The Problem –
The deductible season gets longer every year.
Why? One reason for the increase in annual deductibles is the growth in enrollment in High Deductible Health Plans (HDHPs).
According to KFF Employer Health Benefits Survey, 2018-2020; Survey of Employer-Sponsored Health Benefits, 2007-2017 (Figure 7.19), you can see that percentage of workers with deductibles over $1000 has risen from 33 percent in 2009 to 69 percent in 2020. Over the past 10 years, there has been a complete flip in the employee’s contribution to the annual deductible. This shifts a greater portion of out of pocket cost to the employee.
When you couple higher deductibles with the fact that nearly 40 percent of adults cannot cover an unexpected expense of $400 using cash, savings or a credit card which could be paid off at the next statement. This reinforces how important it is to focus on the collections during the intake and the first 90 days.
Join Allegiance Group’s Bruce Gehring and Prochant’s Joey Graham to learn how you can avoid a cash flow slump in 2021. You’ll leave this webinar with the tips you need to survive — and thrive — during deductible season.
Learn the answers to questions like:
Should you implement a hold on your insurance claims temporarily and let OTHER providers take the deductible hit?
How do you deal with the payer changes that occur at the beginning of the year?
What impact does capturing payment information at intake have on future collections?
Learn the answer to this questions and more
Allegiance Group announces a new strategic partnership with BASYS Processing, combining Allegiance Group’s industry-leading healthcare billing software, COLLECTPlus, with BASYS Processing’s world-class customer service and innovative debit and credit card processing solutions.
Through this partnership, Allegiance Group will augment its payment processing utilities and enhance the overall customer experience to expand its role as an integrated solution provider (ISP). The integration of COLLECTPlus and BASYS Processing‘s proprietary payment gateway will allow users to achieve better financial results, increase productivity and streamline workflows.
“Allegiance Group has partnered with BASYS because of their superior product platform capabilities and dedication to providing exceptional service for our customers. We are excited about integrating BASYS’ merchant card processing with the COLLECTPlus payment portal. Both companies agree the collaboration will allow our providers to capture patient payment information conveniently, securely and more cost effectively,” said Bruce Gehring, SVP, Business Development Manager for Allegiance Group.
“Earning the opportunity to work with Allegiance Group’s customers is something we are very excited about at BASYS!” said Brad Oddo, CEO of BASYS Processing. “With this partnership, both BASYS and Allegiance Group are actively listening to the needs of COLLECTPlus users and molding the software to requests such as text-to-pay capabilities.”
About BASYS Processing
BASYS Processing makes accepting debit and credit cards convenient, safe and affordable. They provide services and solutions that include countertop, mobile and virtual terminals, as well as e-commerce and point-of-sale, customized to fit any need. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners and employees so they never want to leave. Learn more about BASYS processing.
About Allegiance Group
Allegiance Group (AG) offers comprehensive patient pay patient billing and debt collection strategies for the Healthcare industry. AG has more than 15 years of experience in the HME, DME and pharmacy industries. Its solutions greatly reduce the amount of time spent on billing while increasing cash recovery and decreasing costs. COLLECTPlus, clients can integrate directly with their billing systems to automate the patient pay billing and collections cycle. The COLLECTPlus process starts with an easy to read invoice statement, followed by bundled services combining several billing and collection activities.
Many patients feel healthcare is too expensive. Combine that with the number of high deductible plans on the rise, collecting payments from patients can be challenging. A survey by West, found that nearly three in five Americans delay paying their medical bills. And as each of you know, the longer a bill goes unpaid your chances of collecting the balance deceases. As a result, a certain percentage of patients who you work with will not pay their bill. Many of you deal with this scenario all too frequently! You know the importance of capturing your patient-pay balances.
Continue reading Collection Policy Part 6: Capturing Patient-Pay Balances
Allegiance Group provides turn-key solutions to automate the collection of outstanding balances for healthcare providers. In this article, HME Business mentions Allegiance Group as a provider that can help optimize your revenue cycle management. (The following excerpts are from the article printed by HME Business in June 2019.)
How should RCM work in the world of HME and how can providers use IT to optimize their entire revenue performance?
This acronym-heavy HME industry, you might have come across yet another three-letter abbreviation, RCM. It stands for revenue cycle management, and it could change your business.
Don’t confuse RCM with billing. Billing is the process of filing claims with reimbursement sources such as Medicare or private payer plans. Then it follows up with those funding sources to ensure the claims get reimbursed. RCM is broader than that. RCM encompasses billing and claims management, but it also optimizes how claims denial is handled, how patient co-pays are collected, and how much staff time is expended on claims. Revenue Cycle Management tracks the revenues and costs related to a patient’s interaction with a healthcare provider from the beginning and end of the process. RCM is the umbrella under which all revenues are managed and maximized.
And now, RCM has come to the HME industry. In fact, in some ways, it has been here, thanks to the software systems and services that have proliferated in the HME industry. However, HME software makers have started working with providers in earnest to start defining how RCM should work in the HME industry to help providers overhaul their entire revenue performance — not just refine their billing.
Outsourcing (to optimize your revenue cycle management)
In addition to implementing new software solutions, another option is to outsource parts of the RCM process to third parties. Various third-party companies serving the HME industry specialize in particular elements of billing and claims processing. For instance, one outsourcer, Allegiance Group, specializes in patient pay and another, Prochant, focuses on insurance.
To learn more about how to optimize your revenue cycle management, read the full article in HME Business.
We were pleased to host the COLLECTPlus Advisory Board meeting for the mutual clients of our partner Allegiance Group (AG) in December, 2018.
The AG team created an environment of open and honest feedback that made for some amazing troubleshooting and enhancement ideas. Seasoned users from Hart Medical, Carelinc and Sobaks Home Medical took the time to step through questions at each level of the collections process. In addition, clients like SuperCare, connecting from the west coast, offered up powerful integration design ideas.
Of the 52 meetings I attended in December, this was by far the most collaborative and actionable! Be sure to attend the next one at the 2019 Users Conference in September!
Lisa Anderson, Universal Software Solutions