How to Maximize Practice Profitability Through Patient Collections

1. How to Maximize Practice Profitability Through Patient Collections Kevin Goertz, VP of Operations at Global Healthcare Alliance

2. Learning Objectives • How to train your staff for upfront patient collections • The importance of collecting co-pays, coinsurance and deductibles • How much you need to collect from patients to maintain income

3. Source: MedicalEconomics.com June 25, 2012

4. Current Climate • Forty-nine percent of healthcare providers do not know expected patient responsibility before the patient is treated • Seventy-eight percent of a given provider's patients know their responsibilities, they do not commonly volunteer payments if not asked (Source: InstaMed Trends in Healthcare Payments Annual Report: 2012)

5. Current Climate • In the past, providers primarily collected from payers • High deductible plans are common, up to $5000 • Up to 30% owed by the patient upfront Source: MedicalEconomics.com

6. Why? • What you collect from insurance companies covers your overhead • What you collect from patients goes to your bottom line Source: MedicalEconomics.com

7. Keys to Success • Everyone in the office should be trained to strictly follow the collection policy • Front desk should be verifying demographics and collecting co-payments • The patient must know how much they owe before they see the doctor • Offer a variety of payment methods • Get the doctors on board to talk to patients about their bill

8. Keys to SuccessContinued • A patient who will owe more than $100 at the time of their appointment is given a courtesy call the day before their visit • If a patient has an outstanding balance, they must speak with a financial counselor before their appointment

9. Patient Objections

10. Patient Objections Cont’d.

12. NewModel OutsourcingCompany Practice Company assumes billing, insurance and practice responsibilities

14. For More Information: Visit us on the web: www.globalhca.com Or call: Kevin Goertz 800-457-9269