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Electronic Statements Increase Prompt Payments

Once you start using electronic statements (eStatements) you’ll wonder why you ever billed any other way.

SAVE TIME AND BOOST YOUR BOTTOM LINE

Patient portals and electronic patient communications, including electronic statements, are key to getting your money faster. High-deductible health plans have made electronic statements increasingly important. The Healthcare Financial Management Association (HFMA) conducted a study to determine how patients felt about electronic statements. The results were interesting and definitely worth considering.

According to the HFMA study, an estimated 36% of people who currently receive patient statements in paper form would convert to electronic statements if the option were available.

THE PATIENT ADVANTAGE

Security of delivery, multiple payment methods, and the ability to pay directly from an electronic bill were the most appealing aspects of electronic statements.

Sixty-five percent of those who currently receive paper statements said they would pay an electronic statement faster than a paper statement. Below are just a few comments received:

  • “It’s easier and more convenient to pay. No hassle with checks or stamps and no going to the post office.”
  • “I’m on my computer a lot. So, it’d be easy to just log on to my email account and see it right there and then pay it.”
  • “I would pay it as soon as I read the email unlike paper bills that I tend to wait a while before mailing it back.”

THE PROVIDER ADVANTAGE

Reduced days in accounts receivable and collecting patient payments faster top the list of reasons why it is advantageous for providers to offer electronic statements. Additional cost savings come from a reduction in material costs, a decrease in postage fees, and the fact that the patients receive electronic statements in less time than paper statements, because there is no time lost in the mail. In a nutshell, it is simple – electronic statements result in faster payments and serve as another way to connect patients to the practice.

THE COMPETITIVE ADVANTAGE

The Pew Research Center claims one-in-four people surveyed said they would consider switching doctors for the option of having their statements delivered electronically. Could this ignite a change in behavior? It is something worth exploring.

IT WORKS!

With the approval of some of our clients, Onpoint Medical Solutions implemented electronic statements at their practice. So, we know it works! As soon as we sent the electronic statements patients started paying. It happened within minutes! Some called to get more information but once the call was fielded it resulted in a payment.

Start electronic statements today and set your practice apart, reduce the cost of postage and get your payments faster.

New Medicare Cards are in the Mailbox

Last June’s post was about new Medicare cards.  At the time of the post, it seemed like a long time away and something that could be pushed off until a later time.  Well, that time is upon us.  Beginning next month, the federal government will begin issuing new Medicare cards.  Gone are the days of using the patient’s Social Security numbers as their ID numbers.  The new Medicare cards will have unique, randomly assigned numbers and letters that replace Social Security numbers.  The new Medicare cards are being mailed in waves beginning April 1 and continuing through April 2019.

What the new Medicare cards mean to your practice

This is good news and bad news for all medical practices.  The good news is that the old cards will work until December 31, 2019.  The bad news is this means the front office staff has to wade through this transition for 21 months!  Health care providers must use the new card numbers beginning January 2020.  Some practices may think they can put this off but this time the patients are likely to force the transition.

This change will undoubtedly result in some of your patients having questions and concerns   The Centers for Medicare & Medicaid Services is encouraging Medicare patients to bring their new card to their next visit.  They are informing seniors that the change in cards is to protect them from medical identity theft.  CMS is also informing patients that if they forget their card then their health care provider can look it up for them.  If patients are also in a Medicare Advantage plan then the Medicare Advantage card is the main card for Medicare.  However, it is better to be safe than sorry so make sure you add the new card to the patient’s record, as well.

The Holiday Season

The Holiday Season is upon us!  Everyone is busy juggling work with their holiday preparations and spending time with family and friends.  The team at Onpoint is no different.  This year we decided to add to our holiday celebration by giving back to the community.   We felt the best gift would be to give to those organizations that work diligently to help others.  The Onpoint team works hard but we also like to have fun so we thought we’d make our contribution in a fun way.  This year our holiday party included bowling for dollars!  This year, Onpoint Medical Solutions will be making donations to the following organizations.

joy of giving

The Humane Society for Southwest Washington (HSSW).  HSSW is committ

ed to enriching the lives of people and pets through education, outreach, adoption, events and support services for families in need.

Ridgefield National Wildlife Refuge.  They are committed to building partnerships which encourage conservation and preservation of our natural and cultural resources.

One Life.  The mission of One Life is to feed and equip people in our community to break cycles of poverty.

To those who have chosen Onpoint to be their billing partner we thank you for your continued faith in our services.  Onpoint is fortunate to be able to work with so many great people.   We value and appreciate everyone of you.  We wish you the happiest of holidays and look forward to contributing to your successes.

happy holidays