Medical practices who use the Health iPASS patient revenue cycle solution realize a 97% patient collection rate for residual balances
Chicago, IL (September 27, 2018) Health iPASS, a Chicago-based healthcare IT company specializing in patient revenue cycle management reported today that clients using the Health iPASS solution realize a 97% collection of residual patient balances for patients that check-in through the Health iPASS kiosk. That’s a staggering number compared to industry average of 67% collected overall.
Health iPASS clients collect 97% of patient responsibility by implementing a patient revenue cycle strategy that establishes convenient ways for patients to pay pre-arrival and at time-of-service in addition to securing payment assurance for residual balance collections. Recent studies have shown that medical practices accrue roughly $66 billion in bad debt per year, largely due to inefficient payment and collection practices. When compared to the industry standard of 12% collection of outstanding balances at the time of service, and nothing collected 67% of the time, this is an unprecedented return on investment (ROI) for clients using the Health iPASS patient revenue cycle solution.
Improving time-of-service collections and collecting pre-authorization using a payment-on-file mechanism reduces the cost to collect and are the linchpins supporting Health iPASS clients in their efforts to redefine their patient revenue cycle.
Establishing price transparency and payment convenience drives adoption of Health iPASS and builds trust and peace-of-mind with patients who are seeking to understand more about the cost of care. “We are thrilled with the results our clients are achieving with the Health iPASS patient revenue cycle solution. When patients know how much they owe ahead of time, they can better plan for and manage healthcare expenses,” said Rajesh Voddiraju, founder and CEO of Health iPASS. “It just makes sense that providing patients with cost estimates should be part of the equation. That’s why healthcare price transparency is one of the cornerstones of the Health iPASS patient RCM solution.”
In a changing healthcare landscape where patient payments are quickly becoming a larger and much more significant portion of the payer mix and the fact that price transparency is likely to become government-mandated, forward-thinking medical providers are moving away from traditional payment and collection models towards automation. Automating the patient revenue cycle with Health iPASS is a proactive step towards future-proofing for the continued rise of patient as a payer. For more information on the 97% residual balance collection statistic, be sure to read our whitepaper on this topic, which will soon be available on the Health iPASS website.
About Health iPASS
Health iPASS is redefining the patient revenue cycle by improving the patient experience from appointment to payment. Health iPASS helps providers promote price transparency, build trust, and increase their operating income by simplifying the check-in process and streamlining both time-of-service and residual balance patient payments through an innovative, multi-channel software solution. Our patient friendly system supports 850+ payers, 90+ practice management systems and is payment processor-agnostic. Many providers have realized 90-95% patient net collection rates, slashed denials by over 50%, and have significantly reduced cost and time to collect. Find out more by visiting our website – www.healthipass.com.
Director of Marketing, Health iPASS