Today, holistic care is a $37 billion-a-year business. That’s a huge number—but how are patients navigating the ever-growing market of options available to them to find the provider that best fits their needs and budget? Known as “healthcare consumerism,” patients are shopping around for their holistic wellness providers in the same way they find the best deals in the grocery store.
Why Does Patient Consumerism Affect Your Holistic Practice?
Americans spend an estimated $14.7 billion out-of-pocket for visits to complementary and integrative health practitioners such as chiropractors, acupuncturists, and massage therapists. Although there have been recent legislative developments to broaden coverage, holistic medicine is largely not yet covered by health insurance policies. As such, patients who utilize holistic medicine as a component of their overall wellness plan are compelled to shop around for the best quality at an affordable price.
Essentially, this is “patient consumerism”—the term used to describe this pattern of patients behaving more like shoppers than ever before. In order to be so discerning and cost-conscious about their care, patients are putting more proactive effort and research into their care options and associated costs, especially since they’re personally paying for it.
Holistic providers need to continue focusing on improving the patient experience, building their brands, and operating more like a retail business in a highly competitive market. While this trend of patient behavior isn’t as jarring in the holistic health world as it is in the conventional medicine market—where health insurance was once wholly relied upon to cover the cost of care—it’s still important for holistic practices to emphasize the experience of the patient in their practice from start to finish.
Patient acquisition is one of the most important components of running a long-lasting holistic practice, and it is a cornerstone of your revenue cycle. As more Americans are turning to holistic healthcare than ever before, your holistic practice has the opportunity to bring in new patients and serve more members of your community. Recognizing the underlying psychology of the patient as a consumer can help your practice effectively engage new patients by speaking to their journey of shopping around for holistic healthcare.
5 Tips for Patient Acquisition at Your Holistic Practice
When it comes to patient acquisition, your marketing efforts are aimed to give the patient enough information and motivation to go to your clinic for service. This marketing is highlighting the best parts of your holistic practice and makes a compelling argument for someone to make a choice.
Here are five actions to take when considering the potential consumer’s relationship with your holistic practice:
Develop Your Brand
Part of what will set your holistic practice apart from the competition is developing your unique brand. This includes your message style and overall mission statement. You’ll have to address what kind of approach you’ll take to market your practice to the public and what tools you’ll use.
All of this will influence your message tone. For instance, if you’re marketing massage therapy to the elderly, you would use a different tone, style, and content than if you were attracting a millennial client base. Or, let’s say you’re focusing on delivering acupuncture services as an opioid alternative for patients recovering from addiction or surgery. You would use a distinct tone of voice in your marketing that speaks to their specific needs than if you were trying to attract a more generic audience.
Get Technologically Savvy
Patients who booked healthcare appointments ran three times more searches than those who didn’t, which means that enhancing your holistic practice’s online options and overall digital presence is key to success in a patient-first landscape.
If possible, add a chat feature to your website that connects customers with members of your staff to answer quick questions. Additionally, flesh out your practice’s digital appointment-booking options and make online medical records and payment options as accessible as possible.
Provide Price Transparency
Posting cost information online can make a big difference to patients, as well. Make the prices of any services you provide to patients readily available on your website, as well as inside your office. This further informs your patients about what to expect to pay and sets the foundation for dialogue about payment options, etc.
While you’re at it, consider expanding the type and amount of options of holistic care you deliver. For example, you could add a pediatric acupuncture specialist to your acupuncture practice to attract new types of patients and provide additional services to your community.
Deliver Patient Education Resources
Patient education resources are essential to a well-rounded holistic practice because they help empower the patient. When receiving literature from a trusted wellness provider, the patient can learn more about their diagnosis, condition, treatment plan, and further their own understanding and use this information to do more research, if needed.
This can lead to a healthy dialogue between patient and provider, as the patient can ask more informed questions about their health and feel more empowered in their healthcare journey.
Partner with a Medical Billing Firm
Every holistic practice aims to deliver excellent care and customer service, but juggling everything on your practice’s plate makes it difficult to meet all your patients’ expectations. Your support staff is always going to be responsible for managing scheduling tasks, executing patient check-in and check-out, keeping the books, and handling clinical concerns. By outsourcing medical billing, you’re freeing up your staff’s time to better attend to patient needs, resulting in higher satisfaction rates and better patient retention.
