Elective Surgeries

Staying Ahead Amidst Postponed Elective Surgeries

A growing number of US hospitals have canceled or postponed elective surgeries due

to the surging number of Americans sick with Covid-19 (fourth surge).

According to the Centers for Disease Control Prevention (CDC), more than 95 percent of the new COVID-19 cases in the United States involve the highly infectious Delta variant.

With the current Delta surge, hospitals and health systems are again postponing elective surgeries in order to preserve staff and free up hospital beds – especially in Florida, Texas, and Louisiana.

On August 9, Texas Governor Greg Abbott called on hospitals to voluntarily postpone procedures for which delay would not lead to a “loss of life or a deterioration in the patient’s condition.”

These elective procedures, such as echocardiograms and hip replacements, are also typically among the most profitable for hospitals and a major source of their revenue.

According to a study, halting major elective surgery during the pandemic cost US hospitals an estimated $22.3 billion.

A typical 1,000-bed hospital system would lose about 50 percent of its quarterly revenue with a moderate surge in COVID-19 patients, according to estimates by the Advisory Board.

Elective Surgeries Shift to ASCs

ASC
ASC

When surge scenarios occur, health systems respond by utilizing ASCs, home care, and partner hospitals to treat patients.

Ambulatory surgery centers (ASCs) are now taking on extra elective procedures and gearing up to support hospitals as they focus on caring for COVID-19 patients.

This shift toward ASCs may put pressure on the business office as most surgery centers are already running lean during this pandemic.

The responsibility of rescheduling and financially clearing patients whose procedures have been postponed will inevitably fall on the business office teams.

It is worth noting that staffing shortages and burnout are still issues that facilities are confronting since the start of the pandemic.

Scheduling and registration departments, already stretched thin, are also dealing with much heavier workloads.

In the surgical industry, scheduling alone is a very complicated process which considers everything from room and equipment availability to the schedules of specialists like anesthesiologists and radiologists.

Amidst this fourth Covid surge and its financial effects, it is more crucial than ever that ASCs collect payments from patients in a timely and efficient way.

With surgical facilities running lean with thin margins, they need to be financially sustainable like any other business in order to continue to provide important healthcare services to those in need. They need to observe and mitigate growing patient balances in order to prevent future collection problems, as many patients find themselves struggling to pay their bills during the pandemic in the face of rising healthcare costs and economic uncertainty.

Successful patient-balance collections requires a focus on helping patients afford their medical care and a more humanized, patient-centric approach to managing patient balances.

To reduce the risk of delayed payments or even non-payment, ASCs need to hand-hold patients regarding their financial responsibilities and provide patients with flexible and personalized patient payment options.

According to Elavon’s 2021 Consumer Healthcare Report, patients are eager for payment options that help them manage their medical expenses, with 59% requiring recurring bill payments.

Making it simpler and more convenient for patients to afford and pay medical bills will result in increased collections and increased patient satisfaction.

How Mnet Can Help

Mnet Can Help
Mnet Can Help

Mnet fully understands the breadth of the situation facing the surgical industry and stands ready to help.

Mnet is ready to field inbound calls from patients pertaining to payment or process, long-term or temporarily, using remote call center technology and Patient Financial Advocates.

With its First Party Billing Solutions, Mnet operates seamlessly with surgical facilities to increase patient satisfaction, prevent loss, and increase cash flow.

Mnet specializes in concierge patient financial services for patients needing surgery. Its Patient Financial Advocates (PFAs) are experienced and well-trained in translating for medical patients over the phone and can communicate in over 200 languages.

PFAs stand ready to help patients who want to make a payment, set up a payment plan, or need help understanding their bill.

By working with Mnet, surgical facilities are able to improve their processes to become more streamlined and patient-centric by utilizing patient billing solutions and payment technologies like PaySuite and Text-to-Pay. ASCs can benefit from:

  • Paperless registration processes
  • Text billing
  • Online patient portals
  • Integrated scheduling
  • Improved billing procedures

Conclusion

Mnet Elective Surgeries
Mnet Elective Surgeries

Having an RCM partner focus on patient payments and your revenue cycle can free up limited staff to focus on providing quality care and responding to patient care needs and to the needs of other departments.

During this extremely challenging time, Mnet stands ready as your additional boots on the ground for your business office.

As surgical facilities take spillover cases from hospitals restricting elective procedures, Mnet can help them stay ahead of growing patient balances and avoid future collection challenges.



About Mnet

We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare.

Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


Healthcare Financial Concierge

How a Healthcare Financial Concierge Boosts Patient Satisfaction

Healthcare concierge services can elevate the patient experience and increase patient satisfaction for healthcare providers seeking to stand out from the crowd.

With the increasing trend of healthcare consumerism, patients are demanding high quality care and better experiences with their providers.

Healthcare consumers expect to receive patient-centered healthcare along with technologies that enable an optimized patient journey.

Accenture’s 2020 Digital Health Consumer Survey revealed that 39 percent of consumers surveyed believe a good digital interaction has a major influence on the patient experience. More than a quarter (26%) are even willing to switch to a new provider for high-quality digital services.

The survey also showed that healthcare consumers expect their healthcare providers to offer digital capabilities to book appointments online, receive reminders, and reduce wait time.

This is why many healthcare providers are investing in healthcare concierge services like having patient concierge centers, patient financial advocates, and innovative payment technologies.

Having a patient concierge center to assist patients whether they have a concern with their billing or with the quality of care they received ensures that patients leave with a happy experience.

1) What is healthcare concierge?

Healthcare Concierge
Healthcare Concierge

Healthcare concierge can be a vague term as it can mean different things to different people.

It could mean the healthcare arrangement in which patients pay a certain fee (monthly, quarterly, or annual fixed fee) to receive care at a medical practice or physician.

This type of healthcare concierge is also called concierge medicine, retainer medicine, or fee-for-care (FFC). Patients pay fees for conveniences like same-day appointments and 24/7 physician availability.

Healthcare concierge can also mean the convenience services which manage the non-clinical needs of patients and their families. This is also known as “patient concierge” or hospital concierge and can benefit the patient experience greatly as well as the facility’s revenue cycle.

Patient concierges also manage other customer service-centric tasks like helping patients understand their medical bills and financing options. Hospital concierges can do almost anything for patients that falls outside the scope of clinical staffs’ duties.

Healthcare concierge takes the patient experience to the next level. Unlike medical professionals, patient concierge services focus on making patients and patient families’ hospital visits comfortable and convenient.

Similar to delivering concierge services to guests at a hotel, healthcare concierge services focus on creating exceptional experiences for patients in a hospital setting.

2) What are the benefits of healthcare concierge to both providers and patients?

Benefits of Healthcare Concierge
Benefits of Healthcare Concierge

Today’s digital landscape has changed the expectations of consumers. One can order something online and it’s delivered the same day with just a few clicks.

Healthcare consumers expect to get the same frictionless experience and will choose medical providers who offer digital capabilities and concierge-level type of services — going above and beyond for patient satisfaction.

In essence, here are some of the benefits of healthcare concierge to both patients and providers:

  • Customer service and the patient experience becomes a priority
    • In one survey, only 9% of US employees showed an understanding of basic insurance terms. That’s why patients need support in navigating the confusing health care system and its terminologies.
    • While there is a lot of information online, it makes a difference to patients to have an actual person explain everything — especially for something as complicated as health insurance.
  • Providers operate more efficiently
    • Having an exceptional healthcare concierge program allows doctors, nurses, and other hospital staff to focus on patient care without the administrative burdens and pressures.
    • Utilizing technologies that streamline processes and improve the patient experience can help free up resources so that providers can focus on delivering high quality care. Healthcare concierge services increase patients’ comfort during their stay while not affecting the workload of their care teams.
  • Improve patient satisfaction and hospital productivity
    • Concierge-level types of services or one-on-one support help providers improve their relationships with patients leading to better patient satisfaction and loyalty. These services help patients overcome obstacles to getting the care they need and being able to pay their medical bills.

3) Mnet’s Healthcare Concierge Services

Mnet's Healthcare Financial Concierge
Mnet's Healthcare Financial Concierge

A digital concierge service might sound like a luxury, but with Mnet as your partner, your facility will stand out from the crowd.

By working as an extension of your facility with its First-Party Patient Billing solutions, Mnet provides every patient with the best experience possible with exceptional level of service. We help patients understand their bill in over 200 languages, provide easy ways for them to pay including sensible payment plans and financing options.

Mnet offers innovative technologies that support concierge-level of service like:

  • Text-to-Pay – allows your facility to send patient invoices, reminders, collect payments, and provide receipts all via text message. With this platform, all patient financial services —from payment in full to pay-plans and financing — can be neatly offered in a text experience.
  • PaySUITE – Mnet’s state-of-the-art payment technology is custom-branded to your facility. PaySUITE has everything you need for your patients to pay – from online & mobile bill pay, self-help payment plans & financing options, and customer phone support with multi-lingual agents.

Mnet’s Patient Financial Advocates (covering 200+ languages and available nights and weekends) are uniquely trained to answer patients’ questions and educate them about their financial responsibility, including offering payment plans and financing options.

Conversations with patient financial advocates or patient concierges who can speak in their native language can go a long way to make visitors and patients more comfortable.

By partnering with Mnet, healthcare facilities can quickly provide an exceptional experience at par with the level of services offered by retail or hospitality.



About Mnet

We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare.

Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


Mnet Health Fortifies Executive Leadership Team with a New Chief Revenue Officer, James Ryan

Mnet appoints experienced sales leader, James Ryan, to CRO.

ALISO VIEJO, CALIFORNIA, September XX, 2021 — Mnet Health today announced that James Ryan has been appointed Chief Revenue Officer. Mr. Ryan is an experienced sales leader with proven

(Getting quote from Derek Smith to insert here).

Ryan’s addition to Mnet brings more than a decade of experience to the company as he leads high-performing sales teams on a path of success. He is passionate about identifying and executing strategies for growth and improvement for both his team and his clients.

