Medical practices are prioritizing upfront patient payments, according to Medical Group Management Association's 2018 Practice Operations Survey.
The survey examined comparative data from more than 1,000 organizations. Participants were physician-owned and hospital-owned practices, along with U.S. organizations at small and large practices.
Four findings:
1. More than 80 percent of practices collect co-payments from patients at the time of service. The finding was true across all specialties and ownership types.
2. Physician-owned practices also collect 50 percent or more of patient due balances at time of service, regardless of specialty. Hospital-owned practices collect 15 percent or fewer.
3. Physician-owned and hospital-owned practices see similar amounts of insurance claims denied on first submission. Physician-owned practices see 5 percent or 6 percent, while hospital-owned practices see 3 percent to 6 percent.
4. Physician-owned and hospital-owned practices also reported similar numbers for the time between the patient's visit and when the charge is posted for third-party payment. Across the board, charge-posting lag time is three to five days.
Click here for information on accessing the full survey.
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