The experts here at Holistic Billing Services believe that our success is your success. From handling medical billing and coding to offering consulting services and much more, our team is dedicated to making it feel like we’re in-house. With a focus on holistic practices, insurance background, and proven consultants, our team can effectively ensure the financial success of clients, allowing your medical practice to focus on what it does best: treat patients.
Our expertise is rooted in professional, technical, and global billing for hospital and stand-alone holistic care practices. To learn more about how outsourced medical billing with Holistic Billing Services can empower your practice, contact us today. We’ll work with you to build a customized solution that meets the specific needs of your practice and allows you to get back to treating patients.
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Unfortunately, many holistic practices simply let their accounts receivable (A/R) metric to be a black box of misunderstanding, when in reality, it’s one of the most important numbers to know when gaining an overview of your practice’s financial standing.
This figure indicates the financial health of your practice, which is essential to know when making budgeting decisions and planning for the future. Keep reading to learn more about this important figure and how to track it!
What Are Accounts Receivable Metrics?
Accounts receivable is the money owed to your practice for services rendered and billed, which is a high-touch area of every holistic practice. So if you aren’t sure what your practice’s A/R figure is, it can be hard to gain a holistic understanding of how long it’s taking you to get paid.
Essentially, your holistic practice’s accounts receivable metric rises when you provide your holistic services on credit terms. The continuous tracking of your accounts receivable facilitates the timely payment of your debts.
Your holistic practice risks accumulating bad debts if you fail to monitor your accounts receivable. As such, the decision to offer your health care services on credit terms comes with the additional responsibility of managing accounts receivable.
Why Should Your Holistic Practice Track Accounts Receivable Turnover?
If patient visits are stable, incoming cash should be too – which is why it’s vital for holistic practices to
understand how many days pass between the bills going out and the payments coming in.
A practice’s accounts receivable (A/R) indicates how many payments have not yet been collected, whether for insurance reimbursements or out-of-pocket services. In a healthy holistic practice, the goal is to streamline your operations to get your practice paid faster, which could involve eliminating billing and coding errors or doing a better job of following up on claims. Tracking the amount of time claims spend in A/R can help practices identify which payers are behind and build rapport to understand why.
With knowledge of the average time that passes between patient visit and payment collection, you can easily spot whether your team is slow to submit claims to payers. Plus, you’ll understand just how much funding you need to keep in the bank – and for how long – in order to sustain your operating expenses prior to reimbursements.
How to Calculate Accounts Receivable
To get a sense of your starting point, calculate your current “Days A/R” by looking back at your billings:
- Compute the average daily charges for a set number of months by adding up the charges posted for that period, and dividing by the total number of days in those months.
- Divide the total accounts receivable by the average daily charges.
The result is the average days in accounts receivable. For example, if you look back at the last three months, you can consider that a starting point for ongoing measurement on a quarterly basis. If you compare those three months to the three or six months that precede them, you can understand if that baseline is consistent with your performance over time.
A/R within 30 days is the golden standard. If you’re averaging over 60 days in accounts receivable, investigate immediately. Is there a payer stalling on payments? Are denials spiking around particular procedures? Have there been errors in your claims requiring resubmissions?
If you’re in the zone of ~45 days – or ideally, less – you can start monitoring and understanding your billings better by bucketing and aging your receivables.
As you know, every payer operates on their own schedule. You can correlate payments coming out with bills coming in to gain an understanding of when an insurer reimburses you. This could be within a 30- or 60-day window – providing your team with more knowledge on when a given bill has reached its “late payment” threshold and it’s time to contact the payer.
Best Practices for Lowering Days in Accounts Receivable
Conduct Timely Invoicing
Prepare and dispatch your invoices immediately after rendering holistic services on credit. Each invoice should
have the client’s name, account number, date of transaction, description of the holistic services rendered, any discounts offered, and total payable amount.
These details are crucial in tracking your accounts receivable after transferring them to your sales journals and general ledger accounts. Invoices are also useful in case of errors or disputes, such as overcharges and undercharges, that may arise in the future. Make follow-up calls to confirm your clients received their invoices.
Track Every Claim
No claims should ever get “lost” in your practice management system. If that’s happening to you, it’s imperative to implement a more comprehensive process for tracking where claims stand throughout the entire revenue cycle.
In many cases, claims slip through the cracks because they’re not handled fast enough by the team at your practice. Make sure your coders are coding every encounter on the same day as the date-of-service, then upgrade your technology to a system that scrubs, submits, and monitors claims with minimal employee effort.
