Doctor smiling - three myths whitepaper

New Whitepaper Debunks Three Myths about Upfront Patient Financial Counseling and Collections

To combat climbing health insurance deductibles and co-pays that push a larger portion of the cost of surgery from insurers to patients increasing collections risk, ambulatory surgery centers (ASCs) have responded with more robust financial pre-registration processes to maintain efficiency and profitability. A new whitepaper offers insights into this trend, while separating myth from reality regarding implementation.

Regent RCM’s Erin Petrie, Director of Revenue Cycle Management, says while there was resistance in the marketplace to upfront patient financial counseling and collections just a few years ago, the practice is rapidly gaining acceptance today. More than 90% of patients want to know their payment responsibility prior to a provider visit or scheduled procedure.

“In response to the trend, we’re making sure to include in our financial planning process an upfront review of the patient’s benefits,” she says. “Taking this step helps ensure transparency about out-of-pocket expense, so costs can be estimated, explained, and ideally, collected in advance of services being rendered. It makes patients more comfortable about their financial commitment and reduces our risk on the backend.”

Regent RCM, a leading provider of innovative and cost-effective revenue cycle management services exclusively for ASCs, is working with leading ASCs to put programs in place that operationalize upfront patient financial counseling and collections, and to dispel outdated myths that keep centers from benefiting from these proactive processes. The new whitepaper, available for free download here, addresses three common myths:

  • Myth #1: Advance collections won’t work.
    Reality: It’s happening. And it’s helping.

  • Myth #2: The practice lacks physician support.
    Reality:
    Physicians understand that healthcare providers must embrace good business practices in order to stay solvent and continue to provide quality care.

  • Myth #3: Attempting advance collections might prompt surgery cancellations.
    Reality: Patients appreciate transparency around what charges they’ll be accountable for and understand that high deductibles are the new norm.

The white paper offers proof that payment only after services are delivered is an outdated mindset in healthcare, citing the advance collections experiences of two leading ASCs, Glasgow Medical Center in Newark, Delaware, and Palos Surgicenter in Palos Heights, Illinois. The paper also offers four suggestions for ASC leaders interested in implementing advance collections.

To learn more about Regent RCM’s work with ASCs to implement upfront patient financial counseling and collections, contact Favela at lfavela@regentrcm.com.

Regent revenue cycle management corporate values

RISE Corporate Values: Stewardship

 

Our cultural values influence every aspect of the work we do at Regent Revenue Cycle Management, from the technology we use to the staffing decisions we make.

Regent RCM is an independent division of Regent Surgical Health, offering comprehensive billing and collections services exclusively to ambulatory surgery centers across the country. Regent RCM’s RISE values guide how we empower our employees and provide our clients with a very unique service experience.

RISE embodies the following concepts:

Respectful Caring

Demonstrating compassion toward all stakeholders.

Integrity

Being true to what we believe in, doing what we say we will do and adhering to our commitments.

Stewardship

Responsibly utilizing and developing our people, property, and assets while fostering a safe and secure environment.

Efficiency

Appropriately identifying, selecting, and managing all resources to ensure excellent clinical and financial outcomes.

In a series of four posts, we are examining how each of these values benefits both Regent RCM’s staff and clients. In previous posts, we discussed two other core values, Respectful Caring and Integrity. In this post, we’ll explore the third RISE value: Stewardship.

Stewardship

Regent RCM is dedicated to sustained growth and continuous improvement in all aspects of our company. Mentorship is an important part of how we nurture personal and professional development among our team members, ensuring that each individual feels valued and fully capable of reaching his or her potential.

We also work hard to create a culture of transparency, communicating essential information to staff about the clinical and economic performance of our business, regulatory requirements and procedures, and quality improvement initiatives. Every Regent RCM employee is committed to practicing stewardship in daily actions.

“We talk about our culture and our values during the hiring process and during company meetings. I believe it encourages collaboration and it also positively impacts our interaction with our clients. It’s great to work alongside people who are dedicated to serving our customers and pitching in to help each other when needed,” said Casey Eazell.