search.noResults

search.searching

saml.title
dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
FINANCES


lections. The center began a process of educating patients about their financial responsibility when they checked in for procedures, which led to more suc- cessful collections and greater peace of


mind for the patients. ■


Financial counseling accounted for 100 percent of upfront collections in 2020, compared with 43 percent in 2019.





Percentage of due collected was 40 percent in 2020, an increase from 11 percent in 2019.





The center achieved 155 percent of its cash goal and decreased its AR days over 90 by 17 percent; it also increased its average AR follow-up to 99 percent. When it comes to communication, a high-touch approach works best. Call- ing patients directly is more effective than relying on standard mail. During


Good revenue cycle management takes both proven practices and a lot of discipline while working on improving upfront collections and aging AR.”


— Erin Petrie Regent Revenue Cycle Management


calls, tighten up the approach. When centers are open-ended on what they are asking patients to pay upfront, they tend to reduce the amount right away without explaining the potentially high- est amount to the patients. We sug- gest starting high to give wiggle room, rather than starting in between and later having to lower the amount.


Increasing upfront collections pro- duces a drop in AR, so there is less bad debt to write off and fewer receiv- ables moving into the aging buckets. It makes a significant difference when patients are aware of what they will owe when they check in because they are now coming in with either a plan or a payment. Good revenue cycle management


takes both proven practices and a lot of discipline while working on improv- ing upfront collections and aging AR. As case volume continues to rebound, ASCs that prioritize revenue cycle processes will be better equipped to weather future storms.


Erin Petrie is the vice president of Regent Revenue Cycle Management. Write her at epetrie@regentsurgicalhealth.com.


ASC FOCUS MAY 2021 | ascfocus.org


19


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42