Educate Patients
Most patients have only a vague understanding of how holistic practices collect payments from insurance providers and may not have a clear sense of their financial obligations when they consume holistic services.
Providing a brochure or reference sheet to all patients that outlines their role and responsibilities in the payment process can clear up a lot of confusion. It’s also important to have someone on staff who has the financial expertise to answer any questions patients may have about how the claims and payment process works.
Outsource Your Medical Billing
Whatever the cause is behind your accounts receivable metrics, partnering with a reputable medical billing service is one of the fastest and easiest ways to turn this key revenue metric around. Experienced medical billing services can overhaul the way a practice codes its services and how it submits claims to payers to minimize the rate of denials.
Outsourcing your medical billing process to a third party also frees up time for office staff to focus on providing the best service and care possible. Instead of spending hours on the phones trying to collect outstanding payments, a specialty practice can focus on expanding its patient base and improving its healthcare experience to better retain the patients it already has.
The experts at Holistic Billing Services believe that our success is your success. From handling medical billing and coding to offering consulting services and much more, our team is dedicated to making it feel like we’re in-house.
With a focus on holistic practices, insurance background, and proven consultants, our team can effectively ensure the financial success of clients, allowing your medical practice to focus on what it does best: treat patients.
Holistic Billing Services’ expertise is rooted in professional, technical, and global billing for hospital and stand-alone holistic care practices. To learn more about how outsourced medical billing with Holistic Billing Services can empower your practice, contact us today. We’ll work with you to build a customized solution that meets the specific needs of your practice and allows you to get back to treating patients.
More Americans than ever before are embracing holistic healthcare over conventional medicine with nearly 40% of adults using some form of alternative patient care to date. Whether it’s to alleviate chronic pain, reduce stress, or for other benefits, there are countless holistic patient care approaches to prevent, treat, and manage almost every condition or illness.
What is Holistic Care?
Holistic patient care refers to the provision of care based on a mutual understanding of the patient’s physical, psychological, emotional, and spiritual dimensions. In addition, holistic care emphasizes the partnership between nurse and patient and the negotiation of healthcare needs that lead to recovery.
Holistic healthcare is a form of medicine that treats the “whole person,” treating not the physical self, but also the emotional, spiritual, and mental facets as well. Whereas conventional medicine seeks to provide treatment for pain or the ailment, holistic healthcare focuses on both treatment and prevention. For example, if a patient has an ailment and turns to holistic therapy for help, the holistic practitioner will seek any underlying causes, including the patient’s stress levels and diet.
Conventional vs Holistic Patient Care
Conventional healthcare is an approach to medicine that’s based on modern science, and which evaluates the human body, its disorders, and medical treatments in purely biophysical or biochemical terms. Common treatment methods include drugs, radiation, and surgery, for example. Additionally, conventional medicine often utilizes the most statistically likely diagnosis and treatments that work on larger populations through scientific studies, over individualized or specialized methods.
Conventional medicine and holistic healthcare differ in three primary ways:
- Treatment of Illness: Holistic treatments often incorporate medication, natural solutions or supplements, or diet and exercise regimens, like yoga. On the other hand, conventional medicine often includes formal tests and standardized treatments for every patient based on the illness. Treatments often include medication, with brief suggestions for lifestyle changes rather than concrete emphasis or direction to make those changes.
- Cause of Ailment: While conventional medicine looks at physical components, such as corporeal symptoms and genetics, for the causes of illnesses, holistic healthcare looks at the overall wellness of the patient. This includes any possible imbalances, such as issues with mental health and diet, and discussion on how to level out imbalances.
- Insurance Coverage: Until recently, many holistic practitioners were not covered by insurance or were out of network. One survey by the National Center for Complementary and Integrative Health found that Americans pay more than $30 billion per year on alternative medicines out of pocket. With trends like these, insurance companies are taking note and are moving to be more inclusive of holistic healthcare.
5 Benefits of Holistic Medicine
There are numerous benefits to utilizing holistic healthcare in your wellness journey, ranging from the practitioner’s approach to their overall goal of treating you as a whole person rather than the symptoms of an illness.
