Last fall, Black Book™ published its findings from their 2017 Revenue Cycle Management surveys. 83% of Physician Practices under five practitioners reported that their chief collection challenge is the slow payment of high-deductible plan patients. Further, according to CNBC, more than two-thirds of patients aren’t paying their entire hospital bills, and that number could increase to 95% by 2020. Additionally, almost 68% of patients with bills of $500 or less did not pay off their full balance during 2016. And a survey of 1,595 physician practices, 202 hospitals and 49 health systems, divulged that time-intensive, error-prone, traditional in-house collection solutions continue to adversely affect their profit margins.
To protect bottom lines, healthcare facilities and medical practices must implement modern revenue cycle management into their processes. ChartLogic’s RCM services are proven to reduce staff workloads by minimizing billing staff responsibilities while increasing collections and trimming A/R through proper billing and coding. ChartLogic’s RCM services operate on an all-inclusive fee-for-service model that charges a percentage of total collections while providing the software sets many organizations currently pay for separately.
Repurpose staff! Increase efficiency! Improve bottom lines!