“I’m super impressed by the level of service, support, and value that Mnet provides to the healthcare community.  The approach that we take to putting the patients first not only helps patients feel more comfortable with their healthcare experience in these uncertain times, but also helps infuse cash flow for healthcare providers when they need it most.  That combination makes Mnet primed for major growth.  I’m excited to help apply a consistent and sustainable sales methodology to an already great company with awesome people and market leading services to make sure our message is effectively getting out to the health care community which will drive accelerated growth for the organization,” says Ryan.

Previously, Ryan served as a Director of Hospital Sales for Waystar, where he aided in the integration of eSolutions products, process, and sales team into a single, unified Waystar sales strategy that included the development of new sales teams and addressable market segments. Prior to this, Ryan worked with eSolutions, Inc. as the Vice President of Sales for the final three years of his 12-year career with the company, where he helped lead unprecedented growth for the organization.  Prior to Waystar’s acquisition of eSolutions, Ryan focused on organic growth via thoughtful scale of the sales organization.  In addition to organic growth, Ryan led sales process & product integration efforts for five company acquisitions that eSolutions completed over the last four years of his tenure with the organization.


About Mnet Health

We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare. Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


Revenue Cycle Management

Why Healthcare Revenue Cycle Management Is More Crucial Now Than Ever

In the healthcare industry, revenue cycle management (RCM) is the foundation of financial health. Revenue cycle management can spell the difference between struggling to survive and flourishing financial success.

From small practices to large health systems, every healthcare organization needs to develop systems and processes in order to stay financially healthy—and that’s where revenue cycle management comes in.

As healthcare regulations, patient trends, and technology are changing at an increasingly rapid pace, it is more crucial than ever for providers to evaluate their need for more reliable and better revenue cycle management solutions.

Due to COVID-19, 75 percent of hospitals and health systems across the United States will permanently change revenue cycle management, according to a 2020 HFMA Pulse Survey.

The move toward value-based reimbursement, patient consumerism, and the pandemic aftermath has pushed providers to take a closer look at the way they approach revenue cycle management.

What is revenue cycle management (RCM)?

RCM
RCM

Revenue cycle management (RCM) is the financial process of handling billing, payment processing, and revenue collection within a corporation.

RCM involves managing, collecting, and optimizing the revenue generated by medical services provided to patients.

It also covers a wide aspect of a healthcare organization’s operations—from financial strategy and policies to appointment scheduling, eligibility verification, coding, billing, claim submission, denial management, etc.

In healthcare, an end-to-end revenue cycle management process cycle begins when the patient makes the appointment and ends with successful payment collection or the write-off the bill.

For other industries, such as retail, this process can be completed almost instantaneously. However, in healthcare, it is a much more complex process.

The Healthcare Financial Management Association (HFMA) defines the healthcare revenue cycle as “all administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue.” The revenue cycle process encompasses the entire life of a patient account.

Here are the major steps involved in revenue cycle management:

  • Pre-registration and Pre-authorization: Before a patient arrives for inpatient or outpatient procedures, providers obtain pre-registration information such as insurance coverage, financial and demographic information, and eligibility.
  • Registration: This step involves collecting subsequent patient information during registration and ensuring that patient information is 100% accurate. Providers also collect and ensure a referral or authorization is in place to treat the patient.
  • Charge Capture and Coding: This stage involves rendering medical services into billable charges and properly coding diagnoses and procedures which in turn determine reimbursement amounts.
  • Claim Submission: This step involves submitting claims of billable fees to insurance companies as well as verifying that claims are clean and going in the door correctly (claim scrubbing).
  • Remittance Processing and Denials Management: Once claims have gone out, providers will get remittances back. This step involves applying or rejecting payments through remittance processing. If this process and the reports are not being reviewed, providers could miss the chance for an appeal and the opportunity of correcting a mistake.
  • Third-party / Insurance Follow Up: In this stage, providers look at what has been paid and what has not been paid and then communicate with insurers regularly to collect reimbursements without errors or denials.
  • Patient collections: Once payer reimbursement is on its way, out-of-pocket cost is then posted for the patient to pay. This step should also include quality patient collections services from RCM service vendors.

Why is having a robust revenue cycle management (RCM) process important in healthcare?

Revenue Cycle Inefficiencies
Revenue Cycle Inefficiencies

Effectively managing revenue is essential for any kind of business to ensure that incoming cash is sufficient to pay for expenses.

Due to the complexities of billing and revenue collection in healthcare, revenue cycle management plays a critical role in ensuring a healthy bottom line.

In the United States, 15% of every healthcare dollar spent goes toward revenue cycle inefficiencies, according to a McKinsey research.

Inefficient processes across the revenue cycle can cost healthcare providers billions of dollars each year.

When revenue cycle performance lags across key areas, the average 350-bed hospital misses roughly $22 million in revenue capture opportunities, according to the Advisory Board.

Partnering With Mnet Health: The Premier RCM Company

Providers look to Mnet as their trusted RCM partner to transform their revenue cycle and provide the ultimate financial experience to their patients.

Working with over 900 surgical hospitals and ambulatory surgery centers across the US, Mnet Health is the premier Revenue Cycle Management (RCM) and technology company providing customized patient-pay solutions.

By working with Mnet, one surgical hospital increased their cash flow by $1.8 million and reduced their bad debt by $1.1 million in the first year alone with its First Party Billing Solutions.

Mnet helps providers tap into the consumer-driven mindset of today’s patients, empowering them to take charge of their financial situation using integrated payment technologies like PaySuite and Text-to-Pay.

Key to Mnet’s success with its clients are its Patient Financial Advocates who can communicate in over 200 languages—whether patients want to make a payment, set up a payment plan, or need help understanding their bill.

Mnet operates seamlessly with your facility to bring end-to-end revenue cycle management and help your facility earn millions by improving your revenue cycle and transforming the patient financial experience.

The value that the right RCM partner can bring to the table is immense.

Choosing the right partner for revenue cycle management can help your facility increase cash flow, maximize revenue, reduce expenses, and improve patient satisfaction.


About Mnet

We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare.

Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


Patient Reviews

How Patient Reviews Can Boost Your Practice’s Revenue

Patient reviews are becoming more important than ever with the rise of healthcare consumerism.

As patients shop online to find the right physician or provider that meets their expectations, they will be turning to online reviews in evaluating their decisions.

A 2020 SoftwareAdvice survey of over 1,000 patients in the US revealed that 71% use online testimonials as the first step in finding a new physician.

In essence, healthcare consumers are simply doing their homework online before choosing a doctor or provider.

They are looking to see what other patients think about a certain practice or doctor they are considering. When they see a practice with no reviews, it can raise some doubts on the quality of that practice.

Online patient testimonials often constitute the first impression you make on many potential patients.

That’s why your online presence and reputation has a very big impact on the success and growth of your practice.

How Reviews Influence Patient Decisions

Online Research
Online Research

In healthcare, patients write reviews to share their experience and help others make informed decisions.

According to a 2021 PatientPop survey, 75% of people have looked online to find out about a provider or medical care.

In the same survey, 74 percent of patients find online reviews as the most influential online resource in choosing a provider.

The top channels where patients post their testimonials are as follows (PatientPop survey):

  • Google (49.1%)
  • Practice’s website (35.1%)
  • Yelp (17.3%)
  • Facebook (17.0%)
  • WebMD (12.2%)
  • Healthgrades (10.2%)

Due to the higher stakes involved in choosing a trustworthy provider, consumers find reviews very important.

In fact, 79% of consumers trust online testimonies as much as personal recommendations from friends or family. This even goes up for 18-34-year-olds at 91%.

Patients who have a positive experience are more likely to return and recommend the practice to others through word-of-mouth or online reviews.

Patient reviews matter so much that, in the 2020 SoftwareAdvice survey, 43% said they would be willing to go out of their insurance network for a provider with better testimonies.

According to a study by NRC Health, about six out of ten (59.9%) patients selected a doctor based on positive reviews and nearly the same percentage (60.8%) of patients avoided doctors based on negative ones.

Strategies To Get More Patient Reviews

When it comes to patient reviews, it’s important to focus on both quality and quantity.

Here are some strategies and tools for healthcare providers to generate more reviews which could lead more patients to their practice.

1. Improve the patient experience

Positive Reviews
Positive Reviews

The patient experience always comes as number one. Patients often leave a review when they receive superior care and outstanding experience. On the other hand, patients also leave ones when they are angered or frustrated.

By creating a better patient experience from quality of care to financial experience, you create something that patients can actually promote online. Patients are also looking beyond medical skill or quality such as customer service, office environment, and convenience.

2. Encourage patients to write reviews

Online Review
Online Review

According to BrightLocal, 7 out of 10 people will provide an online review if they are asked.

Telling patients that their testimonials are important to your practice will go a long way. You can also run email campaigns or SMS campaigns to ask for patient reviews as these are some of the most effective tools today.

3. Improve your digital presence

Be accessible on multiple review sites or sources like Google, Yelp, Facebook, Healthgrades, or Vitals. Patients won’t be able to review you if they can’t find you.

Make the process as simple as possible for your patients—which means meeting them where they are.

Patient reviews are absolutely vital for any healthcare organization. The more positive reviews your practice has, the more patients your practice will attract and retain.

Patients want their voice heard. They want their testimonies to count for something and they want other patients and their provider to know that.


About Mnet

We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare.

Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


Justin Zaitz CFO

Mnet Health Strengthens Executive Leadership Team with a New Chief Financial Officer, Justin Zaitz

Mnet appoints tenured finance executive, Justin Zaitz, to CFO.

ALISO VIEJO, CALIFORNIA, AUGUST 9, 2021 — Mnet Health today announced that Justin Zaitz has been appointed Chief Financial Officer. Mr. Zaitz is a tenured finance executive that comes with extensive medical device and health care SaaS experience.