Such advantages include:
- Practitioners who offer safe, natural, and effective medicinal treatment options that include lifestyle and self-care, and who use alternatives to traditional prescription drugs and invasive procedures whenever possible
- Aiming to treat the underlying cause of disease or condition, instead of just managing the symptoms; holistic providers will take time to understand their patients as a whole and treat them as such as opposed to just treating individual components
- Prevention is the primary goal, as well as helping the patient unlock their innate healing abilities; patients are seen when they’re well and when they’re sick, which helps the patient and practitioner form a plan for continued well-being and disease prevention
- In part due to the growing popularity of holistic medicine, more Western medical practices are adding supplemental holistic care – making it more accessible for patients. Hundreds of healthcare centers, including hospitals affiliated with Duke, Yale, Johns Hopkins, and other top medical research centers, are also offering holistic therapies, including acupuncture, massage therapy, meditation, Chinese herbal therapy, and more.
- For patients increasingly dissatisfied with the minimal time they receive with doctors and with physicians who seem to prescribe a pill for every woe, integrating their conventional treatments with holistic therapies or completely choosing a holistic approach to medicine offers a refreshing new take on care.
What to Look for When Choosing a Holistic Practice
When seeking to incorporate holistic medicine into your overall wellness plan, there are a number of qualities to consider. Here’s where to start: 
Understand Which Specialty – If Any – You Need
First, determine if you’re trying to address a particular ailment or if you want a generalized holistic approach. For example, searching for an acupuncturist might take you down a different path than an Osteopath who can treat all the same ailments as traditional docs (coughs, UTIs, you name it), but they are especially helpful for migraines, back and neck pain, period aches, arthritis, and digestive woes.
Ask Them About Their Approach to Holistic Medicine
This is inherent to whatever your goal is with exploring the many benefits of holistic medicine but essential to know how the particular practitioner approaches treatment. Do they lean more on herbal remedies or energy healing? What’s their background in this type of holistic healthcare? Learning more about the practice and holistic provider can help inform your options when moving forward.
Be Sure They’re Open to Integrative Care With a General Practitioner
While holistic healthcare can offer tremendous benefits and alternatives to conventional medicine, you’ll probably still want to utilize your conventional medicine provider for some situations. This is why it’s important to know if your holistic practitioner can coordinate care with your general practitioner for an overall holistic plan.
How Can Holistic Billing Support Holistic Practices?
No matter what type of holistic practice you’re running, your medical insurance billing processes could use some help. Medical billing is especially complicated for holistic practices and can possibly overwhelm your business as you focus on growing your practice and provide care for your patients. By outsourcing your medical billing, you can leave the responsibility of insurance enrollments, credentialing, and medical billing and coding to the experts – saving you time!
As an experienced billing provider for holistic practices, Holistic Billing Services can help your practice navigate the intricacies of insurance billing claims to minimize denials, increase your revenue, and grow your practice. We understand the unique needs of holistic practices, as well as the common obstacles you face when it comes to medical billing and coding. With a knowledgeable partner by your side, you can streamline your billing and increase your revenue cycle management! To learn more about our services, talk to one of our billing and coding experts today.
Did you know that 86% of medical providers utilize an EMR/EHR system? Utilizing an electronic health record system can greatly benefit your holistic practice, too! From protecting patient information to reducing the time it takes to perform daily tasks, an EHR system can streamline your overall practice management and empower you to spend more time taking care of your patients.
What is an Electronic Health Record System?
An electronic health record (EHR) is essentially a digital version of a patient’s paper chart. EHRs are updated in real-time so information is available instantly and securely to authorized users. While an EHR does contain patients’ medical and treatment histories, an EHR system is built to go beyond standard clinical data collected in a provider’s office and can be inclusive of a broader view of a patient’s care.
EHRs are a vital part of healthcare IT software and can:
- Contain a patient’s medical history, diagnoses, medications, treatment plans, allergies, and laboratory and test results
- Allow access to evidence-based tools that providers can use to make decisions about a patient’s care
- Automate and streamline provider workflow
7 Benefits of Delivering Holistic Patient Care Through an EHR
EHR systems can drastically improve your holistic practice’s overall operations by:
Reducing Errors
Digital records allow for better tracking and more standardized documentation of patient interactions, which has a greater potential to reduce error compared to mountains of paperwork. With digital paper trails, illegible handwriting in practitioners’ notes or prescriptions is no longer a problem, plus coding for procedures or billing is easier. Integrated systems can also be set to flag indicators of potential harm. Incorporating a standardized digital record for your patients can further reduce miscommunications, too!
