Solve Your Patient Payment Crisis: 3 Easy Steps to Getting Paid William Todd Andros Founder & CEO tevixMD Corp.
We’re Facing a Patient-Payment Crisis. No One is Exempt. The patient is now your 3rd largest payer behind Medicare and Medicaid…. responsible for up to 40% of the medical bill. -- American Hospital Association Report, 2014 “The average annual out-of-pocket costs per patient rose almost 230% between 2006 and 2015.” -- Kaiser Family Foundation www.tevixMD.com
Who here believes that if a patient has insurance you’ll get paid? www.tevixMD.com
Finding Insurance ≠ Getting Paid Medical bills for 8 of 10 patients with insurance will NOT be paid. SOURCE: tevixMD internal client data www.tevixMD.com
#1 Healthcare Has Become a Retail Business Patients are now responsible for payment. “The patient is your 3rd largest payer after Medicare and Medicaid.” SOURCE: HFMA Study Claims per day 100 Value of claim $40.00 Daily value $4,000.00 80% Patient pay $3,200.00 20% Insurance $800.00 The Deductible Trap™ www.tevixMD.com
#2 A New Mindset is Needed Successful Healthcare Providers are adopting a retail approach. Know who is responsible for the bill. Collect before processing / services rendered Change in thinking Change in tools www.tevixMD.com
#3 Stop Using Old Tools to Solve New Problems New Technology is Available – There Are No Barriers No software or hardware to purchase NO IT Department necessary Almost no capital costs Quick start-up / 1 business day Very little training needed Cloud – Patient centric Real-time patient options FIX CURRENT ISSUES / Remove blocks to getting paid www.tevixMD.com
Let’s Do a Little Test to See Why Finding Insurance is Not Enough… I need volunteers -- non BCBS -- willing to be a patient for our test www.tevixMD.com
tevixMD Demo www.tevixMD.com
Do you still think you’re getting paid if you find insurance for that patient? www.tevixMD.com
The Patient Payment Crisis isn’t getting better… Success Requires Time & Commitment It takes time to unfold a new plan Training, Follow-Up & Adjustments www.tevixMD.com
tevixMD processes are patented. NO ONE does what We Do… Know who’s responsible for the bill Bulk Payments Patient payment solutions / get paid within 24 hours Move validated data into any 3rd party system Remove the Blocks to Getting Paid www.tevixMD.com