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BAD DEBT & COLLECTION COSTS ARE EPIDEMIC.
IT'S TIME TO TAKE CHARGE WITH RCMD.
Complicated billing processes confuse consumers. This delays receivables, even though more than 68% of patients are willing to pay at point-of-service.
RCMD transparently provides out-of-pocket costs to patients, helping them decide between immediate payments or a post-insurance guarantee.
THE PROBLEM JUST KEEPS GETTING WORSE. MEDICAL DEBT WILL TRIPLE BY 2015.
Medical bad debt is already a $60 billion problem today, and is estimated to reach $170 billion by 2015. The biggest problem? Collecting post insurance balances.
There is increasing reliance on patient out of pocket dollars to cover cost of care is skyrocketing. The advent of high-deductible plans is making the problem worse.
15% OF REVENUE DERIVES FROM PATIENTS WITH HIGH-DEDUCTIBLE HEALTH PLANS.
The percentage of patients with deductibles of $1,400 or more has grown from 16% in 2009 to 27% in 2012 and many patients don't understand their responsibility.
Because few payers educate patients, the burden of collection falls on practices consuming already scarce resources. RCMD takes the burden out of patient collections.
MEDICAL PRACTICES HAVE TRADITIONALLY FOCUSED COLLECTION ACTIVITIES ON PAYERS.
According to America's Health Insurance Plans, the average balance for open HSA accounts was $1,449.20 as of June 2008.
With most healthcare costs being under $1,500, the collection activity obviously needs to focus on the consumer patients and their high-deductible out-of-pocket balances.
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START TREATING
YOUR PATIENTS
AS CONSUMERS

RCMD integrates a retail payment structure into your practice, eliminating patient confusion and expediting on-the-spot payments

The result: dramatically reduced collection costs, plus patient responsibility is now a direct deposit rather than bad debt.

YOUR SERVICES ARE YOUR PRODUCT.
MAKE YOUR OFFICE THE CHECKOUT LANE.

$1 ON DAY-OF-SERVICE IS WORTH ONLY 35¢ NINE MONTHS LATER.

Due to collection costs, staff time & expensive patient statements ( $8.75 average cost each ).**

HOW RCMD WORKS

RCMD PROVIDES RETAIL PAYMENT CAPABILITIES THROUGH AFFORDABLE, SMART RCM SOFTWARE DESIGNED WITH THE MD IN MIND. FEATURES INCLUDE:

appointment-scheduled
PATIENT APPOINTMENT IS SCHEDULED

RCMD performs eligibility verification & updates  patient out-of-pocket data

HEALTHCARE SERVICES ARE PROVIDED

Co-pay & other open balances are collected; daily totals reconciled

AUTOMATIC CODING AND BILLING

Process completed while patient is onsite; balances are calculated

PAID IN FULL OR SCHEDULED PAYMENT

Credit, check or cash payments are
direct-deposited

RCMD: CONTROL CASH FLOW & GREATLY REDUCE COLLECTION COSTS.

>> Reduce staff costs, human error & potential misconduct

>> Cut labor/third-party expenses with E-statements

>> Post, reconcile & balance books automatically

>> Add payment-on-file function with Tokenized security

>> Meeting evolving needs with ongoing RCMD upgrades

>> Implement our costs-effective SAS solution*

 
THE AR, BAD DEBT AND COLLECTION PROBLEM
draweraAccounts receivable (AR) attributed to patients:
26.3%
Patients AR written off as bad debt during last fiscal year:
11.3%
Patient bad debt turned to collections that was recovered and booked last fiscal year:
15.8%
Percentage who offer patients a recurring payment plan or installment options:
94.1%
Percentage who offer payment plan as a last effort before sending to collections:
45.7%

Most providers are already offering some form patient payment tools, RCMD helps structure and automate these processes making it easier for patients to pay and for providers to collect payments, drastically reducing time in AR maximizing the value of the original dollar.

COLLECTING FROM PATIENTS

MEDICAL PRACTICES HAVE TRADITIONALLY FOCUSED COLLECTIONS ACTIVITIES ON PAYERS.
AS THE PARADIGM SHIFTS, THEY HAVE TO FIGURE OUT HOW TO COLLECT FROM PATIENTS.

6 RECOMMENDATIONS TO IMPLEMENT RIGHT AWAY:

>> Shift your practice’s culture – talk about money with your patients

>> Follow up on the phone whenever possible

>> Get the right software to determine how much patients

>> Don’t skip on the checkout process

>> Begin with scheduling…it’s the best place to start

>> Offer multiple ways to pay

 

According to America’s Health Insurance Plans, the average balance from open HSA accounts was $1,449.20 as of June 2008. The average annual deductible for HSA/HDHPs in 2009 was $3,005 (individual out-of-pocket) and $5,920 (family out-of-pocket). With these daunting figures, what can you do?

RCMD HAS ALL OF THE TOOLS TO MAKE IMPLEMENTING
A BREEZE FOR ANY CLINIC OR PRACTICE

WHAT RCMD DOES
PROVIDES SIMPLE PATIENT
EDUCATION

Helps your clinic easily discuss financial matters with patients

POINT OF
SERVICE
CALCULATORS

Easily and accurately calculate patient post insurance balances

PAYMENT
ASSURANCE METHODS

Allow patients to make payment promises based on their ability and clinic policies

DIVERSIFIES
PATIENT PAYMENT OPTIONS

Accept any form of payment from anyone

THE SYSTEM IS BROKEN

SOURCE: 2009 MCKINSEY SURVEY OF RETAIL HEALTH CARE CONSUMERS

>> Of 1.3 trillion healthcare dollars, $250 billion is what consumers pay to providers

>> Inefficiency is concentrated in the $250 billion consumers pay to medical providers annually, and is rapidly growing

>> Costs consume 15% of each dollar spent on health care, compared to 2% in retail

>> The crux of the problem is a mix of high transaction costs and the lack of an efficient way to make consumer-to-provider payments

>> In Post-Insurance dollar success only at 50% while its only 10-20% for self-pay patients

>> Fraud accounts for losses as well