uninsured or underinsured patients. You might want to dispense with follow-up calls altogether for the underinsured or uninsured, but as part of your collection policy, you might help them sign up for Medicaid or charity resources from the get-go.
• Track how well your front desk staff collects co pays and coinsurance.  Reward and discipline accordingly.

To learn more visit the Cardiology Billing Partners Website.