Photo courtesy of MedCity News.
Our thanks to MedCity News for publishing an article written by Health iPASS CEO Rajesh Voddiraju called, “The hidden costs of healthcare’s hidden costs.” The article provides advice for small medical practices to advance price transparency initiatives through modernized patient revenue cycle tools that provide clear cost estimates of care pre-arrival, at point-of-service, at claim submission, and pre-surgery.
Diving deeper into the perplexities surrounding why the cost of healthcare is so confusing and complex, Rajesh points out that medical practices are in the throes of a crisis – a lack of price transparency is raising the cost of collections, pushing more money into aged accounts receivable, and forcing many to close their doors. In the absence of an intelligent strategy that equips patients with a complete picture of their financial responsibilities and the convenient means for them to pay what they owe, practices are shuttering their doors.
This is frustrating and counterintuitive to keeping costs low and care quality high because these smaller practices are proven to be a more effective model for delivering primary care to patients. Medical practices would be wise to implement patient revenue cycle tools that push price transparency, build trust, and increase their operating income by simplifying the check-in process and streamlining both time-of-service and residual balance payments.
Thank you to Stephanie Baum and the MedCity news team for sharing our educational article on improving the patient revenue cycle in healthcare!