Improving Cost Savings
Using an electronic health record system and integrated communications methods can significantly cut administrative costs, including reducing the need for physical chart storage, redundant data entry, and insurance claims management. This, in turn, helps with facilitating care coordination and reducing the time it takes for hard-copy communications among patients, providers and insurance companies. Overall, EHR systems help your holistic practice get more out of your staff and their time.
Increasing Efficiency
With an EHR system, your staff won’t have to ask practitioners to clarify their handwriting nor will they risk important information slipping through the cracks or getting buried in mountains of paperwork, so their time is better spent handling more important matters that impact your holistic practice. By having everything – and everyone – on the same page, your holistic practice’s operations get optimized to function at peak efficiency.
Coordinating Patient Care
In a 2018 survey, 66% of people want access to other healthcare professionals to help coordinate their care. With digital records, practitioners can more easily coordinate and track patient care across practices and modalities. Your holistic practice can smoothly integrate with your patient’s other providers across specialties and disciplines. This ensures comprehensive care and communication in order to collaborate on patient outcomes as a team.
Streamlining Workflows
EHRs increase productivity and efficiency by significantly cutting down on paperwork. Patients and staff have fewer forms to fill out, leaving providers with more time to see patients. Referrals and prescriptions can be sent almost immediately, which reduces wait times for appointments and pickups. Plus, automatic reminders can tell patients when it’s time for follow-up appointments. Furthermore, with integrated patient tracking, billing and insurance claims can be filed in a timely manner.
Collecting Data Efficiently
Holistic practice providers should strive to have dynamic patient-centered records that track the care continuum over the person’s lifetime, in sickness and health, across all pertinent disciplines. Having a single, continuous record for a patient provides a holistic view of overall health for better diagnosis and lifetime treatment that considers the patient as a whole in addition to your holistic practice’s involvement.
Another element of this is that the digital nature of information ensures that healthcare providers anywhere have access to a patient’s information. A physician traveling on business or vacation, for example, can log on to an EHR system and access patient files or submit prescriptions remotely. Or, a healthcare provider in another state can view a patient’s health records to provide effective, quality care and treatment in times of emergency.
Enhanced Patient Privacy
In a recent study, 80% of those surveyed rated patient privacy as very important; implementing an electronic health record system for your holistic practice can address this! In today’s world, data security and patient privacy are incredibly important both financially and in terms of your reputation.
Improve Your Holistic Patient Care With Holistic Billing Services
Our experts here at Holistic Billing Services believe that our success is your success. Our team is dedicated to making it feel like we’re in-house, from handling medical billing and coding to offering consulting services and much more. With a focus on holistic practices, insurance background, and proven consultants, our team can effectively ensure the financial success of clients, allowing your medical practice to focus on what it does best: treat patients.
Our expertise is rooted in professional, technical, and global billing for hospital and stand-alone holistic care practices. Contact us today to learn more about how outsourced medical billing with Holistic Billing Services can empower your practice. We’ll work with you to build a customized solution that meets the specific needs of your practice and allows you to get back to treating patients.
Running a successful holistic practice involves managing people, administrative responsibilities, and more. But how can you be sure your practice is on the right track to long-lasting success? Utilizing medical billing KPIs to understand your practice’s current performance and set goals for the future can help you realize the status of your holistic practice.
What Are Key Performance Indicators?
A key performance indicator (KPI) is a measurable value that indicates how well you’re achieving key business objectives. They provide a way to monitor an aspect of the holistic practice on a consistent schedule to determine whether or not you’re on target to achieve your established goals.
While a KPI can track many different things, the most important feature of a good KPI is that it must be measurable. Some aspects of a holistic practice are easier to quantify than others, but for a KPI to be effective, you need to be able to compare performance data over time to identify trends and recognize potential problems.
How to Choose the Right Medical Billing KPIs for your Holistic Practice
When selecting a KPI, you first need to know what’s important to your practice. Revenue is usually an easy choice, but there are a number of specific practice activities you may value above others. The best place to start is by doing a thorough assessment of the present state of the practice. This provides a snapshot of where you’re at in terms of financial status, operational efficiency, and patient management. 
Not every holistic practice values the same areas. A wellness care provider may have a different perspective on tracking how many new patients they treat than a more specialized acupuncture practice. At the same time, monitoring too many KPIs can be overwhelming and counterproductive. By focusing on KPIs directly related to revenue, steps taken to address problems that become apparent will improve other areas of your practice along the way.
