February 2019 - Vetters Enterprises, LLC

Past Due Balances with Vetters Enterprises

How to Collect Past-Due Patient Balances

Posted on February 21, 2019February 22, 2019 by VettersEnt

There are some problems that universally affect all medical practices, and past-due patient balances is one of them. It’s uncomfortable and unpleasant to ask for payment, especially when you know a patient might be unable to pay in full or you haven’t established collection practices. However, the funds that you collect from patients are essential to keeping your doors open and being able to properly treat patients who do pay on time.

The Impact of Accumulating Past-Due Patient Balances

As deductibles rise, more medical expenses are being shifted from insurer to patient. While the shift takes place, healthcare providers are struggling to maintain high reimbursement levels and collect from patients. One new study found that practices only collect 12% of past-due patient balances at the time of service and collect $0 almost 70% of the time. That alarming statistic shows the need for practices of every size to develop effective strategies for getting past-due patient balances paid.

Establish Your Expectations with Staff and Patients

First, remember that your staff, patients and management need to be all on the same page. If you are going to make payment at the time of service your policy, you should make this clear at every step in the process. When patients schedule an appointment, check with their insurance and let them know how much they should be prepared to pay. Like many hospitals do, you should also ask for payment at the appointment. While you will not collect 100% of the time, you might be surprised how many patients are ready and willing to pay then and there. It takes time and consistency to implement policies, and after a single appointment, many patients will start to expect to pay immediately and prepare.

Offer Multiple Payment Options

If you only accept one or two payment methods, you are hampering your ability to collect past-due patient balances. Offer as many payment methods as possible, including newer options like PayPal, Apple Pay or Google Payments. By meeting the patient’s preference, you improve patient experience and increase your chances of getting paid.

Improve Patient Communication

In one survey, over 50% of patients didn’t understand what their medical costs were, and were more likely to have a negative impression of their doctor as a result. By improving the way that you communicate with patients and making their financial obligations clear, you can also improve their perception of your practice.

Get Help Collecting Past-Due Patient Balances with Vetters Enterprises

Vetters Enterprises specializes in practice management, private practice business support and revenue cycle optimization. We can perform in-depth assessments of your practice or facility and identify potential issues. Let us keep your business as healthy as you keep your patients! Give us a call at (443) 352-0088.

Social Determinants of Health with Vetters Enterprises

Is Addressing Social Determinants of Health Vital to Patient Success?

Posted on February 6, 2019February 6, 2019 by VettersEnt

There’s a lot of buzz around the social determinants of health in the healthcare community, and for many good reasons. The social determinants of health have been found to be critical in promoting optimal patient health, limiting disease and improving healthcare quality.

What Are the Social Determinants of Health?

Social determinants of health are nonmedical things that affect a patient’s health outcomes and overall health. They can include where a patient is born, where someone lives, what job they have, their age and a wide range of other factors that all shape their daily life and health. These social determinants have a serious effect. One analysis of studies measured adult deaths attributed to social factors and discovered that in 2000, over 245,000 deaths could be attributed to low education, 176,000 to racial segregation, 162,000 to low social support, 133,000 to individual-level poverty and 119,000 to income level equality. For comparison, the number of deaths that could be linked to low social support was nearly identical to the number of deaths from lung cancer.

The Reality in the United States

Currently, the United States is ranked among the 10 richest countries in the world per capita. However, place of birth is more strongly correlated with life expectancy than genetics. There is no one way to improve these statistics without the work of policymakers, physicians, communities and individuals. Community health partnerships are one effective way to address social determinants of health and support your community.

Getting Involved

How can your workers better address needs like transportation or access to healthy food? One family practice in Columbus, OH partnered with the Mid-Ohio Food Bank to pilot a health initiative for patients with diabetes. While the practice thought almost no patients were living with food insecurity, a whopping 43% of patients surveyed had trouble finding healthy food to eat. The practice added a mini food bank inside and offered participating diabetes patients fresh produce (from the food bank), recipes, cutting boards, peelers and a brief nutrition class. In the first 4 months of the program for 40 patients, 12 patients had reduced A1C levels and the majority of patients indicated positive results. Even more promising? Physician satisfaction increased and burnout levels decreased. While this isn’t feasible for every practice, it’s great food for thought for yours.