Nearly one-third of Americans are currently shopping for health insurance. Recent research suggests many don’t have a full understanding of their options or basic insurance concepts including: plan premium, deductible, co-insurance and out-of-pocket maximum. Regent RCM has found that patient counseling positively impacts revenue cycle.
“There’s no argument that insurance can be confusing. This is an issue, not only for patients, but also for our partner centers,” said Matt Lau, Chief Financial Officer at Regent Surgical Health and VP of Regent Revenue Cycle Management (Regent RCM). “Now, with high-deductible plans on the increase and patients paying more out-of-pocket, it is critical to counsel patients, to be transparent about fees, and provide payment options, if needed.”
Lau advises that, whenever possible, healthcare providers should provide financial guidance to patients prior to their scheduled procedure. “While not every patient’s individual financial situation will be addressed, we counsel them on why they owe the amount that they do, and of course, we’re prepared to answer a wide variety of questions,” explained Lau.
In addition, helping patients understand deductibles is especially important. “High-deductible plans are becoming increasingly popular because that’s what’s affordable, from a premium perspective,” said Lau. “With reimbursements for ASCs shrinking, it is important that every dollar is collected. Counseling is one key aspect of collections but we recognize it’s also linked to patient satisfaction. We value that. And we take the time to get it right.”
Regent RCM is a leading provider of cost-effective billing and collection services for ambulatory surgery centers in the United States. Leveraging deep ASC industry expertise, Regent’s revenue cycle services consistently outperform industry benchmarks and allow surgery center leaders to focus on high-value activities. If you are looking for a revenue cycle partner, contact our team to schedule a no-obligation check-up of your revenue cycle.