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8 Trends in Healthcare Billing for 2024 – MailMyStatements
With a new year on the horizon, it's a good time to look ahead at the upcoming trends in healthcare billing. As technology continues to evolve and regulations change, the patient billing landscape is also constantly shifting. In this environment, remaining adaptable is key—because now…
5 Ways Outdated Healthcare Billing Hinders Patient Care – MailMyStatements
Skipping investments in new healthcare billing systems? There’s a price for that. While it may seem tempting to hold onto legacy systems as long as possible, not upgrading creates challenges for the provider, the facility, and the patient. 1. Excessive Postage Costs Older systems may…
7 Major Challenges Facing the Healthcare Industry in 2024 – MailMyStatements
The healthcare industry is facing many changes that pose new challenges to medical organizations big and small. In particular, the fast-evolving government regulations, staffing shortages, technological innovations, and patient expectations create a new environment in which running a medical practice involves more than just treating…
How to Optimize the Patient Payment Collections Process – MailMyStatements
The healthcare industry is turning to automation to solve a number of problems related to limited staff resources, and billing is one such area. In recent years, the number of providers that have adopted a patient payment solution has grown exponentially, yet many find themselves…
Managing the Legal Risks of a Healthcare Data Breach – MailMyStatements
Cyberattacks are common across different industries, including healthcare. This puts critical personal and medical information in the hands of criminals, but it also costs health companies a considerable amount of money. Today, healthcare data breaches cost an average of $10.93 million. This amount can be attributed to…
Cloud-Based Patient Billing vs. In-House: Which is Right for Your Practice? – MailMyStatements
Cloud-based patient billing is a rapidly growing trend in the healthcare industry. This type of billing software boasts many advantages like running on remote servers and accessibility from any authorized device with an internet connection. Still, there are reasons many practices and healthcare systems maintain…
Is Your Medical Billing System Cyber Resilient? – MailMyStatements
Valuable patient data attracts all varieties of cyberattacks, placing the healthcare industry and any medical billing system in constant danger of data breaches and ransomware threats. The 2019 Covid pandemic only exacerbated the frequency and severity of healthcare cyberattacks as medical systems rushed to enhance…
6 Reasons to Update Your Patient Collections System – MailMyStatements
It’s no secret that patient collections are a common revenue cycle struggle. With out-of-pocket costs projected to climb 6.1% in 2022 and an average of 4.6% from 2021 to 2030, patients are struggling to pay their obligations. In addition to costly deductibles, traditional patient collection methods not only complicate…
5 Patient Payment Services to Increase Collections – MailMyStatements
The medical sector is currently experiencing a rapid shift toward greater patient fiscal responsibility, meaning healthcare practices are struggling to collect patient payments. Industry initiatives are laying the groundwork to prioritize patient collections over government and commercial payers. This adjustment to the revenue cycle must…
Machine Learning in Digital Patient Billing Services – MailMyStatements
Machine learning may sound like science fiction, but it’s simply software that can analyze data and adjust accordingly without additional input from human operators. By adding machine learning (ML) capabilities to your patient billing department, you can benefit from more efficient processes and workflows. Explore these key…
How to Encourage Patient eStatement Adoption – MailMyStatements
Transitioning to a patient eStatement system is an effective way for providers to appeal to patient preferences while streamlining the backend billing process. However, to experience these benefits, patients must be aware of the option and directed to opt in. While 73% of consumers want to enroll…
Building a Better Patient Billing Process With Blockchain – MailMyStatements
While blockchain is mostly mentioned in the context of bitcoin and other forms of cryptocurrency, this type of tech also has major implications for medical billing. Blockchain refers to a decentralized database managed by an independent third party. In the bitcoin blockchain, all transactions take…
The Power of Patient Text Reminders – MailMyStatements
