Great News for Your Wallet:
In Six Weeks Deductibles Reset
In this time when every penny counts there are six reasons to celebrate the return of “patient deductible season”, beginning January 1st.
This Involves Significant Money:
Typically, patient reimbursements make up about 9% of practice revenue. But when deductibles reset, patient payments can make up 30%, 40% or more of practices’ collections. We’re talking about A LOT of money that most practices are not collecting.
In January 2020, Systesm4PT practices emphasized patient collections. The results were encouraging:
$$ Patient reimbursements increased from as low as 13% of total revenue in prior years to 21% of total revenue in 2020.
$$ Overall January collections per claim increased 15% vs. the prior three year average. This was our practices’ nationwide average
$$ Practices, (who had previously used non-integrated EMR/billing), often increased their January collections per claim by up to 39%
No Stress Workflow
Because patient deductibles can involve large amounts of money, many front desk operators are not comfortable asking patients for payment. Systems4PT’s PET (Patient Eligibility Technology) integrates with the payer’s database and produces a written report that details the patient’s deductible & coinsurance status, directly from the payer’s database. Reviewing the PET output with the patient has been a game changer for our practices because it takes the pressure off the front desk staff,
Front desk staff don’t feel like they’re “the bad guys”
It’s the payer telling the patient what they owe
The PET output details the patient’s deductible & coinsurance obligations. The patient signs that form, and no one is surprised or stressed out when these payments are collected with each visit
It Costs You Nothing to Increase Collections
We’ve all noticed the trend of new EMR features, each of which are accompanied with add on monthly charges. The EMR gets paid whether the new gimmick helps your practice, or not.
Collecting patient deductibles is an investment of your practice’s focus and does not require any investment of money. It doesn’t cost you a penny to meaningfully increase collections. (Systems4PT does not have any add on charges, including PET.)
You Need This Money
2020 has been “worse than horrible”. Cash is more precious than ever for your practice. And looking forward, the 9% reimbursement cuts are going to make everything worse.
Let’s Fix This Together
Look at Your Self Pay Aging
Collecting Those Unpaid Dollars would MORE THAN OFFSET THE 9% CUTS
(The prior sentence is true for 92% of practices)
It’s Easy to Do
When patients check in, Systems4PT shows their deductible & coinsurance balances due, real time. Practices who use non-integrated EMR, (where therapy billing has a separate name and is a different software program), can’t collect deductibles because their EMR doesn’t communicate what’s due.
If your EMR isn’t end-to-end integrated, your staff can’t collect deductibles due
Because the EMR doesn’t show deductible or coinsurance due during intake
Deductibles season is fast approaching. This is your biggest opportunity to increase cash.
- You should expect a double-digit increase in collections per claim vs. prior years.
- You should expect to pay nothing extra for these increased collections.
- And you should expect to move on and achieve the next opportunity once you’ve benefited from solving this problem.
It’s time to stop watching everything tighten up and deteriorate
It’s time to take action and, “Control those things that are under your control”