Managing patient balances up front dramatically speeds up the cash flow and drives down the cost of patient collections.
At the end of December 2020, Congress passed the Consolidated Appropriations Act of 2021. This impacted medical billers through the No Surprises Act under Title I and Transparency under Title II. Essentially, healthcare providers are now required to provide a “good faith estimate” prior to providing non-emergency services to out-of-pocket patients and patients without insurance. For more information on these requirements, refer to the Centers for Medicare and Medicaid Services. OpenPM is already available with a Patient Responsibility Estimator to ensure compliance with any new regulations.
In addition to real-time eligibility verification, OpenPM has an estimation tool to calculate the expected patient responsibility. Use the estimator to quickly and easily produce a patient’s expected out-of-pocket amount prior to providing service. It can be estimated while scheduling an appointment, during the check-in process, or at the check-out window.
- Estimate patient out-of-pocket costs
- Improved cost transparency and patient experience
- Provide cost expectations prior to providing service
- Print a patient copy and retain estimates within patient history in OpenPM
81% of Practices
Approximately 81% of medical practices have difficulty communicating patient payment responsibility
Patient Responsibility Estimation allows practices to provide an estimate of the expected patient’s cost based on fee-schedules, eligibility data, historical payments, and additional criteria. Well-informed patients provide more timely payments.
Improve collections, increase revenue, and set better patient expectations. Add the Patient Responsibility Estimator to your OpenPM experience today!