Competing for your patient’s attention is difficult. Between constant spam calls and emails, many of today’s consumers ignore communication attempts from businesses. Not only is spam on the rise, but reading through mail or returning a collection call is a time-consuming task that many avoid.…
Healthcare eStatements: A Tool for Streamlined Patient Billing – MailMyStatements
eStatements are here to stay in most industries, including healthcare. As a finance executive, you’ve probably examined the advantages of offering digital communication and payment solutions made possible with healthcare estatements. If you haven’t taken the leap, the time is right to consider taking practice collections at…
5 Patient Payment Plan Benefits for Provider and Patient – MailMyStatements
Paying for medical care can be an obstacle for many people, preventing them from seeking the treatment they need. In fact, nearly one in four Americans report avoiding medical care due to concerns about the costs. On the flip side, unpaid medical bills are a pressing concern…
6 Benefits of a Cloud-Based Patient Billing System – MailMyStatements
If you work in medical invoicing, you’ve likely considered whether a cloud-based patient billing platform could revolutionize the revenue cycle for your practice or department. According to research data from Markets and Markets, the healthcare cloud computing market is worth nearly $40 billion in value in…
How Artificial Intelligence Enhances Patient Billing – MailMyStatements
Recent shifts in patient behaviors and preferences have intensified the demand for technology adoption throughout numerous healthcare processes. Artificial Intelligence is perfectly positioned to aid in many manual healthcare tasks, varying from diagnostics to AI patient billing. So, what exactly is AI? Artificial Intelligence is…
How to Use ChatGPT in Revenue Cycle Management – MailMyStatements
Whether it’s scrolling through Facebook, reading the news, or having water cooler discussions with coworkers, talk of ChatGPT is inescapable these days. This artificial intelligence chatbot from OpenAI holds promise to change how we seek information online and how we carry out day-to-day tasks for…
Healthcare Billing Upgrades for a Personalized Patient Experience – MailMyStatements
In today’s healthcare climate, adults of all ages are avoiding medical care more than ever before. Between insurance or billing confusion and the general inconvenience of scheduling and attending appointments, consumers are putting off treatment for existing and new conditions. In fact, 52% of surveyed…
Crucial Healthcare Cybersecurity Measures to Protect Your Patients – MailMyStatements
With healthcare cybersecurity and PHI safety becoming ever-more important as medical organizations transition to a mostly digital format, it’s important to make sure that your cybersecurity and HIPAA-compliance efforts aren’t still living in the 20th century. There are a variety of strategies that companies can…
7 Strategies to Collect Patient Balances Quicker – MailMyStatements
Here are seven things you can do to collect patient balances: Take Advantage of Integrated Statement and Payment Systems A properly integrated patient statement and payment system simplifies the billing and collection process for both patient and practice. After receiving a billing statement either via…
Boost Provider Collections with eStatement Services [Infographic] – MailMyStatements
The recent shift to greater patient financial responsibility in the healthcare industry is amplifying collection issues for many organizations. Current revenue cycle processes are geared toward government and commercial payer collections. However, the growing patient fiscal responsibility is spearheading industry initiatives aimed at patient satisfaction…
5 Common Medical Billing Mistakes (And Solutions) – MailMyStatements
A significant amount of healthcare practices still use an outdated medical billing system. This only exasperates one of the most common issues facing medical practices today: getting patients to pay their healthcare bills on time – the key to shortening the payment cycle and ensuring healthy cash…
How Does Patient Experience Affect Patient Payments? [Infographic] – MailMyStatements
If you’re finding it increasingly challenging to collect patient payments and maintain a healthy cash flow for your medical practice, you’re not alone. The rapid changes in the healthcare industry are shifting the financial responsibilities associated with medical care from insurers to patients. As out-of-pocket…
Is Your Medical Billing System Cyber Resilient? – MailMyStatements
Valuable patient data attracts all varieties of cyberattacks, placing the healthcare industry and any medical billing system in constant danger of data breaches and ransomware threats. The 2019 Covid pandemic only exacerbated the frequency and severity of healthcare cyberattacks as medical systems rushed to enhance…