Florida Doctor

FLDR 2019 Spring

Florida Doctor Magazine. Helping Doctors to a better practice and better life

Issue link: https://issues.floridadoctormag.com/i/1092670

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Page 44 of 59

S P R I N G 2 0 1 9 45 T oday's healthcare-spend of over $3.3 trillion annually in the U.S. is growing at a rapid pace. With out-of-pocket expenses on the rise, consumers are bearing more and more of the cost, exacerbating the already challenging collections effort for healthcare providers. In fact, medical debt in the U.S. is staggering at approximate- ly $75 billion. Traditional patient-to-provider payment processes (and Revenue Cycle Management), as well as lend- ing solutions offer little remedy and are riddled with friction, such as time-consuming and costly paper statement processes, operational inefficiencies, lack of transparency and inconvenient payment options for patients. Providers are experiencing an increase in cost associated with collections efforts and are paying on average 30-35 percent for third-party collection services. Sadly, many providers and billing professionals have become resigned to this reality and consider this the normal cost of doing business. Even with all the advances in healthcare technolo- gy—including EMR's and EHR's—practice manage- ment systems and billing services, approximately 70 percent of providers and those utilizing billing agents are still bound to paper-based systems for invoicing and collecting patient payments. is is clearly an unstainable business model, particularly in a market where the consumer demographics are shiing. As the Gen X, Gen Y and Millennial patient populations are making more of the financial and healthcare related decisions, new payment processes become imperative. So, what can a provider do to improve their collec- tions and patient payment processes? e good news is there are innovative healthcare payments technolo- gies emerging which enable providers to take greater BETTER PRACTICE: Business Development Advancements in Patient-to-Provider Payment Options is Improving Doctors' Bottom Line Innovation in Healthcare Payments Amy L. Crawford and Travis Williams

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