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Medco Services
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Ohhh what fun it is to...build a bike blindfolded!?! : )

Check out all the fun we had with our annual Leadership Team Building Exercise! This exercise is productive and extremely entertaining!!! : ) It fills our hearts with joy to be able to provide Christmas Charities Year Round with bikes every year!

And look, we even collected some presents under our tree for them!

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12/23/15
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2015 Alabama Healthcare Summit 

MedCo Services recently sponsored the 2015 Alabama Healthcare Summit at The Club in Birmingham, Alabama.  The Summit took place on October 14th and was the first joint meeting between the American College of Healthcare Executives and the Healthcare Financial Management Association.  It was a large turnout for what is planned to be an ongoing annual event.

Healthcare executives from the entire state gathered to discuss the current state of healthcare in Alabama with emphasis on Medicaid expansion and the formation of Regional Care Organizations.  The morning session consisted of a keynote presentation from Medicaid officials from the State of Alabama and was followed immediately by a leadership panel of CEOs from across Alabama.  After lunch, there was a legislative panel consisting of several state senators and representatives from the House and Senate Health Committees. 
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Such a beautiful day for the Liz Hurley Ribbon Run! 

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MEDCO LAUNCHES NEW WEBSITE

MedCo Services is pleased to announce the recent launch of its newly designed website at www.medcoservices.com. According to Wallace Harmening, MedCo Vice President, the new website is more closely aligned to the company’s identity and strategic vision. “Our company is centered on the healthcare revenue cycle, but we are known for our IT capabilities.  This site is built in a way that we can begin to showcase our company and its abilities in a better manner,” says Harmening.

The new MedCo website offers a clean, modern design, easy-to-navigate functionality, and a content-rich site experience. Expanded company and product descriptions provide useful information, while future content will focus on sharing industry best practices in a multitude of platforms including white papers and pre-recorded webinars. The new site allows current customers to access the company’s real-time client access system, from the homepage, as well as access direct links to MedCo’s social media outlets.  

MedCo Services is a healthcare technology firm with a special focus on increasing self-pay payments. We are licensed, bonded and are active member in HFMA, AAHAM and ACA. With a philosophy of client driven service, we believe in establishing long-term partnerships that are mutually beneficial. We further believe that through nurturing these partnerships, we find additional opportunities to improve our value to our customers and to grow as a company.

Specialties
 
• Pre-Registration
• Point-Of-Service
• ER Point-Of-Service
• Early Out Collection & Billing
• Third Party Bad Debt
• Online Bill Pay
• Insurance Billing & Follow Up
• Front End Collection Training 

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The NEW Pre-Registration

Once an overlooked and under-appreciated function, today’s Pre-Registration is a vital part of the patient experience. What began as a courtesy reminder to the patient has now evolved into the patient’s first impression of the healthcare facility and one of the first steps in the revenue cycle. Today’s Pre-Registration staff must check orders, check for pre-certifications and obtain or update demographics, remind the patient of their appointment, check the patient’s financial responsibility, and communicate that responsibility while maintaining a smiling phone voice… If they can get the patient on the line in the first place. Sound simple? Consider this…

CHARTS 

While all providers have their own work flow, it is increasingly the job of Pre-Registration to ensure pre-certs are present if required. This is a quality assurance function that if not performed properly can cost the provider thousands in denied claims.

UPDATED DEMOGRAPHICS 

As simple as it sounds, incorrect demographics result in a fast track to Bad Debt. Part of the pre-registration process is designed to eliminate time spent updating personal information once the patient is on site. If you ask the patient, “Do you still live at the same address?” more often than not their answer is “yes,” even if that might not be so. Why? The patient doesn’t know what address is in the system and frankly doesn’t want to take the time to ask. On the other hand, Pre-Registration personnel have many people to contact, or attempt to contact, and they are pushing to complete their pre-registration schedule. Another common practice that complicates this part of the process is the hospital’s policy to “re-create” 

the registration from a previous registration if the patient cannot be contacted. If any demographic information was wrong or out of date last time, it will be wrong or out of date again. Ensuring the account contains correct patient information is a crucial process for the hospital to collect the money owed.

APPOINTMENT REMINDER

Appointment Reminders are probably the easiest part of the process… If you can get the patient on the line. Most Pre-Registration departments do not have the technology to be able to reach all of the patients scheduled for tomorrow’s appointments… Much less the next three days. To reach that number of patients manually, a provider must increase the number of personnel, the associated costs of each FTE, and the associated management challenges of a larger department. Manual dialing produces less than desirable contact percentages, and then there’s the issue of determining a HIPAA-compliant message to leave on the patient’s answering machine. To complicate matters even more, the new FCC TCPA rulings affect how you call your patients, and most Pre-Registration departments are not in tune with how the FCC dictates contact attempts to the patient. Simply put, it is more cost efficient to contract the pre-registration process to decrease the amount of money spent for each registration.

PATIENT’S FINANCIAL RESPONSIBILITY

So now comes the queasy part. “Mr. or Mrs. Patient, we have reviewed your coverage and your financial obligation for tomorrow’s visit will be $____. Payment is expected at time of service.” Pre-Registration personnel are now expected to also be trained financial counselors with a certain level of Point of Service (POS) collections expertise. Early Out is no longer early enough. Emphasis has shifted to collecting the patient’s financial obligation at the time of service, and ideally even before the time of service. Surveys show that the patient’s level of clinical satisfaction is greater when the financial transaction is completed before the day of the appointment. Today, Pre-Registration personnel are increasingly expected to collect the patient’s obligation over the phone. Without proper training, the patient no longer hears that smiling voice on the other end of the phone. They hear someone wanting money. The financial part of the process is normally the most ignored, with Pre-Registration agents kicking the can down the road for on-site personnel to handle. Not only does the money not get collected, but the expectation of payment is not set and onsite registration takes much longer. When physicians and staff are waiting for patients to be registered on-site, schedules are being pushed back, decreasing both patient and physician satisfaction. Historical figures show that correct execution of the Pre-Registration process can increase POS collections approximately 300%.

In conclusion, Pre-Registration has become a VITAL part of the patient experience and a VITAL part of the revenue cycle. Doing more with less is today’s mantra in healthcare. Many facilities are starting to utilize vendor partners who specialize in the Pre-Registration process. Partners who:
• Employ and train specialized personnel with experience in both pre-registration and point of service collections.
• Ensure pre-certifications are present if required.
• Have customizable dialer capabilities to reach patients scheduled for up to 5 days out with the additional capability to handle schedule add-ons throughout the day.
• Gather updated demographics each time the patient is contacted.
• Stay up to date with regulatory and compliance issues to ensure patients are not only handled correctly but legally.
• Record all calls and audit calls to ensure agent performance meets high standards.
• Provide daily, monthly, and quarterly reports.
• Collect patient financial responsibility over the phone or set financial expectation at time of service.
• Provide a smiling voice to the patient community.

To learn how your facility can benefit from increased patient and physician satisfaction, please contact MedCo Services for more information.
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