“Finding the right finance leader to add as CFO has been a top priority, and I am thrilled that Justin is joining the Mnet Health team. The role of CFO at Mnet Health is critical to scaling and supporting our high-growth business. Justin’s broad experience is the perfect match to support our continued growth,” said Derek Smith CEO of Mnet Health.

As Mnet Health continues to grow, Zaitz’s move to the company will mature processes and financial controls, while leveraging analytic based insights to drive business performance. Zaitz is a proven leader who has established strong relationships and built high-performing teams in his career.

“I am excited to join Mnet and invigorated by the possibilities the future holds for this rapidly growing company. Mnet’s concierge-based approach to helping patients pay resonates with me, as it not only increases healthcare provider cashflow, but also contributes to a positive patient experience. As I join the Mnet team, I am eager to evolve operational and financial aspects, while building upon the solid foundation and historical momentum,” said Mr. Zaitz.

Prior to this appointment, Zaitz has had a successful 16-year career in finance and accounting. Most recently, Zaitz served as the Director of Financial Planning and Analysis, Global Operations with Medtronic, which is amongst the largest medical device companies in the world. In this role he oversaw reporting, forecasting, and consolidations more than 30 global manufacturing sites. While at Medtronic, he also served on the Finance Separation Management Office for the Patient Recovery divestiture to Cardinal Health, managed global teams supporting research and development, and facilitated active portfolio management. Previously, Zaitz operated with Global Healthcare Exchange, the leading provider of healthcare supply chain solutions, where he started his career as a Financial Analyst progressing through several sales and revenue-focused roles to a management level.

To read the original press release on PRweb, click here.


About Mnet Health

We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare. Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


Patient Payment Options

Do You Know Why Patient Payment Options Are Vital In 2021?

Flexible and personalized patient payment options are needed more than ever as patient financial responsibility continues to grow.

Medical care is expensive. In fact, 99% of bills that exceeded $3,000 were not paid in full according to a TransUnion analysis in 2017.

Approximately 21 million Americans have high deductible health plans where they must pay 100% of out-of-pocket expenses until they satisfy the deductible – which could be in the thousands of dollars.

At the same time, 69% of Americans have less than $1,000 in savings according to a survey by GOBankingRates.

The economic uncertainty is causing patients to conserve their cash flow.

Patients “shop” for more affordable healthcare services and demand better patient experiences—a trend we all know as healthcare consumerism.

The pandemic has created a pinch to both patients and providers—patients are struggling to pay for needed healthcare services while providers are experiencing a downturn in their revenue.

The key to solving this issue is through flexible patient payment options and payment plans such as what Mnet’s PaySUITE offers.

During this time of financial hardship, providers are seeing a big boost in the use of payment plans.

From e-statements to text billing, technology has also made paying for goods or services incredibly convenient thereby increasing consumer demand for a variety of payment options.

Patients want payment plans and personalized payment options

Patient Payment Options
Patient Payment Options

Patients need help in managing their financial responsibility in a way that doesn’t create financial stress.

Personalized and flexible payment plans allow providers to get more patients to have access to healthcare services they need the most during this time.

Simply sending a paper statement or an email of a patient’s balance just doesn’t cut it anymore in today’s healthcare landscape.

To meet patients where they really are, providers need to give multiple payment options, channels, and payment methods like online payments and text-to-pay.

Healthcare providers also need to look at patients’ financial situations and create personalized payment plans that make sense in terms of the amount and the period that works for them.

They also need to determine whether patients qualify for financial assistance or charity care.

Benefits of flexible payment options

As the world emerges from the pandemic, flexible patient payment options will become a key competitive advantage for providers.

A 2019 survey found that out of the patients who use payment plans, 76% reported they would complete all payments on time.

Other benefits include:

  • Increased patient satisfaction

Creating personalized payment plans means providers work proactively with patients to help determine their ability to pay and help them manage their medical expenses. This helps improve the patient’s financial experience and overall satisfaction levels.

At the same time, patients can be saved from the embarrassment of being unable to pay and from having their credit scores impacted.

  • Increased cash flow and revenue

Flexible payment plans allow providers to get paid faster and avoid having to chase patients with unpaid balances. It also allows providers to open their doors to more people who need medical care.

Therefore it’s important for providers to work with partners that offer 100% acceptance like Mnet’s PaySUITE to allow for 100% inclusion, never needing to turn any patient away due to credit history.

  • Increased patient loyalty

Patients deeply value flexible, interest-free financing plans and payment options.

Patient financing programs drive patient loyalty. This has been the experience of Texas-based Baylor Scott & White.

According to Sarah Knodel, SVP of revenue cycle for Baylor Scott & White, 91% of their patients are saying they return because of the healthcare system’s patient financing programs and 87% would refer them to family and friends.

PaySUITE: Complete Patient-Provider Solution for Customizable Patient Payment Options

With Mnet as their partner, providers can focus on delivering an exceptional experience through flexible patient payment options.

Mnet’s PaySUITE provides an end-to-end payment solution in helping patients pay from patient portals to customizable finance offerings.

A custom-branded web and mobile platform, PaySUITE is designed to offer 100% acceptance through custom payment plans, financing, and charity care where applicable.

Providers gets custom branded:

  • Website(s)
  • Compliant Text-to-Pay solution
  • Customizable finance offerings

Patients get:

  • Online & mobile bill pay
  • Self-help payment plans & financing options
  • Customer phone support with multi-lingual agents

With PaySUITE, providers get a full suite of tools which allows them to have a payment solution for every patient.


About Mnet

We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare.

Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


Out-of-pocket Expenses Mnet

How Are Out-of-Pocket Expenses Affecting Patients in 2021?

Increasing out-of-pocket expenses or patient financial responsibility is one of the biggest trends happening in healthcare today.

Struggling to keep up with their financial responsibility, patients are becoming more cost-conscious as insurers pass the risk to them with high-deductible health plans.

According to a recent nationwide survey by Healthcare Insider, 56 percent of US adults are worried their out-of-pocket healthcare costs would lead their household into bankruptcy when they get ill.

The survey also revealed that the top reason patients skip healthcare is because out-of-pocket expenses are too high, and they could not afford it (32 percent).

Healthcare affordability and out-of-pocket patient costs have been in the spotlight during this pandemic when everyone may need access to healthcare.

Many patients acknowledge the need to be able to access healthcare at least when they are feeling Covid symptoms.

However, health insurance out-of-pocket maximums have been increasing each year.

Health insurance plans set their own out-of-pocket maximums but have an upper limit on how high out-of-pocket costs can be which is imposed by federal regulations.

For the 2021 plan year, the maximum out-of-pocket or upper limit is $8,550 for an individual and $17,100 for a family.

In the recently published final Notice of Benefit and Payment Parameters for 2022, this upper limit increased to $8,700 for an individual and $17,400 for a family.

For perspective, this new out-of-pocket maximum in 2022 is 37 percent higher than it was in 2014.

What is an out-of-pocket expense / maximum related to healthcare?

Out-of-pocket Expenses Mnet
Out-of-pocket Expenses Mnet

A health insurance plan’s out-of-pocket maximum is the total amount you would have to pay in a plan year. These are medical expenses that aren’t reimbursed by your insurance.

Once you spend enough to reach your plan’s maximum in a given year, the insurer will then cover 100% of your medical bills.

Out-of-pocket costs include:

  • deductibles – the amount you need to pay before your insurance benefits kick in;
  • copays – small flat fees that you pay on the spot each time you go see a doctor, fill a prescription, visit a specialist, go to the emergency room, etc.;
  • coinsurance – the portion of the costs of a healthcare service that you pay after you’ve paid your deductible, but before you’ve met your out-of-pocket maximum.

The out-of-pocket limit doesn’t include:

  • out-of-network care/services
  • monthly premiums
  • cost of services your plan doesn’t cover
  • costs above the allowed amount for a service that a provider may charge

In essence, your insurer starts covering a portion of healthcare costs once you hit your deductible, and then covers all costs after you reach your out-of-pocket maximum.

If you receive care outside your plan’s network, the out-of-pocket maximum can be higher, or it can be unlimited.

Therefore, it’s so important to seek care in your plan network, because you’ll have lower out-of-pocket costs.

If you receive care out of your plan network, the costs will not count toward your in-network out-of-pocket maximum.

Patients need cost estimates and price transparency

Out-of-pocket Expenses Mnet
Out-of-pocket Expenses Mnet

With higher financial responsibility, healthcare consumers are demanding more transparency in relation to healthcare pricing.

Patients now turn to price transparency and comparison tools before a procedure or surgery to plan accordingly.

On January 1 this year, a new regulation took effect requiring hospitals to post payer-specific negotiated rates for 300 services. This move helped open the dialogue between patients and physicians about the cost of their care.

While this is helpful, patients still won’t know what they’re paying out of pocket due to in-network and out-of-network billing complications.

What patients really need to understand is what the impact to their portion would be from copays to their deductible.

Providing transparency into the true out-of-pocket costs helps patients navigate payment options before receiving care.

How can patients pay for out-of-pocket expenses?

Out-of-pocket Expenses Mnet
Out-of-pocket Expenses Mnet

Patients know they need to access healthcare, but they cannot always afford to do so.

Cost estimates open the opportunity to discuss resources and start the conversation early on if patients can’t afford the expenses.

A comprehensive solution to this dilemma is to provide a payment plan, which allows patients to spread payments out over a longer period and make medical care bills more affordable.

If patients can’t afford to pay the balance, they might need payment plans and financing options.

Healthcare facilities need to work with a partner that provides patient financing allowing patients the flexibility to customize payment options to fit their needs.

Providers need to look for a partner that allows for a 100% patient acceptance rate like Mnet’s PaySUITE. This would mean that all your patients can get access to financing options.

To help the patient further, payment extensions should also have zero percent interest and no credit checks. This offers your patients more time to pay their bill regardless of the remaining amount.

A payment solution that accepts a variety of payments, including mobile pay and text-to-pay, is also crucial because it improves the patient experience and allows people to pay using the tools they already love.

