Custom Solutions for Large Providers
Have increases in patient deductibles resulted in higher levels of Accounts Receivables? Are you writing off more unpaid claims or handing over more unpaid invoices to debt collectors? These are increasingly common problems for healthcare providers.
Kaiser Health Tracking Poll recently reported that “one in three Americans now report their family has had problems paying medical bills in the past year, up from about a quarter” ... “Almost one in five (18%) of Americans report household problems with medical bills amounting to more than $1,000 in the past year.” With the downturn in the economy, this is only going to worsen and healthcare providers cannot continue to bear this burden.
Reverse Downward Trends in Managing Cash, Controlling Costs, Improving Morale, and Satisfying Your Patients
Sterling-Wright has online tools to assist you in dealing with these issues. With its partners, it has devised easy-to-use online solutions that enable your intake staff to instantly determine patients’ ability to pay as well as their insurance coverage.
These applications reduce administrative expenses, are objective, risk-based analytics that all but eliminate potential litigation for unfair billing practices, and comply with government accounting requirements for charitable care, courtesy allowance and bad debt.
Your staff will find these easy-to-use tools will instantly give them the information they need to work with patients and their caregivers when patients are frequently under stress.
Patients will appreciate knowing upfront what their obligations are.
In addition, you may choose to utilize these tools to proactively implement and manage financing options to improve your cash flow.
The end results can include:
• Significant improvement in rates of patient-pay,
• Lower overhead costs,
• Higher employee morale, and
• Better patient service
Real-Time Information on Insurers, Coverage, Deductibles
Your intake staff, whether in the ER or the hospital intake center, can immediately learn the extent of health insurance coverage for a patient using our online tools. Your staff can see what’s included or excluded from a patient’s coverage as well as see the deductibles and co-pays included in their insurance coverage. In addition, your staff can also find out the credit worthiness of patients whether they have health insurance or not, and work with them or their caregivers to determine the best means of paying for your medical services. All this information and solutions are available before medical treatment begins. Now you have more control over the financial aspect of patient services.
Armed with this information, your financial office can work with our financial partners to obtain cash advances on patient-pay receivables.
We offer a sophisticated range of financial tools, all designed to give you better control over your patient-pay receivables.
Consulting Services to Improve Workflow
Using Six Sigma tools, our Six Sigma Black Belt consultants can also work with your people to find ways to reduce waste, improve the flow of information, improve morale and speed up your cash flow. Our consultants are deeply experienced in healthcare operations, information technology and health insurance practices.