Becker's ASC Review

18 Executive Briefing decreased revenue that can affect a practice's profitability, growth or even viability. When patients receive treatment and subsequently struggle with out-of-pocket costs, providers may need to wait longer and devote additional effort to collect payment. In fact, 73 percent of providers say it takes them a month or more to collect balances due. 5 In many cases, this additional burden falls on staff members, who may need to devote significant time to paperwork, billing calls and administrative duties rather than spending time with patients and contributing to care. Even in a best-case scenario, collecting new or larger fees directly from patients represents a shift from traditional revenue models, which focus largely on insurance reimbursement. Surgery centers, hospitals and other providers typically are not structured to function as consumer financial organizations and may face challenges when adapting practices or instituting new policies such as collecting payment prior to service, optimizing post-care collection processes, or even openly discussing patient financial responsibilities. Innovation and opportunity As with most major changes, the healthcare "payment shift" from third-party payers to patients is creating new opportunities in addition to challenges. Providers who recognize the transition that is underway, and embrace new approaches and solutions aligned to the current industry reality, can actually strengthen patient relationships, sustain or enhance care quality and achieve business success. One positive aspect of assuming greater responsibility for care costs is that patients may feel more engaged in their own healthcare and play a more active role in making decisions about care. As technology advances and new treatments become available, patients may have more and better options for healthcare, and many may proactively look for ways to improve and maintain their health and wellness. Especially when healthcare expenses are planned, rather than unexpected, patients may see them as an investment in themselves. Many ASC procedures can be viewed this way, and providers who help patients understand, prepare for and manage their investment in a life-enhancing procedure may do well, both in terms of patient satisfaction and financial impact. In addition to simple steps like being transparent about costs, sharing this information up front and establishing and communicating clear financial policies, providers can offer solutions to help patients manage out-of-pocket payments, which has been CareCredit's focus for more than 30 years. Essentially, many healthcare expenses have become like other large, planned purchases and can be underwritten and financed. With special financing options from CareCredit, patients can purchase healthcare services or products today, and make monthly payments over time.* Because CareCredit is a dedicated credit card for health, wellness and personal care expenses, cardholders also enjoy a dedicated credit limit they can use to pay out-of-pocket costs for themselves, family members or even pets. In addition to receiving payment in two business days, providers who accept CareCredit have access to useful resources like the Pay My Provider portal, which allows them to accept online payments easily, and even share a custom payment link with patients. Making the Shift While ongoing change is likely the only certainty in an industry as complex, large and essential as healthcare, providers who see today's landscape clearly and make the most of current trends will be in a strong position for sustained success. While patients and providers alike may not welcome the "payment shift," new solutions can help them navigate this transition effectively together, partner more closely in an engaged and empowered approach to care and work toward positive outcomes all around. n *Subject to credit approval. For more than 30 years, CareCredit has provided a valuable financing option for treatments and procedures insurance typically doesn't cover, either in part or in full. Cardholders can also use the CareCredit health, wellness, and personal care credit card to pay for deductibles, co- payments, and other out-of-pocket costs. Providers who accept CareCredit receive payment in two business days. https://www.carecredit.com/ 5 InstaMed, Provider Healthcare Payment Survey 2017, conducted by LHK Partners

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