Healthcare, like just about everything else in our lives, is constantly changing, including the billing and collections (revenue cycle management) process.
It wasn’t that long ago when most patients that entered a chiropractic clinic only had to pay a co-pay for their services and their health insurance company would pay the remaining balance.
This meant the front desk collections process was as simple as making sure the clinic had the correct insurance information on file and asking the patient to pay their $20 or $25 co-pay at the time of service.
The billing process was pretty simple as well. The clinic just had to send the claim to the insurance company and they would pay the claim.
While I am obviously making the process seem easier than it actually was, compared to today’s billing and collections processes, it was a lot less complicated.
Unfortunately, “the good old days” are gone and the billing and collections process has become much more complicated and even more vital to the financial health of the clinic. Research shows that in 2002 only 12% of a practice’s revenue came from the patient’s pocket while today it is now over 35%. Studies also show that out-of-pocket payments for insured patients grew from $250 billion in 2009 to $420 billion by 2015, a 68% increase in five years.
To remain financially stable chiropractic clinics need to keep up with the changes in the billing and collections process? Over the next few weeks we will be looking at each sector of the revenue cycle process and will show you how your clinic can be more efficient and effective in each area. We hope you’ll join us.