Top Key Performance Indicators that Holistic Practices Should Be Tracking
There are numerous medical billing KPIs to track for your holistic practice; these are good, foundational metrics to monitor:
Days in Accounts Receivable (A/R)
A practice’s accounts receivable (A/R) indicates how many payments have not yet been collected, whether for insurance reimbursements or out-of-pocket services. For a healthy practice, the average time a bill spends be in A/R should be about 30-40 days. The goal here is to streamline your operations to get your practice paid faster, which could involve eliminating billing and coding errors or doing a better job of following up on claims. Tracking the amount of time claims spend in A/R can help holistic practices identify which payers are behind and understand why.
Percentage of A/R Over 90 Days
After 90 days, outstanding bills and claims become much more difficult to collect while anything over 120 days is likely never going to be collected. If more than 15% of claims are spending over 90 days in A/R, there are likely some serious inefficiencies in your processes that need to be addressed. Tracking this KPI closely will also allow you to “sound the alarm” for your holistic billing team whenever a claim is in A/R for longer than 65 days to greatly reduce the risk of it never being paid.
Net Collection Ratio
Your holistic practice’s net collection ratio is an indication of how much potential revenue you collect after insurance adjustments have been applied. This number will vary a bit by specialty, but the average healthy practice collects around 95% of potential revenue for services, either by collecting from patients themselves or by submitting successful insurance claims. An outstanding practice with the right systems in place – or support from a medical billing provider – typically has a net collection ratio of 98% or greater. Tracking this KPI helps you to measure the overall health of your billing and collections process. If it ever falls below 90% over a period of time, you’ll know that something is out of alignment and should be addressed immediately.
Non-Contractual Write-Off Percentage
A write-off is any bill that goes uncollected; your holistic practice may classify it as “bad debt.” In many cases, it results from denied insurance claims and could indicate an inability of your office staff to follow up on denials. For specialty practices, there is a higher risk of patients allowing bills to go unpaid as they may not need to seek medical services again. In any case, your total percentage of uncollected payments should not exceed 5%.
New Patient Ratio
This KPI tracks what percentage of your patients are first-time visits to your holistic practice. Measured over time, the ratio can help you determine whether your practice offers a good balance of services. For general wellness practices, new patients make up about 25% of visits, while specialty care practices could see up to 50% new patients each month.
Referral Mix
The referral mix segmentation shows you what type of patients you’re receiving and who is referring them to your holistic practice. It can help provide a better picture of where patients are coming from and whether they are a good fit for your practice. 
Payer Mix
Your holistic practice’s payer mix tracks your overall balance of payers. It indicates how much revenue you’re taking in from each payer source, such as individual insurance providers or self-pay patients. As a general rule, no more than 30% of your revenue should be coming from one payer unless you’re working with an underserved population funded by a single source such as Medicaid/Medicare.
Transform Your Medical Billing with Holistic Billing Services
By creating a monthly summary sheet to track KPIs, you can begin to identify and resolve problem areas in your practice that are holding back growth and revenue. Dashboard tools are also incredibly valuable for monitoring KPIs as they allow you to gather and present data in a variety of ways that make it easier to visualize what’s actually happening in your practice. This allows practice administrators to communicate data to physicians and stakeholders more effectively and set benchmarks to evaluate future performance.
Our experts here at Holistic Billing Services believe that our success is your success. From handling medical billing and coding to offering consulting services and much more, our team is dedicated to making it feel like we’re in-house. With a focus on holistic practices, insurance background, and proven consultants, our team can effectively ensure the financial success of clients, allowing your medical practice to focus on what it does best: treat patients.
Our expertise is rooted in professional, technical, and global billing for hospital and stand-alone holistic care practices. To learn more about how outsourced medical billing with Holistic Billing Services can empower your practice, contact us today. We’ll work with you to build a customized solution that meets the specific needs of your practice and allows you to get back to treating patients.
While there are many factors involved with running a successful holistic practice, one of the cornerstones of success is having a streamlined medical billing operation. Insurance companies, both public and private, have numerous requirements and legal regulations by which your holistic practice needs to comply – including patient copays. Read on to learn the differences between copays and deductibles, and what to consider before waiving a patient’s copayment!
What are Co-Pays?
A co-payment, or co-pay, is a fixed amount for a covered service, paid by a patient to the provider of service before receiving the service. It may be defined in an insurance policy and paid by an insured person each time a medical service is accessed. For example, if you hurt your back and go see your doctor, or you need a refill of your child’s asthma medicine, the amount you pay for that visit or medicine is your co-pay. Co-pays cover the patient’s portion of the cost of a doctor’s visit or medication; the remaining balance is then covered by the patient’s insurance company.
