Electronic billing boosted this practice's income by thousands — Here's how

Nearly all providers still rely on paper-based medical billing and patient collections, according to a HIMSS Analytics and Waystar survey of 900 healthcare financial executives.

Despite the fact that most patients surveyed said they would be more likely to pay their medical bills online, Max Tselevich's practice in West Hollywood, Calif., relied on paper medical bills until about two and a half years ago.

Mr. Tselevich, CEO of medical services management company The Doctor, told RevCycleIntelligence.com how adopting electronic billing changed his practice.

Here are five insights:

1. Mr. Tselevich's practice tried to collect funds from patients when they came in for a second visit, but many of them never returned.

2. Under the paper-based payment system, patient collection rates were especially bad for younger patients.

Sending a paper statement to a millennial or leaving a voicemail is about as useless as a hamburger driving a vehicle,” he stated.

3. The practice is now completely paperless and sends digitized medical bills. Patients automatically receive a text regarding their bill when a provider logs the visit and inputs billing codes.

4. Patients can also create a payment plan and speak with an expert about their bill.

5. Electronic medical billing had the biggest impact on the company's bottom line, Mr. Tselevich told RevCycleIntelligence.com. He said it improved patient satisfaction improvements and increased income by several thousand dollars the first month after implementation.

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