As patients navigate an economy crippled by the COVID-19 pandemic, they need all the flexibility and financial options they need to get access to needed healthcare.

This is where your facility can really make a difference in patients’ lives.


About Mnet

We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare.

Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


Mnet Patient Experience

4 Effective Patient Engagement Strategies To Improve Patient Experience

Effective patient engagement strategies are essential in improving the patient experience, especially in the era of healthcare consumerism.

This means implementing technologies and processes that work together to turn fragmented encounters into seamless patient experiences.

In a 2020 Digital Health Consumer Survey conducted by Accenture, 39 percent of consumers surveyed believe a good digital interaction has a major influence on the patient experience.

More than a quarter (26%) are even willing to switch to a new provider for high-quality digital services.

With the increasing trend of healthcare consumerism, patients are demanding better access to care and better experiences with their providers.

Healthcare providers that are effective in engaging their patients will far exceed their competitors in driving patient volume and satisfaction.

In this article, we’ll define exactly what patient experience is and break down patient engagement strategies your center can use to stay connected to your patients.

What is the patient experience and why does it matter?

Mnet What Is Patient Experience
Mnet What Is Patient Experience

As defined by the Beryl Institute, the patient experience is “the sum of all interactions, shaped by an organization’s culture, that influence patient perception across the continuum of care.”

Whether it’s a phone call, a hospital visit, a smooth wait time, or the quality of care and the billing experience—all these touchpoints and other small interactions make up the entire patient experience.

Providers need to consider how all these patient interactions work together to set the tone for a positive patient experience.

Patient experiences not only affect patient health, but also have a direct impact on an organization’s bottom line.

Here are some questions you can ask yourself as a provider:

  • How easy or hard is it for patients to get an appointment or to pay their bills?
  • Why do patients hesitate or delay paying their bills?
  • How are your patients being treated by your office staff?

Today, the patient experience is no longer just about the quality of care and healthcare outcomes.

According to a 2020 Waystar survey, more than half (52%) of respondents stated are often more concerned about medical billing than the quality of care they receive.

What are some effective patient engagement strategies?

Patient engagement is the willingness of patients to interact with a healthcare provider voluntarily.

It could be the willingness of a patient to receive education about becoming more healthy or to seek out financing options and payment plans.

For example, a patient ‘liking’ a practice’s Facebook post or checking out the patient portal are types of patient engagements which may have nothing to do with the patient’s health status.

With so many touchpoints, you might wonder what are some of the most effective patient engagement strategies?

    1. Cultivate the provider-patient relationship with human interaction

    Patient Experience Human Interaction
    Patient Experience Human Interaction

    Effective patient engagement depends much on the ability of your center to cultivate personal and long-lasting relationships with patients.

    Compassion and empathy are not something patients can get from an AI or an app.

    Having a patient concierge center to assist patients whether they have a concern with their billing or with the quality of care they received ensures that patients leave with a happy experience.

    Having a real person who can connect with patients and treat them with dignity and respect and who may even speak their language will go a long way in building patient loyalty.

      2. Leverage omnichannel patient communication

      Mnet Omnichannel
      Mnet Omnichannel

      Patient communication is the heart of patient engagement. This means providers should embrace new communication channels like online patient portals, email, text messaging platforms, and even social media in a constant effort to keep patients engaged and informed.

        3. Tap into the digital revolution

        Mnet Digital
        Mnet Digital

        In today’s high-tech, high-touch healthcare environment, patients want to be engaged when they want and how they want (email or text).

        Technologies which allow patients to set-up payment plans, make credit card payments, or even apply for financial assistance can help patients feel more in control of the process and educated about their options.

          4. Provide both health & financial education

          Mnet Education
          Mnet Education

          Healthcare providers need to reinforce their role to provide patient education both within and beyond their facility – from health matters to financial questions.

          Well-informed patients are more likely to adhere to treatment protocols. Educating patients about their financial obligations and the billing process also helps clear up potential confusion, making it easier for patients to pay their bills.

          Partner with Mnet to improve both your patient financial experience and patient engagement strategies.

          As healthcare consumerism is on the rise, providers would need to be better in engaging their patients as they expect more convenience in ways to pay and better financial experience.

          With Mnet, providers can get ahead in winning and retaining their patients through innovative solutions aligned with their patient engagement strategies.

          Text-to-Pay: Send patient invoices, reminders, collect payments, and provide receipts all via text message. Mnet’s Text-to-Pay platform is designed to deliver all patient financial services — everything from payment in full to pay-plans and financing all neatly offered in a text experience.

          Patient Financial Advocates (Patient Concierge): Get uniquely trained patient financial advocates (PFAs) who can speak the patients’ language (covering 200+ languages and available nights and weekends). PFAs will answer patients’ questions and “educate” them about their financial responsibility, including offering payment plans, financing options, and compliant charity care programs.

          PaySUITE: Get state-of-the-art payment technologies custom-branded to your facility. PaySUITE has everything you need for your patients to pay from online & mobile bill pay, self-help payment plans & financing options, and customer phone support with multi-lingual agents.

          With patients behaving more like consumers than ever before, providers need to demonstrate the value that their patients will receive by choosing them as their provider. Make your facility stand out by partnering with Mnet today!


          About Mnet

          We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare.

          Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

          Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


          Healthcare Consumerism

          How Healthcare Consumerism Will Affect Your Facility

          COVID’s Effect on Healthcare Consumerism

          With the rise in healthcare consumerism, the healthcare industry is undergoing an unprecedented level of transformation.

          COVID-19 has dramatically altered the trajectory of consumerism in healthcare.

          This transformation becomes clearer when you consider the data from a consumer survey done by Ketchum:

          • During the wake of the pandemic, 45 percent of consumers reported that they have already changed their healthcare brand preference
          • 62 percent expect to do so once the pandemic has ended

          This begs the question: how will your healthcare facility stay competitive and top-of-mind among healthcare consumers? How will you increase patient loyalty?

          In a recent 2021 Healthcare Consumer Trends Report by NRC Health which surveyed over 300,000 American households, 52% say that convenience is one of the most important drivers for choosing their providers.

          For sure, technology will play an increasingly important role in this evolution. But so will the frequency and quality of human interactions.

          Value-for-money, quality of service, and more importantly, an outstanding patient experience will be key defining factors to remain competitive.

          In this article, we will dive into what every healthcare provider should know about this healthcare consumerism trend.

          What is healthcare consumerism?

          Healthcare consumerism on phone
          Healthcare consumerism on phone

          Healthcare consumerism means patients are becoming more involved in their own healthcare decisions and well-being.

          In essence, it is the empowerment of the patient—the economic purchasing power and decision-making shifts into the hands of the consumer.

          This trend has been accelerated by the Affordable Care Act, which left many consumers with large deductibles.

          Patients “shop” for the right fit of quality and affordability. They are demanding fast, reliable, and affordable options.

          Patients are increasingly acting like consumers, trying to make the best decisions for quality and cost—just as they do with any other commodity.

          What does healthcare consumerism mean for providers?

          Healthcare consumerism entails a massive transformation in how healthcare providers deliver, market, and charge for healthcare services.

          Today, patients can access much more detailed information about important factors such as a hospital’s complication and readmission rates and even online reviews from other patients.

          Providers will need to focus on improving the patient experience, building their brands, and operating more like a retail business in a highly competitive market.

          Healthcare providers are now discovering what other sectors have long since known: Everything is about the patient experience.

          Therefore, the healthcare industry is increasingly looking to the retail industry for ideas on how to meet consumers on their terms.

          According to NTT Data, 59% of US consumers expect their healthcare digital customer experience to be similar to retail. They want healthcare experiences that are as frictionless as those offered by airlines or ecommerce industries.

          The retail industry heavily emphasizes the convenience factor and understands this concept very well that the retail clinic market is expected to surpass $8 billion by the end of 2028.

          The impact of healthcare consumerism and working to meet consumer demands

          Impact of Healthcare Consumerism Mnet
          Impact of Healthcare Consumerism Mnet

          One of the key impacts of healthcare consumerism is that patients are becoming increasingly cautious about how, when, and where they pay for healthcare services for themselves and their family.

          According to the Deloitte 2020 Survey of US Health Care Consumers, some of the implications of healthcare consumerism to providers include:

          • Deploying new tools and services: Healthcare consumers are now more willing to adopt new digital tools that can play an important role in the future of care and have the potential to increase consumer satisfaction.
          • Earning consumer trust through empathy & reliability: To earn the trust and loyalty of consumers, providers need to demonstrate transparency, reliability, and a sense of empathy in their operations.

          Patients are now more frequently asking about their out-of-pocket expenses before receiving treatment.

          Most patients have the ability and want to pay their medical bills, but they don’t always understand or “trust” the amounts they see on their bill.

          Consumers want convenience and choice in their healthcare interactions. They also want their healthcare providers to harness technology in interacting with them. They want experiences that put their needs at the center.

          Therefore, healthcare consumerism is also having major impacts on the contact centers that interact with patients on behalf of healthcare organizations and providers.

          Having engaged conversations with patients instills trust and providing patients with tools to manage their financial responsibility empowers them to act.

          Conclusion:

          Online appointment scheduling, patient contact centers, mobile payment technologies, and payment plans all lead to the path towards consumer-centricity.

          Working with patients based on their actual needs will help create a positive financial relationship with them, thereby increasing patient loyalty and boosting collections performance.

          This is why Mnet’s Patient Billing Solutions can help your center thrive in the era of healthcare consumerism.


          About Mnet

          We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare.

          Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

          Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


          Derek Smith, Mnet Health CEO

          Mnet Health Announces Derek Smith as New Chief Executive Officer

          Mnet Health announced today that Derek Smith has joined the company as new Chief Executive Officer.

          ALISO VIEJO, CA, May 18, 2021  Mnet Health, the premier revenue cycle management & technology provider to the surgical industry, announced today that Derek Smith has joined the company as chief executive officer. Smith succeeds company founder David Hamilton, who has served as CEO since the company’s inception and will remain involved with the company in an advisory and board position.

