Issue link: https://viewer.e-digitaledition.com/i/1429214
Rao Wealth Partners is an independent firm with securities offered through Summit Brokerage Services, Inc., member FINRA and SIPC. Advisory services are offered through Summit Financial Group, Inc., a registered investment advisor. Summit is an independent broker-dealer with client assets held at First Clearing, LLC (a wholly owned Wells Fargo subsidiary). Summit and its affiliates are under separate ownership from any other named entity. You can name every bone in the body, but you can't name a single investment in your retirement account. It's time for a change. (212) 257-5794 www.raowp.com Individual Stock Selection | Corporate Retirement Accounts | Educational Savings Plans RAOWP_5H_058480082N_REV.indd 1 2/27/18 12:46 PM + Expand patient registration. In addition to collecting patient address and insurance information, use software that can verify its accuracy. Also, consider making financial counseling available before treatment and/or after hospitalization so that patients who may need a structured payment plan know how much they need to be prepared to spend. + Outsource effectively. If you're working with an external agency to follow up on missing payments, hire one that is flexible and willing to work with patients. Humanizing healthcare costs, especially during this time when many patients are struggling financially, will ensure a higher likelihood of repayment and better word-of-mouth about your practice. n BEFORE THE PA NDEMIC, about 80% of hospitals' self-pay revenue came from just 30% of patients who were uninsured or who had out-of-pocket costs after insurance. But COVID-19 has driven that number up for most practices. If you're struggling to recoup payment, you're not alone. Here are some tips for improving the process. + Communication is key. Digital tools that allow patients to estimate costs up front, see bills online and easily ask billing questions reduce friction and increase payment percentages. However, make sure nondigital options are available for older patients who may not be as comfortable online. After the Pandemic BY CARI WADE GERVIN THINK PATIENT-FRIENDLY TO GE T THE BEST OUTCOMES. Self-Pay Revenue M D N E W S . C O M /// M D N E W S L O N G I S L A N D ■ 2 0 21 F I N A N C E ❰❰❰❰❰ 1 1