Co-pays typically vary for different services within the same plans, particularly when they involve services that are considered essential or routine and others that are considered to be less routine or in the domain of a specialist. For example, co-pays for standard doctor visits are typically lower than those for specialists, while co-pays for emergency room visits tend to be the highest.
What are Patient Deductibles?
On the other hand, a deductible is an amount a patient pays for most eligible medical services or medications before their health plan begins to contribute to the cost of covered services. If the patient’s plan includes co-pays, they pay that flat fee at the time of service – at the pharmacy or doctor’s office, for example – and, depending on how their plan works, what they pay in co-pays may count towards their deductible.
After meeting a deductible, patients typically pay co-insurance—a certain percentage of costs—for any services that are covered by the plan and continue to pay the co-insurance until they meet their out-of-pocket maximum for the year. Co-insurance is a portion of the medical cost the patient pays after their deductible has been met. Basically, it ensures that the patient and their insurance carrier each pay a share of eligible costs that add up to 100%.
Issues With Waiving Patient Copays
What seems compassionate and helpful for your patients might get your holistic practice into hot water. Consider the following issues to consider when deciding whether or not to waive a patient’s copay.
Is It Illegal to Waive Insurance Copays?
It is a felony to routinely waive co-pays, coinsurance, and deductibles for patients. Waiving the collection of this portion is illegal and considered health insurance fraud because your office is claiming the wrong charge for services when insurance claims are created. To explain this further, we will use the following example: If your patient has a $10 co-pay, then the insurance company will pay $90 on a $100 bill. However, if the co-pay was waived, the patient’s bill is only $90 total, not $100.
The same laws apply to Medicare, Medicaid, and Tricare patients, but the risk is greater if your office does not comply—healthcare providers may be charged with fraud against a government agency. Waiver of coinsurance raises potential Federal Anti-Kickback Statute, Federal False Claims Act, and state law liability issues.
Waiving Co-pays for Some, But Not All, is Unfair
Your holistic practice must offer hardship programs to all patients – not just those with public health insurance. You cannot forgive a patient’s insurance debt for patients with public health insurance during times of crisis, yet require patients with private insurance to pay full co-pays regardless of their financial circumstances. Your practice’s medical billing operations need to be fair and equitable to all of your patients.
When Should You Waive Patient Co-Pays?
There are different scenarios in which healthcare providers may feel it’s appropriate to waive the patient’s insurance responsibility; scenarios may include patients who would like to extend professional courtesy to colleagues or their families, when patients are in severe financial distress, or when collection efforts have negligible results. Each example involves regulatory and legal issues that healthcare providers must consider, and should be given great consideration without just casually waiving the co-pay.
If a patient is in financial distress, healthcare providers may choose not to collect debts without risking allegations of insurance fraud. For example, if the physician doesn’t collect the patient’s insurance responsibility during a period of extreme financial hardship, the physician can choose not to pursue collection activity against the patient for the co-pay that’s owed.
Transform Your Revenue Cycle Management With Holistic Billing!
Our experts here at Holistic Billing Services believe that our success is your success. From handling medical billing and coding to offering consulting services and much more, our team is dedicated to making it feel like we’re in-house. With a focus on holistic practices, insurance background, and proven consultants, our team can effectively ensure the financial success of clients, allowing your holistic practice to focus on what it does best: treat patients.
Our expertise is rooted in professional, technical, and global billing for hospital and stand-alone holistic care practices. To learn more about how outsourced medical billing with Holistic Billing Services can empower your practice, contact us today. We’ll work with you to build a customized solution that meets the specific needs of your practice and allows you to get back to treating patients.
Holistic Billing Services recognizes the importance of operating a streamlined holistic practice. This includes attracting the best patients, managing neverending administrative tasks, and ensuring your overall profit is the best it can be. One of the most critical factors to track is the Net Collection Rate of your holistic practice.
By accurately tracking your net collection rate, you can gain valuable visibility into how exactly your practice is truly performing. Learn more about the importance of your net collection rate and its relationship to your medical billing and coding process.
What is Net Collection Rate?
A holistic practice’s net collection rate is essentially a performance metric. It measures how effective the practice is at collecting all legitimate forms of reimbursement for services, which are typically the amount owed after all-payer contract adjustments are made. The net collection rate will reveal deficiencies in this process. If a practice is struggling to collect revenue due to bad debt, late filings, coding errors, or claim underpayments, it will have a low net collection rate.