          Smith’s move to Mnet Health builds upon decades of experience in healthcare technology. Most recently, he served as Chief Revenue Officer at eSolutions, a leading healthcare revenue cycle management (RCM) company, where he oversaw rapid expansion and growth. Previously, Smith served as Chief Commercial Officer of Global Healthcare Exchange, the leading provider of healthcare supply chain solutions, where he oversaw strategy, product, and rapid market expansion, penetrating 85% of the U.S. hospital and supplier market. Additional leadership and consulting roles across sales, strategy, finance, and product development round out Smith’s extensive experience.

          Derek Smith, Mnet Health CEO

          “I am excited to join the Mnet Health team and to be a part of the company’s exciting growth strategy,” Smith said. “I look forward to building upon Mnet’s record of success with continued investment in our solutions, customers, and team.”

          Lauren Illescas, Chief Operating Officer, said, “This is an exciting time at Mnet Health, we are continuing to hit new company records for revenue.  Derek’s successful track-record is centered on the customer and their satisfaction. Even more, his experience investing in solutions to increase provider cash flow will help accelerate Mnet Health’s growth while remaining committed to our mission.”

          David Hamilton, Mnet Health’s founder and CEO, will remain involved with the company in an advisory and board position.  Hamilton led the company from its founding in 2005, creating a market-leading company that today handles more than $1.0 billion in managed balances for over 900 facilities and millions of patients.

          “I’m proud of the positive impact Mnet Health has made on addressing the critical issue of healthcare provider reimbursement,” Hamilton said. “Building Mnet Health into a world-class healthcare technology organization has been an amazing experience. I’m excited that a proven leader like Derek has joined Mnet Health to drive further growth and success for our customers and employees and look forward to partnering with him.”

          Smith joins Mnet Health during a period of rapid and exciting growth. The company is actively hiring additional team members and expanding its headquarters in Orange County as it continues to break records for patients and facilities served. For more information on Mnet Health and its technology, payment solutions and patient concierge service, visit mnethealth.com.

          To read the original press release on PRweb, click here.


          About Mnet

          We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare. Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

          Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


          Text-to-Pay Patient Solution

          Text-to-Pay Is The Patient Solution Your Facility Needs

          With the advent of e-mails, app-based messaging apps, and social networks, it is easy to forget that SMS is still the most popular and dominant form of communication. In 2020 alone, there were 2.1 trillion SMS messages exchanged in the United States, according to a recent survey by the Cellular Telecommunications Industry Association (CTIA).

          Consumers love SMS because of its overall reliability and cost-effectiveness. It has very high open rates and overall usage rates making it a potent tool as an efficient patient billing solution.

          The average response time for a text message is 60X faster than email. While emails get lost in junk folders and phone calls go straight to VM, 95% of texts are read within 3 minutes of being sent.

          Text billing can lead to quicker payment and improved collection efficiencies when done right. It is important that your facility understands the rules and regulations around using text as a collection tool.

          If you have questions or concerns about text billing, the best strategy is to partner with a licensed Patient Financial Services company like Mnet Health that offers a complete text billing solution and patient call center all-in-one.

          Benefits of Partnering with Mnet To Help Patients Pay

          1. Get Paid Faster and Boost Self-Pay Collections by Up To 121%

          Text-to-Pay Get Paid Quicker

          Text messages create a sense of urgency. Creating urgency helps get you paid faster. After 6 months, a debt is only 50% recoverable. After 12 months, this drops to 10%.

          This is why Mnet offers a complete & compliant text billing solution. With Text-to-Pay, you are guaranteed to increase your revenues by getting paid in the fastest way.

          For example at Baylor Scott & White (Las Colinas) — within 60 days of offering Mnet’s Text-to-Pay, 63% of patients enrolled in text billing paid in full. By utilizing Mnet’s 1st Party Billing Services, the surgical hospital reduced bad debt expense by $1.1M and improved average monthly self-pay collections by 121%.

          2. Get Concierge-Level Experience for Every Patient and Lesser Complaints

          Text-to-Pay Concierge Experience

          In healthcare, just sending patients text bills without helpful agents causes more complaints than payments!

          Therefore, Mnet complements Text Billing with helpful agents or Patient Financial Advocates (PFAs) — from getting consent (ensuring that the consent process is complete) up to answering questions about the bill.

          Having patient financial advocates who can speak the patients’ language can make a huge difference in the patient payment experience. Partnering with Mnet means you get uniquely trained patient financial advocates (PFAs) covering 200+ languages to help patients if needed.

          These are agents who can answer patients in their native tongue about insurance coverage questions, offer financing solutions, and have a firm understanding of TCPA, FDCPA, and other relevant collection laws.

          3. Get Best-in-Class Patient Financial Experience

          Text-to-Pay Best in Class

          Mnet’s Text-to-Pay solution makes it easy to pay a bill on the go. It also makes it very easy to view payment plans and financing options. With Text-to-Pay, it is also easier for patients to call their provider by tapping the phone number listed in the SMS message.

          In one survey, almost 80% of consumers said that they wished that businesses would text them more. Text-to-Pay is a more immediate billing strategy that can improve your bottom line quickly by reaching patients where they already spend most of their time.

          With Mnet Health’s Text-to-Pay solution, you are certain that you are going to have the best-in-class billing solution around.

          By partnering with Mnet, your facility stands out by having:

          • Complete & compliant text billing solution (Text-to-Pay)
          • Service Center available on nights & weekends
          • Multilingual Patient Financial Advocates (200+ languages are covered)
          • Increased payment options by implementing PaySuite
          • Payment Automation with patient accounting software and merchant services integration

          Interested in learning more about how Text-to-Pay will improve your bottom line?

          Request A Consult

          About Mnet Health

          We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare. Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

          Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


          Mnet ASC Revenue

          3 Digital Tools to Maximize Your ASC Revenue

          Surgery centers are gradually rebounding from the revenue impacts of 2020. However, with the massive surgery backlogs, ‘normal’ is not quite there yet thus continuing to affect ASC revenue.

          The challenge is for ASCs to remain profitable while facilitating a safe surgical environment for both patients and staff. In addition to patient care, revenue cycle management and receiving timely patient payments is a top concern for ASCs.

          The traditional payment model for healthcare providers across specialties is broken. For example, patients leave appointments or procedures without establishing expectations with the provider of how or when they will pay the balance. Providers are left chasing after those payments sending follow up statements and the revenue cycle stalls at accounts receivables.

          The pandemic required surgery centers to rethink their strategies, implement new processes, and improve their patient experience.

          During the pandemic, consumers have found several new behaviors which will continue to stick long after the pandemic is over.

          According to a McKinsey survey, consumers intend to continue with many digital behaviors even after COVID-19 subsides, including online purchasing (35 percent increase in online spend penetration) and use of digital health-and-wellness tools (70 to 80 percent intend to continue post-COVID-19).

          While the surgery sector is a pioneer of cutting-edge clinical technology, its payment and revenue cycle systems are often lagging, which directly influences overall ASC revenue.

          Digital technologies exist to solve the problem of chasing patient payments and outstanding accounts receivables by making it easier for patients to pay, extending payment options, and automating the payment workflow.

          Here are 3 must-have tools for offices to maximize their ASC revenue:

          1. Digital Payment Options & Contactless Payment Technologies Like Text-to-Pay 

          3 Digital Tools to Maximize ASC Revenue - Text-to-Pay

          Patients want a retail-like payment experience, and the pandemic has only accelerated the preference for convenient contactless methods.

          The reality is that many ASC back offices are still years behind offering the latest payment options. The traditional methods of mailing bills or checks and reading credit card numbers over the phone are inefficient.

          At the same time, ASCs are less likely to receive timely payments and their staff is going to spend a significant portion of their time chasing them.

          Opening up more convenient payment methods has a big impact on surgical facilities. With digital payment options like online and mobile bill pay, patients can manage their own finances and it makes it as easy as possible for them.

          For example, with Text-to-Pay technology, ASCs can text patients their balance and allow them to make payments and view payment options, payment plans, and financing options.

          When patients receive payment options quickly, not only do they save time, but their frustration is reduced, resulting in a patient experience that is more satisfying. Giving patients convenient payment tools that they prefer and expect greatly increases the chances of receiving a timely payment.

          2. Payment Plan Technology to Stabilize Cashflow

          Payment plan technology gives surgery centers a practical solution for working with patient payments especially those who are unable to or prefer not to pay their balance in full.

          A 2021 Healthcare Payment Experience Report by PYMNTS revealed the following:

          • 2 out of 3 patients (63 percent) said they want access to payment plans
          • 54 percent of patients want to manage their payments digitally
          • 33 percent of patients said establishing payment plans would entice them to switch medical providers

          Payment plans allow patients to afford care by making payment manageable. It also incentivizes patients to start treatment or procedures that they might otherwise be hesitant to begin with due to costs.

          When patients can create individualized payment plans, their satisfaction and loyalty increases.

          As you adapt to each patient’s specific needs, your ASC receives consistent incoming payments instead of waiting on a large payment that might not come. For any healthcare facility, cash flow is important for growth and in bouncing back from the pandemic revenue struggle.

          3. Automation Technology for the Payment Workflow

          Automation is becoming the new standard in revenue cycle management.

          With more self-pay patient payments coming in, it is crucial to invest in technologies that will interface with your patient accounting software and merchant services and automatically post payments to the patient account or ledger.

          Leveraging automation technology significantly reduces administrative burden and errors in manual payment posting. It also frees up time for staff to focus on more revenue-generating activities.

          Having an automatic way to sync payments between systems and third-party vendors removes the possibility of error and reduces delayed payments over bill confusion. This ultimately results in higher patient satisfaction because of up-to-date information.

          Here are four essential areas that needs vendor automation especially for self-pay accounts:

          • Daily accounts submission
          • Daily payment and adjustment account reconciliation
          • Vendor collections automatically directed to existing merchant services
          • Automatic invoices that are gross remit and automatically paid

          By implementing these digital tools, you can maximize your revenue and improve your patient collections.


