MPV Webinar Series
ACCELERATE PATIENT AND PAYER COLLECTIONS FOR OPTIMIZED PRACTICE REVENUE
It is estimated that by 2012 patients will account for 30 percent of providers' revenue sources, an increase from 12 percent of revenues in just 2007*. And without Congressional intervention by the end of the month, the scheduled 21.2% Medicare payment reduction for physician services will become a reality. Now more than ever practices need technology to help accelerate patient payments and optimize revenue with timely and accurate reimbursements – from both patients and payers.
At Santa Barbara-based Sansum Clinic, leadership has addressed these challenges by implementing tools to generate patient estimates at or before the time of service; fully automate eligibility and benefits verification processes; and monitor reimbursement received from payers to ensure accurate payment for all services rendered.
Please join Lupe Chavez, Appeals Manager, and Betty Lee, Manager, Registration, Customer Service, Pre-arrival and Enrollment, Sansum Clinic, to hear firsthand how the group leveraged technology to recover $1.1 million in contractual underpayments in the first 22 months of use; decreased days in AR from 87 to 57; saved in excess of $221,000 from claim rejections in seven months; and increased practice revenue by $4 million through the negotiation of more favorable payer contract terms.
* "The "Retailish" Future of Patient Collections." Celent. February 2009
OPTIMIZE COLLECTIONS FROM BOTH PATIENTS AND PAYERS
According to industry estimates, 50% of patient financial responsibility is not collected, making it imperative that medical groups identify ways to increase collections, minimize bad debt and optimize revenue*. At 38-physician Lake Charles Medical and Surgical Clinic, leadership addressed this challenge by implementing technology to generate patient estimates at or before the time of service; automating insurance and benefits verification processes; and monitoring reimbursement received from payers to ensure accurate payment for all services rendered.
Please join, Lisa Conner, Business Office Manager, Lake Charles Medical & Surgical Clinic, to hear real-world examples of how the group leveraged tools to increase patient collections by 12%; reduce patient bad debt by 13%; and recover the upfront costs of implementing technology within the first four months.
* The McKinsey Quarterly Report, June 2007
