Thursday, July 9, 2015

Healthcare Revenue Cycle Management: Regarding Out-of-Pocket Expenses

"One of the most important aspects of healthcare financial management is collecting payment from a patient. Although it may sound simple enough, that doesn’t make it an altogether easy task. Patient out-of-pocket costs are roughly 30 percent of their total bill, which means they potentially account for 30 percent of a practice’s revenue. Once a patient leaves the hospital or practice premises, however, chances of collecting that amount are significantly reduced. Patient out-of-pocket expenses grow in 2015 According to a recent report from Kalorama Information, out-of-pocket healthcare expenses rose by 8 percent this year compared to last year, from $416 billion in 2014 to $608 billion in 2015. The growth indicates a higher proportion of commercial plan participants with health problems and higher cost of care. For healthcare professionals, this could mean a more difficult time collecting out-of-pocket expenses from patients. Fortunately, there are ways to improve the collections proc

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