          About Mnet Health

          We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare. Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

          Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


          Text-to-Pay

          How Mnet's Solution, Text-to-Pay, Will Save You Money and Get You Paid Quicker

          With many healthcare facilities, we see that those best positioned for growth are focused on programs and investments that both provide more value to their patients and advance their healthcare mission.

          These providers look for solutions that help them deliver the right care in the best way, improve the effectiveness and performance of their operations, and provide the best patient experience.

          What patients really want is a more helpful, transparent experience — one that is quick, easy, and simple.

          Our case studies demonstrate this and show how we have increased patient collections using simple yet powerful technology.

          For example, Baylor Surgical Hospital at Las Colinas reduced bad debt expense by $1.1M and improved average monthly self-pay collections by 121% (i.e., from $70k to over $155k monthly) after implementing Mnet’s Text-to-Pay Solutions.

          In addition, in the first 60 days of offering Text-to-Pay, 63% of patients who agreed to manage their bill by text, paid in full, while 27% of patients used Text-to-Pay to set up a payment plan.

          Some facilities may think that, in order to be better, they have to add and change a bunch of things like getting the latest and most-expensive technologies with all the bells and whistles.

          But in reality, the solution may be much simpler than assumed.

          Text Became the Preferred Communication Channel During the Pandemic

          Pre-COVID, text messaging was steadily gaining traction as an effective communication channel for engaging patients.

          But since COVID-19 hit, texting capabilities have quickly shifted from being “nice-to-have” to “must-have.”

          According to a McKinsey survey, following the COVID-19 outbreak, 30% of Americans report that they are more likely to spend time texting, chatting, and messaging.

          A study by one technology firm also found that between March to June 2020, there was a 450% surge in consumers texting Main Street businesses and a 393% increase in contactless, text-to-order (text-to-pay) revenue.

          text-to-pay-infograph

          The spread of COVID-19 in the US created an immediate need for rapid communication between healthcare providers and large groups of patients. Texting fills that need as text messages are quickly and easily sent.

          Some providers have employed special sanitation technologies and some even disinfection robots which are commendable efforts.

          Interestingly, many providers have also realized the power of low-cost text messaging and the way it can be used to limit person-to-person interaction, prevent queuing, notify patients of new protocols, launch patient engagement campaigns, and can even be used for contactless payments.

          In a time of crisis, consumers want to simplify their communication channels and use what they know best, which is texting.

          Text-to-Pay: Quick. Easy. Simple.

          Providing patients with more options, specifically more ways to pay, adds to the patient experience in a better way and adds to the value they are receiving.

          Text-to-Pay is simple, it’s speedy, and it’s what patients actually prefer. Mobile payments increase the speed to payment and the convenience factor that so many patients today expect.

          In fact, a 2017 report found that 80% of patients prefer to pay their provider from their mobile phones.  Patients love Text-to-Pay because it is a contactless payment solution for managing their medical bills. It’s easy to use and yields fast results.

          It has a 98% open rate and it’s a great way to connect to patients on a channel they’re likely to prefer. Response rates for texts are almost 40% higher than response rates for emails.

          When patients receive payment options quickly, not only do they save time, but their frustration is reduced, resulting in a patient experience that is more satisfying.

          Therefore, the best healthcare providers offer conveniences like online appointment scheduling, mobile bill payment, live chat, and other personalized and customized touch points along the patient journey.

          Happier patients mean increased referrals, more word of mouth, patient loyalty, and respect in the community.  Learn more about Mnet’s Text-to-Pay solution and increase your top-of-line revenue: https://mnethealth.com/text-to-pay/


          About Mnet Health

          We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare. Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

          Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


          Benefits of Mnet's 1st Party Patient Billing Solutions

          As patient payments continue to take up a larger share of provider revenue, healthcare executives need to deploy new strategies and build better financial experiences to increase patient collections and improve patient billing solutions.

          The pandemic has magnified many of the challenges patients face when it comes to paying for their healthcare.

          An unprecedented number of patients are now facing new financial pressures.

          Many are struggling with job loss or disruption, leaving millions of Americans without health insurance due to unemployment. Even those employed are thinking about job security and how they would cover the costs of themselves or a loved one getting sick.

          Patients are now approaching their health and finances with new levels of urgency and concern.

          With an increasing number of patients engaging in self-pay because of high deductible health plans and the pandemic aftermath, many healthcare providers are struggling to collect from patients.

          Self-pay accounts have their own associated risks. The cost to collect could reach up to three times higher than on commercial insurance accounts.

          The longer a self-pay balance goes unpaid, the harder it is to collect it.

          At the same time, the pandemic created a huge backlog of unresolved claim denials and ballooning 30, 60, 90, and 120-day accounts receivable buckets.

          Handling this backlog in addition to current caseloads can become very challenging for healthcare providers resulting in problems collecting accounts.

          By utilizing Mnet’s first-party patient billing services, many healthcare facilities have realized better account collections, better cash flow, and better debt management.

          At Mnet, we believe every patient deserves a helpful, transparent, easy to navigate financial experience in healthcare. This is why working with Mnet, healthcare providers were able to increase collections while improving the patient experience.

          Here are the benefits of Mnet’s first-party patient billing solutions:

          1) Dramatically Increase Collections and Cash Flow While Reducing Bad Debt

          The goal of our first-party billing services (early-out) is to increase cash flow and resolve accounts receivable before they are written off to bad debt.

          From insurance balances to self-pay, our first-party patient billing services are designed to be a true extension of your billing office, providing the highest customer service and improving the patient experience.

          For example, utilizing Mnet’s 1st Party Patient Billing Solutions, one surgical hospital reduced their bad debt by $1.1 million and increased patient collections to $1.86 million in the first year alone (a 121% increase!).

          Patient Billing Solutions

          2) Improve the Patient Financial Experience

          Patients today are looking for straightforward and supportive conversations about their healthcare costs and payments. They want prompt resolution of their inquiries.

          They are also particularly receptive to exploring options and payment plans that could help them find a path forward with the care they need.

          Mnet helps providers tap into the consumer-driven mindset of today’s patients, empowering them to take charge of their financial situation.

          For a seamless extension of a facility’s business office, Mnet’s 1st party patient billing provides the following:

          • Integration with the patient accounting system and merchant services provider
          • Dedicated patient billing service center available nights & weekends catering to over 200 languages
          • Daily inbound and outbound patient communications
          • Payment Monitoring
          • Custom online patient portals and mobile Text-to-Pay solutions

          These solutions help patients speak with live agents, set-up approved payment plans, or select from additional financial services to settle their balance.

          Implementing these solutions will reflect your facility’s high regard for every patient’s concern, ensuring that professional help is promptly available regardless of the nature of their query.

          3) Reduce Patient Complaints

          Mnet offers providers Patient Financial Advocates as part of our patient billing solutions. Often a slight nudge or a simple explanation is all that is necessary to resolve past-due accounts.

          With Mnet’s patient financial advocates, your employees won’t have to make those difficult calls with patients.

          Having accurate account information also better serves patients and reduces delayed payments over bill confusion. Patient financial advocates “educate” patients on what they owe for treatment and why they owe this amount whether in advance of receiving care (providing an estimate) or even aftercare.

          Mnet has learned that patients will be much more likely to pay if patient financial advocates reach out and explain their bill and answer patients’ questions about their financial responsibility.

          Before we offer financing or payment plans or anything else — we offer to explain their balance!

          This has been key to Mnet’s huge success in helping patients pay their medical bills.

          4) Employees Can Focus More on Other Tasks

          Time and resources that were formerly tied up with billing and collecting payments can now be spent on patient care, patient scheduling, or ramping up case volumes.

          It will also allow your employees to focus on payer accounts. This division of responsibility equates to faster recovery on both types of accounts receivable (AR)—payer accounts and self-pay accounts.

          Mnet’s focus is to increase recovery across patient billing which will significantly reduce bad debt—less to write off each month.

          The process of billing and collections can be time consuming and frustrating for healthcare providers – especially when they should be focusing that time and energy on providing quality care and outstanding patient experience.


          About Mnet Health

          We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare. Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

          Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


          Telehealth Reimbursement Laws

          Telehealth Reimbursement Laws and Trends in the Surgical Space

          Continued telehealth reimbursement is at the top of mind for surgery centers and healthcare providers recently.

          Thanks to new reimbursement policies and payment parity, providers have been able to implement telehealth and other digital health services during this public health emergency.

          Telehealth Before COVID

          Telehealth Before Covid
          Telehealth Before Covid

          Telehealth technology or telemedicine has been around for more than 50 years. However, it was largely underutilized.

          According to a McKinsey report, consumer adoption of telehealth in the US was only 11% in 2019.

          Reimbursement uncertainty was considered one of the biggest barriers to widespread telehealth adoption according to 77% of physician respondents in a 2019 survey.

          Medicare had strict rules when it came to reimbursement for telehealth. Patients had to live in a designated rural area and travel to a special facility for their telehealth appointments.

          This created financial and mobility difficulties especially for surgical patients as many were forced to travel not only for their actual surgery but also for their preoperative and postoperative recovery visits.

          Telehealth During and After COVID

          Telehealth After Covid
          Telehealth After Covid

          Everything changed due to the pandemic. Covid-19 accelerated telehealth adoption.

          Consumer adoption in the US skyrocketed to 46 percent in 2020 to replace cancelled healthcare visits. Providers are now seeing 50 to 175 times more patients via telehealth since the pandemic started.

          The CARES Act expanded telehealth coverage for Medicare, which became a turning point for virtual care. Providers could now collect Medicare reimbursement for telehealth visits provided in the home.

          Nearly 1.7 million beneficiaries had received telehealth services in the last week of April 2020 compared with just approximately 13,000 in an average week pre-pandemic.

          As patients demand the convenience and safety of virtual visits, this trend will likely continue.

