The impact of COVID-19 is substantial and the way healthcare providers practice medicine has changed, and it’s not going back. Make sure your business has the right blueprint for success so you can continue collecting patient payments while providing quality care to keep your patients healthy and your practice profitable.

1. Aimee Heckman, CPB, CPPM
President, Ease RCM Solutions
Collecting Patient Payments
During COVID-19 and Beyond -
a Blueprint for Success

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3. • Welcome & Introductions
• Financial Impact of COVID-19 on
Independent Practices
• The Impact of Price Transparency
• Overcoming Patient Collection Pitfalls
• Including Compassion in Your Collection
Process
• How Kareo Can Help
• FAQs
Agenda

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6. Aimee Heckman, CPB, CPPM
President, Ease RCM Solutions
Aimee Heckman is a Healthcare Business Consultant with
more than 30 years of experience in Medical Practice
Management, Revenue Cycle Management, PM/EHR
implementation, and business development. As a Certified
Professional Biller (CBP) and Certified Physician Practice
Manager (CPPM), Aimee has demonstrated success in
assisting physicians with maintaining their independence and
surviving the ever-changing healthcare business
environment.

7. Financial Impact of COVID-19
on Independent Practices
Our world has changed and it’s not going back.

8. Financial Impact of COVID-19 on Independent Practices
Decreased Patient Volume = Decreased Revenue Overhead Costs Remain Static
Even with telehealth visits increasing, patient visits have
been reduced and per visit revenue decreased as well.
Providers are working harder for less money.
Rent and utilities must be paid whether the practice is
open or not. Many providers have taken a cut in salary to
try to prevent staff layoffs.

9. Financial Impact of COVID-19 on Medicine
70% reported greater than
50% decrease in patient
volume.
<50% Decrease
42% reported reduction in
staff due to layoffs and
furloughs.
42% Reduction
51% reported uncertainty as
to the financial future of their
practice in one month.
51% Uncertainty
Source: Quick COVID-19 Primary Care Survey, May 1-4 and May 8-11, 2020

10. Does this represent
how it feels in your
practice right now?

11. Independent Practices Must Adapt
Embracing New Technology Can
Generate New Revenue
• Telehealth is here to stay.
• Remote monitoring can generate new
revenue for work you are already
doing.
• Capitalize on visits that can be easily
completed via telehealth or virtual
visits.

12. The Impact of Price Transparency
It’s no longer just a buzzword.

13. Price Transparency Is More Than A Buzzword
Be prepared to educate your patients!
• Patients don’t understand that prices
are set by insurance companies.
• “Why can I see a telehealth doctor for
$19 but you charge $100?”

14. Price Transparency Is More Than A Buzzword
Over inflated fee schedules only add to
the confusion!
• Set fees based on X% of top payers.
• Be prepared to provide patients with
estimates.

15. Price Transparency Is More Than A Buzzword
Renegotiate your contracts and fees with
your top commercial payers.
• Is telehealth included in your
contract?
• Can you demonstrate the value you
provide to their patients?

16. Overcoming Patient Collection Pitfalls
Don’t make collections harder than it needs to be.

17. Make Sure Your Tools Are In Place
Review and update your
financial policy to be sure it
covers all aspects of patient
responsibility.
Financial Policy
Establish or update a formal
financial hardship application
process.
Financial Hardship Policy
Educate your staff on how to
answer patient questions on
payment options, financial
policies, and hardships.
Educational Resources

18. Establishing a Formal Hardship Application Process
• Follow state and payer guidelines for
granting financial hardship.
• Don’t do blanket waivers.
• Follow CMS guidelines for public
health emergency waivers.
• Keep track of COVID-19-related care
provided to uninsured patients.

19. Pitfall #1 – Confusing Statements
70% of consumers are confused by
medical bills.
• Provide as much information ahead
of time as possible.
• Be sure they know who you are!
• Make sure your statements are clear
and concise.
Source: InstaMed Consumer Healthcare Payments Survey 2019

20. Pitfall #2 – Too Many Errors
Don’t give patients excuses not to pay
their bill!
• Many patients won’t pay what they
don’t understand.
• Errors lead to a prolonged revenue
cycle.
• Prioritize reviewing past due accounts
to make sure they are accurate before
contacting patients.

21. Pitfall #3 – Patient Financial Challenges
73% of consumers are concerned about
their ability to pay medical bills
• Send statements quickly.
• Offer multiple statement methods.
• Provide contactless payment options.
Source: The Physicians Foundation, 2019 Survey of America’s Patients, October 2019

22. Including Compassion in Your Collection Process
Compassionate collections begin with C.A.R.E.

23. Compassionate Collections Begin with C.A.R.E
It was already hard enough to collect
patient balances before COVID-19, how
do you balance your practice’s financial
need while having compassion for your
patients?

24. Compassionate Collections Begin with C.A.R.E
• Contact patients with balances due.
Don’t simply send statement after
statement.

25. Compassionate Collections Begin with C.A.R.E
• Contact patients with balances due.
Don’t simply send statement after
statement.
• Ask about their ability to pay. Don’t
assume that they can’t pay anything.

26. Compassionate Collections Begin with C.A.R.E
• Contact patients with balances due.
Don’t simply send statement after
statement.
• Ask about their ability to pay. Don’t
assume that they can’t pay anything.
• Respect their dignity and unique
situation.

27. Compassionate Collections Begin with C.A.R.E
• Contact patients with balances due.
Don’t simply send statement after
statement.
• Ask about their ability to pay. Don’t
assume that they can’t pay anything.
• Respect their dignity and unique
situation.
• Empower them to meet their
obligations over time.

28. Take care of your self
and your staff so that
you can be around to
take care of your
patients!

29. Awards and Rankings

32. Questions
Answers
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