ZirMed®, which empowers healthcare organizations to optimize revenue and population health with the nation’s only comprehensive end-to-end platform of cloud-based financial and clinical performance management solutions, partners with Regent RCM to make sure ASCs have the shortest revenue cycle possible and get paid on time for services rendered. ZirMed Partner Relationship Manager Emily Reder has worked directly with Regent RCM for a year-and-a-half, but ZirMed’s association with Regent RCM goes back to June 2011.
In the first of a two-part blog series, Reder shares her perspective on the rise in patient responsibility and how this trend impacts the revenue cycle.
“We see that high deductible plans are becoming more and more popular because, from a premium perspective, that’s sometimes what’s affordable,” stated Reder.
She explained that ASCs and other providers once depended on getting all or most of their payment from the payer. But now ZirMed is finding that it’s double the amount of work for providers to get paid by the patient rather than the payer, due to higher deductibles and the time and expense required to collect from patients after they receive services.
“It’s expensive to send unpaid bills into collection,” said Reder. “So that game has really changed and we’re focusing more effort on collecting as much as possible from the payer, but also having a follow-up plan to make sure that once you get through the adjudication process with the payer, you’re on really solid footing to collect the rest from the patient.”
To accomplish that, Reder stressed the importance of establishing a foundation when the patient is first seen. “We call it the patient access phase of the revenue cycle, where you’re first seeing the patient, getting information from them, and collecting as much information as you can upfront,” said Reder. “Eligibility verification is very important, being able to create the start of a consumer-like process for the patient. Patients are really starting to behave more as consumers rather than traditional patients, because they’re having to pay for care out of their own pockets.” And Reder does not see that trend changing anytime soon.
In the second segment of this blog series, Reder will discuss how Regent and ZirMed are helping ASCs best address this trend while effectively managing the revenue cycle.
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