          Frost & Sullivan predicts the telehealth market will see a sevenfold growth rate by 2025.

          How Surgery Centers Are Using Telehealth

          Telehealth Surgery Centers
          Telehealth Surgery Centers

          At the beginning of the pandemic, telemedicine was the only thing that brought income to some surgical practices. But now, it is used as a practice-builder.

          By utilizing telemedicine before surgery, surgeons can evaluate patients and gather their history. After surgery, surgeons also use telehealth to provide postoperative care.

          Telemedicine can prepare patients by answering questions, such as how to set up their house for after surgery and ensuring that they are physically and mentally prepared.

          In ASCs, a lot of time is spent going over pre- and post-op instructions which can be done via telehealth.

          Many ASCs have found that in telehealth visits, patients are better able to make more informed decisions because they’re not rushed or struggling to understand someone who’s wearing a mask.

          For example, one eye surgeon would typically see between 30 to 40 patients in clinic for post-op evaluations the day after surgery. With telemedicine, most of those patients can all be seen in just about 30 minutes.

          Telehealth Reimbursement Laws

          The Centers for Medicare and Medicaid Services (CMS) released its 2021 Final Rule (Physician Fee Schedule) with bold telehealth policy changes designed to expand the use of telehealth technologies among Medicare beneficiaries.

          Many of the expanded telehealth services it is covering due to COVID-19 will now be permanently covered after the pandemic. CMS is adding more than 60 services to the Medicare telehealth list that will continue to be covered beyond the end of the public health emergency.

          It will also continue to gather more data and evaluate whether more services should be added in the future. For a list of covered telehealth services during this public health emergency, please refer to this resource: https://www.facs.org/-/media/files/covid19/current_phe_telehealth_codes.ashx

          Some of the most impactful telehealth policy changes in 2021 include:

          • Direct Supervision via Telehealth: Until December 31, 2021, or the end of the public health emergency (whichever is later), “direct supervision” under 42 C.F.R. § 410.21 can now be provided using real-time, interactive audio-video technology.
          • Extended Audio-Only Assessment: CMS created HCPCS code G2252 for extended services delivered via synchronous communications technology, including audio-only (e.g., virtual check-ins). G2252 is cross walked to CPT code 99442 for reimbursement purposes, making its reimbursement higher than the current more limited duration virtual check-in code.

          As the federal government led the charge in implementing Medicare flexibilities for telehealth, several states have also followed course enacting their own laws.

          Several states passed recent laws that would require commercial insurance plans to cover more telehealth services on a permanent basis.

          According to a recent report from law firm Foley and Lardner, the number of states with laws addressing reimbursement of telehealth services increased from 16 states in 2019 to 22 states in 2020, with 14 of those states now requiring insurers to pay the same amount for telehealth visits as in-person visits.

          The passing of these laws serves to more permanently bolster coverage and ensure patient access to telehealth services during the pandemic and in the long-term.


          About Mnet Health

          We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare. Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

          Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


          Write off Accounts

          Why Healthcare Facilities Need to Write Off Accounts to Collections Even During Covid

          The pandemic brought a financial onslaught to every healthcare organization. Many providers have been hit hard financially, with their revenue cycle landscape significantly changed.

          Given the job losses during the pandemic, an estimated 3.5 million people will become uninsured according to the Urban Land Institute.

          A 2020 Kaufman Hall survey of hospital executives revealed that nearly half of respondents have seen bad debt, uncompensated care, and self-pay patients increase since the start of the pandemic.

          Providers are already experiencing increased difficulties in collecting payments from newly uninsured and other patients.

          Many providers are now implementing changes in their patient collections and bad debt, making the process not only more efficient but also more patient-focused and compassionate.

          Effects of Covid-19 on Patient Collections at Healthcare Facilities

          According to a recent survey by the Healthcare Financial Management Association (HFMA), 88% of healthcare providers indicate that COVID-19 has impacted their approach to patient collections in some way. For example:

          • 70% of healthcare providers have increased patient payment options
          • 74% have adjusted bad debt placement timing
          • 61% have delayed credit reporting

          Providers are also allowing patients to extend payment terms and delay payments. They are also increasing resources dedicated to financial assistance like patient financial advocates to initiate more patient contact and outreach.

          They are also increasing charity care write-offs, expediting presumptive charity care programs and moving more bad debt into charity care.

          We have also found that some providers feel reluctant or don’t want to write off accounts to collections because of the pandemic.

          Why is it still a good idea to write off accounts even during Covid-19?

          With economic uncertainty, patients are facing challenging financial times. Compassionate customer service and patient-friendly solutions are essential, especially as many patients struggle with the anxiety of the unknown.

          However, healthcare facilities must remain focused on key revenue cycle functions, such as patient collections, so they can bring in funds and remain financially viable.

          1. Patients have positive sentiments toward healthcare providers.

          During the pandemic, patients have shown a positive sentiment toward healthcare providers. Patients are showing their gratitude for hard-working medical professionals and frontline workers by paying their financial responsibility.

          Consumers may have more than one debtor to whom they owe money. This is not a time to go dark with your patients.

          Let them know exactly what the situation is so they can plan accordingly.

          Patients have demonstrated a willingness to pay their outstanding balances despite other financial obligations they may have. This shows the value they place on healthcare services.

          Mnet’s experience has been that we have received more thanks and appreciation for the medical staff who attended them in our calls with patients.

          2. Consider the long-term financial health of your facility.

          Healthcare facilities need to be financially strong in order to serve their patients and their employees.

          Collections are often the last thing anyone wants to do.  However, getting paid is how your facility keeps cash flow coming in and operational.

          Suspending billing for 30 or 60 days, forgiving a monthly payment, or putting on hold the placement of accounts to collections are commendable short-term strategies for patient collections.

          These efforts show compassion and understanding to patients’ current situations, but they are not viable in the long term.

          Facilities need the cash flow to reinvest in their healthcare systems and communities so that patients can get, and pay for, the care they need.

          The longer the account stays in your A/R, the harder and more expensive it is to collect it. If this continues for a significant period, your facility would face a mountain wave of delinquencies.

          3. Medical collection accounts are treated differently in credit reporting.

          During these uncertain times, more patients want to protect their credit. Nearly one-half of Americans (48%) are concerned the virus-induced recession would impact their credit score, according to a Harris Poll.

          However, not all debt is created equal. Medical bills are treated differently than other bills sent to collections as medical debt is treated more leniently in credit scoring.

          • Less weight: Newer scoring models such as FICO 9 and VantageScore 4.0 weigh medical collections less than other types of collections.
          • Grace period: The three credit bureaus must wait 180 days before listing medical debt on credit reports. This grace period gives patients time to settle payment before the debt affects their credit scores.
          • Removed once paid: While most collections remain on credit report for seven years, medical debt is removed once it has been paid or is being paid by insurance.

          4. Patients are using their stimulus checks to pay debt.

          A survey by Money Done Right and Google Consumer Surveys showed that 43 percent of Americans plan to use their stimulus money to pay off debt.

          At the same time, banks are ramping up credit management capabilities to help support consumers weather the financial aftermath of the global pandemic.

          Consumers are changing their behavior as they spend less on vacationing and eating out. Instead, they are using their money to pay down debt and keep their credit lines open.

          During this pandemic, Mnet has found that more patients paid in full, made larger payments and established payment plans.  Mnet saw an increase in total patient payment by 1.6% compared to the period prior to Covid-19.

          During these uncertain times, your facility’s commitment and approach to meeting patients where they are financially will build loyalty long after the pandemic is over.


          About Mnet Health

          We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare. Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

          Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


          Mnet Patient Pain Points

          3 Significant Pain Points Patients Have About Medical Bills

          One of the significant impacts of the pandemic is the increase in healthcare consumerism. Job loss due to the pandemic caused many to lose their job-based insurance coverage, leading patients to have pain points surrounding their medical bills.

          This year, as patients continue to have an increasing amount of financial responsibility for their care, they become more discerning shoppers and expect more convenience and better experiences.

          According to TransUnion’s second annual patient survey, 49% of survey respondents reported the current economy has influenced how they seek medical care to some extent.

          It is clear that the global pandemic has changed the way we live. It has also made a significant impact on what consumers are choosing in terms of their purchasing behavior and payment options.

          Patients now demand greater transparency around prices and billing. They also research healthcare decisions online — from health questions to online reviews, before moving on to selecting a provider.

          Patients don’t fully understand their financial responsibility

          On Jan. 1, a new regulation kicked in requiring hospitals to publish payer-specific negotiated rates for 70 stipulated services and 230 others online.

          With hospitals posting negotiated rates online, patients will now be able to compare charges and open a dialogue between their physicians about cost discrepancies.

          However, patients still won’t know what they’re paying out of pocket. What they really need to understand is what the impact is to their financial responsibility—their copay and deductible —which is often complicated by in-network and out-of-network billing.

          The negotiated rates won’t give the patient any idea where other expenses may come from, such as anesthesia or surgeon fees.

          According to a TransUnion survey, while the number of patients receiving clear cost estimates did increase from 2019, TransUnion found only 52% of respondents completely understood their financial responsibility for their recent medical bill.

          Patients are more concerned about billing than the quality of care

          Patient Concerned
          Patient Concerned

          As discerning shoppers, consumers expect more from the patient experience that their providers are delivering. However, they are often more concerned about medical billing than the quality of care they receive, according to a 2020 Waystar survey.

          Complex billing processes keep patients from understanding exactly how much they owe. Medical bills are so confusing that patients are ultimately more concerned about the bill than about the care they receive.

          According to the Waystar survey, 52% of respondents stated that they were either slightly (25%) or significantly (27%) more stressed about their medical bills than about care.

          Patients need upfront financial communication

          Mnet Financial Communication
          Mnet Financial Communication

          Poor financial experience seriously affects a provider’s bottom line as patients delay payments or even don’t want to return, hurting the whole revenue cycle.

          Late payments from are in large part due to confusion over the bill and who owes what.

