MD Clarity’s Post

We’re excited to be in Las Vegas for the Healthcare Financial Management Association (HFMA) Annual Conference! Visit booth #644 to enter our raffle and learn how MD Clarity can help provider organizations accelerate cash flow and get paid in full.

We’re thrilled to sponsor the Healthcare Financial Management Association (HFMA) Annual Conference in Las Vegas next week! Stop by Booth #644 to see how MD Clarity can help providers get paid in full and accelerate patient cash flow.

We're excited to announce MD Clarity has joined the ModMed synapSYS Marketplace! MD Clarity’s application enables pre-service patient cost estimates and deposits, detects variances between payer payments and contracted rates, and provides data to negotiate managed care contracts from a position of strength. Read the full press release: https://lnkd.in/g6g9uFXn

We're thrilled to announce MD Clarity has joined the athenahealth Marketplace! MD Clarity’s integration optimizes revenue for healthcare providers, enabling pre-service patient cost estimates and deposits, detecting payment variance, and providing data to negotiate better managed care contracts. “Partnering with athenahealth enables a seamless experience for providers to ensure they are being paid optimally for all of their patient encounters and are delivering a transparent financial experience to patients.” — Dan Freeman, MD Clarity CEO Read the full press release: https://lnkd.in/gWqErKdF

We’re thrilled to be in Chicago for the American Alliance of Orthopaedic Executives (AAOE) Conference! Come visit us at booth #1028 to enter our giveaway and learn how MD Clarity can help your orthopedic practice get paid in full.

We’re excited to sponsor the American Alliance of Orthopaedic Executives (AAOE) Conference this week! Meet us at Booth #1028 to learn how MD Clarity can help orthopedic practices accelerate cash flow and get paid in full. Schedule a meeting at AAOE: https://lnkd.in/gcaZAiJj

A 2024 study finds that 48% of healthcare leaders report that their biggest challenge for this year will be – not denials — but collecting from patients. 😧 They should be concerned. Given the increase in high-deductible health plans and the number of self-pay patients, 30% of provider revenue now comes from patients. Before the Affordable Care Act when just 10% of revenues were patients' responsibility, providers could be more lax about pursuing delinquent accounts. Now, getting that money is critical to practice and group viability. In 2021, consulting and technology firm Crowe LLP raised the alarm when it surveyed daily transactions from more 100,000+ physicians nationally and found: ⬆️ patients who owe more than $7,500 more than tripled from 5.2 percent of all accounts in 2018 to 17.7 percent from 2018 to 2021. ⬆️ patient balances higher than $14,000 almost quadrupled from 4.4 percent of all accounts in 2018 to 16.8 percent in 2021 The trend persists today. A 2024 Kodiak Benchmark analysis of 250,000 physicians, showed a dramatic decline in patient collection rate – 54.8% in 2021 to just 47.8% in 2022 and 2023. Surprisingly, 53% of provider bad debt write-offs come from patients with some form of health insurance. The total dollar value of provider bad debt write-off in 2023 hit $17.4 billion. What can a healthcare organization do? Collect more upfront. 💰 Use automated eligibility verifications and estimate generation to get your revenue in on the front-end, so it doesn’t become bad debt. MD Clarity’s Clarity Flow automatically builds and sends your estimates, providing the healthcare pricing transparency patients today demand. These estimates include convenient links and a range of payment options so patients can easily send in a deposit or prepay the entire estimated bill from home. Nearly all service businesses collect something upfront. The time is now for providers to do the same. #revenuecyclemanagement #upfrontcollections #rcm [Sources: Salucro Healthcare Provider Fintech Insights Report, HFMA The Patient as the New Payer, Kodiak KPI Benchmarking Reports, Crowe LLP Hospital Collection Rates for Self-Pay Patient Accounts]

One MGMA poll asked physician group leaders how often they audit payer payments versus contracted rates. The responses are: 🔎 Monthly - 26% 🔎 Annually - 25% 🔎 Never - 24% 🔎 Quarterly - 15% 🔎 Semi-annually -10% NEVER? There’s a Never category? The payers for that significant cohort are getting away with robbery. Even Annually is too infrequent. How do we know? A study published in Becker’s Hospital Review found providers lose 1% to 3% of their net revenue annually due to commercial payer underpayments. In our experience with clients, we find provider groups are typically losing up to 5% of net revenue to payer underpayments. In one example, we found $10 million in underpayments for a 120-physician orthopedics group with 30 locations. You bet that made a difference in their physician compensation and growth goals. Unfortunately, right now we find many practices too overwhelmed with revenue cycle duties during a staffing shortage to pursue underpayments. When automation steps in, underpayment recovery rolls out with little work required from staff. With MD Clarity’s RevFind, you can improve net revenue by automatically detecting payer underpayments and alerting staff to discrepancies. Pursuing underpayments can result in millions of dollars in cash recovered and improved margins. 🤖Your revenue is waiting…send automation to bring it home! #revenuecyclemanagement #underpayments #rcm