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It’s a challenge that gets more complex every year—how to cost-effectively address patient collections, whether they are true self pay or pay after insurance has been applied. The increasing cost of health insurance has resulted in the proliferation of high-deductible plans as an option to lower premiums; this has resulted in increased patient responsibility which has ballooned the least efficient financial class.

The concept of omni-channel payments has been around for several years now. Many large retailers pioneered the concept to develop conveniences we use today in our everyday lives, i.e. buy-online and return in-store.

A fundamental consumer expectation in any financial transaction is being able to answer one simple question- how much will this cost? Unfortunately for the consumer, many hospitals and health care systems lack the ability to do so.

CMS (Centers for Medicare and Medicaid Services) released the MPFS (Medicare Physician Fee Schedule) Proposed Rule for the 2021 calendar year on August 4, 2020. The most significant change to specialty physicians is an 11.9 percent decrease in the Conversion Factor from $36.09 in 2020 CY to $32.36 in CY 2021.

Efforts to contain the Coronavirus has reached into many industries and caused large scale disruption which will have ramifications for months to come.