          The Waystar survey revealed that 48% of respondents have been late on a medical bill payment due to the following reasons:

          • Couldn’t pay due to financial reasons – 51%
          • Assumed insurance would cover – 37%
          • Unclear how much is owed – 19%
          • The bill was incorrect – 18%
          • Forgot to pay – 16%
          • Wasn’t sure when payment was due – 13%

          When asked what would help them better understand their medical bills, 46% of patients answered they need an upfront explanation detailing what their insurance will pay.

          In addition, 42% of respondents also shared that a clearer explanation of what is owed compared to what their insurance will cover, would make it easier for them to pay their bills on time.

          As healthcare consumerism is on the rise, patients will expect more convenience in ways to pay and also better financial experience.

          Providers can get ahead of the game when they have patient financial advocates or counselors who give patients out-of-pocket estimates for the facility fee, the surgeon, assistant, and implant fees, as well as provide estimates on other potential bills such as anesthesia, pathology, etc.

          Patient financial advocates can also provide upfront financial communication to patients so they know what to expect and understand their financial responsibility.


          About Mnet Health

          We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare. Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

          Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


          Surprise Medical Billing

          3 Things You Need to Know About Surprise Medical Bills

          Surprise medical billing is a large issue being discussed across the country.

          If you have insurance, you would probably call the hospital or your insurer first to make sure the hospital was “in network” with your insurance.

          You might also need to double-check that the surgeon who will be operating on you is in-network, too.

          But even if you do your homework before your elective surgery, you can still be at risk of receiving large bills you never would have expected, from providers you’ve never met or even knew about.

          According to a recent JAMA study, surprise bills happen about a fifth of the time that a patient has an elective surgery at an in-network hospital with an in-network surgeon.

          The average unexpected charge of about $2,000 more than what insurance would typically pay can hurt anyone, especially vulnerable populations.

          What is Surprise Medical Billing?

          Surprise medical billing occurs when a patient receives a larger-than-expected medical bill due to their care provider being out-of-network.

          In most situations, the patient is not aware that they received out-of-network care so it comes as surprising. It typically occurs in the following scenarios:

          • Emergency care situations and nonsurgical hospital stays, when patients may not be able to choose health care providers covered by their insurance.
          • An out-of-network provider renders service to a patient at an in-network hospital.
          • In situations with surgical complications as the procedure grows more complex, more people get involved in treating it and one or a few might be out of network.

          Most of the surprise bills come from either anesthesiologists or surgical assistants — who are typically not chosen by patients. They could also come from out-of-network pathologists, who analyze tissue and blood samples, or radiologists, who examine X-rays and MRIs.

          How Do Patients View Surprise Medical Bills?

          Surprise medical billing is leaving patients all over the country with large unexpected medical expenses, sometimes totaling hundreds of thousands of dollars.

          According to a new study by Yale researchers, addressing the issue could reduce health spending by 3.4% which translates to $40 billion annually.

          Many patients view surprise medical billing as an unfair and unjust practice in the medical community. Surprise medical billing often leads to financial hardship for patients who are not prepared to pay the large sum.

          Most often, this unexpected medical cost falls in their lap after unplanned emergency care. When a patient enters the emergency department, they are not considering that a doctor, whom they do not know, would be out-of-network in a hospital they know to be in-network.

          Legislation To End Surprise Medical Bills in 2021? 

          After several years of working to enact a ban on surprise medical billing, Congress included the “No Surprises Act,” in the end-of-year legislation.

          The omnibus spending and COVID relief bill signed by President Donald Trump on December 27 included a measure to prevent patients from being billed by out-of-network doctors after treatment in an in-network hospital.

          The legislation bans surprise medical billing for emergency and nonemergency care.

          Patients are only required to pay to the in-network cost-sharing, including any applicable co-payment, coinsurance and deductible for out-of-network emergency medical care at in-network facilities.

          For nonemergency care, patient-informed consent is required for patients to be balance billed.

          The legislation also establishes an arbitration process for resolving out-of-network provider claims to be paid by health plans. There is a 30-day open negotiation period for providers and payers to settle out-of-network claims.

          Hopefully with this legislation, patients would no longer have to fight these surprise medical bills at the same time they are facing a medical crisis.


          About Mnet Health

          We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare. Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

          Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.


          Upcoming ASC Trends in 2021

          Upcoming Trends ASCs Need to Watch Out For In 2021

          As we delve into the new year, now is a good time for surgical facilities to look ahead to the upcoming top trends facing the ASC industry.

          With the pandemic, ASCs across the U.S. have experienced temporary closures, case drops, and then ramp-up and recovery.

          ASCs have reported a 30 percent or more revenue drop, with many reporting more than 50 percent revenue decline.

          Since 2021 arrived, forward-looking ASC leaders are now preparing their teams for what could come next.

          Despite challenges brought on by the pandemic, the outlook for ASCs is bright.

          CMS Outpatient Payment Rule for 2021

          CMS finalized the Outpatient Prospective Payment System and ASC Payment System final rule on Dec. 2. Here are some takeaways to the 1,312-page final rule:

          On average across all covered procedures, ASCs will see a payment rate update of 2.4 percent. The final update applies to ASCs meeting relevant quality reporting requirements. The update rate for specific codes and specialties, however, may vary significantly.

          Under the revised criteria for adding procedures to the ASC-payable list, CMS will also include 267 surgical procedures in 2021.

          The public will also be able to suggest future additions to the ASC-covered procedures list (CPL) under a new notification process CMS is establishing.

          When the final rules took effect Jan. 1, 2021, CMS began  eliminating the inpatient-only list by removing 298 primarily musculoskeletal-related services.

          By calendar year 2024, the full list of 1,700 procedures will be completely phased out and approved for payment in the outpatient setting when clinically appropriate.

          Staff Safety Becomes Top Priority

          Right now, ASCs are prioritizing the safety of patients and staff by following the latest pandemic guidelines.

          ASCs will continue to follow measures and leverage technology to keep patients and staff safe from COVID-19 exposure in 2021. A single positive case among employees could quickly put others in isolation.

          In a worst-case scenario, understaffed surgery centers would have to cancel cases or temporarily close.

          This is why many ASC leaders have used the pandemic to drill down policies and focus on the safety of patients and staff.

          Many ASCs have created healthcare screeners and put in extra effort in infection control, screening, and sanitizing during the pandemic.

          Surgery centers have also used technologies like contactless payments, telemedicine, and online patient scheduling not just for efficiency but for safety. One benefit in doing this is that surgical facilities will be able to highlight the cost, efficiency and safety of procedures performed at their centers.

          ASCs Become the Preferred Site for Outpatient Surgical Procedures

          The movement of outpatient procedures to ASCs has been going on for a while, but the pandemic has accelerated that.

          Higher acuity case volume will continue to shift from the inpatient setting, further cementing the ASC as the low-cost, efficient alternative to the hospital setting.

          Due to the pandemic, more patients, payers and physicians recognize outpatient surgery centers as the most desirable setting for quality care.

          There’s a real awareness and demand amongst patients as they perceive hospitals as potentially risky.

          With ASCs, patients get their surgery at a site that studies have shown to be safer and for a third of the price.

          The COVID situation has really accelerated and driven demand to the ASCs.

          After reaping these benefits with procedures done at ASCs during the pandemic, more patients are expected to request treatment at surgery centers in the future.

          In 2021, it is expected that patients will routinely request to have their surgeries done in ASCs rather than in hospitals.

          Patient Payment Plans Would Be More Common

          The increasing healthcare financial responsibility being shifted to patients is giving rise to new financing models for ASCs.

          Many patients have voiced economic concerns related to their surgery. This could provide ample opportunity for ASCs to develop more robust financial planning capabilities for their patients.

          With many people experiencing financial strain now due to the pandemic, patient payment plans are becoming more common.

          Patient payment plans can increase patient propensity to pay by distributing large deductible and coinsurance costs into affordable installments over time.

          Proactive surgical facilities would identify a patient’s current financial situation and engage them with personalized payment plan offers pre- and post-service. This would enable patients to self-activate payment arrangements that meet their needs.

          As ASCs would rather focus on their core competencies of providing high-quality outpatient surgical care, we would see many surgery centers partner with third-party RCM vendors to take the risk of self-pay patients.

          In 2021, we will be seeing more third-party organizations paying the ASC for the patient’s responsibility. The third party then takes on the responsibility of collecting the balance from the patient.

          Leveling of the Playing Field Between ASCs and Hospital Outpatient Departments

          There’s a wide reimbursement gap between ASCs and hospital outpatient departments (HOPDs).

          Since CMS didn’t address this gap in its final rule for 2021, ASCs will continue fighting to eliminate the differential.

          The 2020 election saw some losses of ASCs’ long-time champions in the House. But almost 90 percent of ASC supporters have retained their seats including the sponsors and original cosponsor of the Ambulatory Surgery Center Quality and Access Act of 2019.

          The Ambulatory Surgical Center Quality and Access Act of 2019 seeks to modernize payments for ambulatory surgical centers under the Medicare program. Its provisions would enact a series of reforms aimed at leveling the playing field between ASCs and hospital outpatient departments (HOPDs).

          These reforms include updating reimbursement for ASC services using the same update factor as HOPDs and adding an ASC representative to the Advisory Panel on Hospital Outpatient Payment.


          About Mnet Health

          We believe every patient deserves a helpful, transparent, easy-to-navigate financial experience in healthcare. Mnet is the premier revenue cycle management & technology provider to the surgical industry. Mnet provides customized patient-pay solutions to surgical hospitals and ambulatory surgery centers. Mnet Health partners with over 900 surgical facilities nationwide and is the preferred vendor to the leading ASC management companies in the US both directly with and in support of centralized billing offices.

          Mnet’s tailor-made brand, PaySUITE, is a white-labeled payment technology platform that helps surgical facilities, and their providers grow their business by helping patients pay. Mnet’s patient-pay solutions significantly increase self-pay collections while creating a better financial experience for patients. For more information, visit mnethealth.com.