How much revenue is your practice missing out on?
No matter what financial management policies and accounts receivable procedures you have in place, it’s likely you’re dealing with some bad debt. It’s money your business has earned and is entitled to, but do you have the time and resources required to track it down and manage its collection?
While patients have risen to the No. 3 payer of medical bills behind Medicare and Medicaid, their out-of-pocket expenses and responsibilities are also drastically on the rise.
Patient-pay stats you should know:
- The amount of patients failing to fully pay off their medical bill balances is expected to reach 95% by 2020.1
- Patient responsibility is expected to climb to 50% of healthcare costs by 2020.1
- Since the turn of the century, hospitals have provided more than $538 billion in uncompensated care.2
- Patient out-of-pocket obligations have increased 29.4% since 2015.3
- More than 30% of patients leave a medical practice without paying anything.4
- Patients are 50% less likely to pay their bill once they leave.4
- 70% of medical providers report it takes at least one month or longer to collect from a patient.4
- 95% of patients say they would pay medical bills online if provided the option.5
- 40% of patients say they want to use electronic billing statements.4
- The average recovery rate for a medical practice’s bad debt is 21.8%.4
Those numbers might seem daunting, but there are some stats you should know about Finance System, Inc. and our ability to help your practice boost its patient-payment success rate.
We partner with more than 200 satisfied clients— and every one of them is unique, so we give each personalized, customized solutions to fit their collection needs. We’re dedicated to helping our clients get the money they deserve and we know the impact turning unpaid debt into revenue can make for them. We manage $60 million in accounts receivable annually, and our 97% client retention rate proves the results we deliver and trust we build leads to long-lasting and productive partnerships.
If your patient-pay statistics aren’t where you’d like them to be, let Finance System, Inc. help turn your bad debt into bankable revenue. Contact us today to get started.
Sources:
1: Meddata
2: American Hospital Association
3: Mnet News
4: Kaiser Family Foundation
5: Becker’s ASC Review