Since the net collection rate is directly tied to a practice’s revenue stream, it’s one of the most important performance metrics to monitor. Typically calculated quarterly, the rate represents a snapshot of financial health and efficiency. A low net collection rate should be treated as an urgent priority because it indicates that the practice has a persistent problem when it comes to gathering revenue, which could indicate organizational inefficiency or an issue with patient relations and communication.
What Should Your Holistic Practices Net Collection Rate Be?
A 96% net collection rate is considered ideal across the industry. Anything lower than a 95% clean claims ratio means your holistic practice is losing revenue, which also indicates your holistic practice is wasting further money and time reworking rejected claims. In reality, most holistic practices have a rate that varies between 75% and 85%, which means that somewhere around 15–25% of claims submitted each month have to be worked on twice, at minimum.
Why Does A Strong Net Collection Rate Matter?
A holistic practice’s net collection ratio is one of the most significant collection metrics as it provides visibility into what is actually being collected and what your holistic practice is actually allowed to collect after factoring in any refunds, write-offs, or any other contractual and non-contractual amounts. As a result, your net collection rate is one of the most important collection metrics as it gives a clear picture of your practice’s benchmark performance.
Optimizing your net collection rate can indicate areas where your holistic practice is losing revenue. If your net collection ratio reveals that your practice is underperforming, you must investigate what processes need to be optimized for success. The reasons for a major gap between the score you have and the score you want can range from a variety of reasons, but they all have the same outcome: a negative effect on your holistic practice’s financial health.
What is the Net Collection Rate Formula?
Understanding your net collection rate is critical to your holistic practice’s overall revenue cycle. Optimizing your net collection rate starts with understanding how to assess your net collection rate. Calculating net collection rate involves several important steps:
- Identify the time period that you want to monitor (e.g., 90 or 120 days). Assess data from an earlier period in which the majority of claims would be closed and cleared; going about 6 months back is advisable.
- Calculate total payments (from payers and patients) for the designated time period.
- Calculate total charges minus approved write-offs (e.g., due to contractual reasons, bad debt, professional courtesy discounts, etc.) for the designated time period.
- Divide your calculation in step 2 by your calculation in step 3. Then multiply by 100.
- Do this consistently (e.g., every 90 days) for a period of at least one year to get the most accurate average rate.
Best Practices for Increasing Your Holistic Practice Net Collection Rate
Your strategy to help improve net collection rates will differ depending on your particular set of challenges and your target goals. Once you have the basics of improvement covered – by ensuring your front desk staff is on top of co-pays and that your patients understand your payment policies – you can take a more strategic approach. Auditing claims, coordinating more closely with payer reps, and empowering staff to handle follow-ups can ensure you collect every piece of revenue earned and that your net collection rate gets as close to 100% as possible.
Some strategies for improving your net collection rate include:
1. Implementing front-end point-of-service collections
One of the easiest steps to take is to collect 100% of copayments and deductibles from patients at the initial point-of-service. This ensures that no one walks out of your holistic practice with an outstanding bill and avoids the resulting hassle of collecting payments afterward, which can be just as inconvenient for the patient as it is for the practice. If a patient is unable to cover the cost at that time, the appointment can be rescheduled or other payment options can be discussed.
2. Comprehensively educating patients
Most patients have only a vague understanding of how healthcare practices collect payments from insurance providers; thus, they may not have a clear sense of their financial obligations when they use your holistic services. Providing a brochure or reference sheet to all patients that outlines their role and responsibilities in the payment process can clear up a lot of confusion. It’s also important to have someone on staff who has the financial expertise to answer any questions patients may have about how the claims and payment process works.
3. Provide patients with payment options
Expanding payment options requires some investment on the front-end, but it can have a major impact on net collections over time. As consumers, your holistic practice’s patients are accustomed to being able to pay for services in a variety of ways, whether it’s by credit or debit card, through an online portal, or via a mobile app. By providing a variety of payment options, patients are far more likely to find one that suits their needs and pay their bills promptly.
4. Calculate Your Net Collection Ratio Consistently
For the most accurate net collection rate, your holistic practice needs to be calculating this rate regularly. While the net collection rate can be measured monthly, quarterly, semi-annually, or annually, the longer the time frame, the more data you will have to provide an accurate performance assessment of your practice. Figuring out your net collection rate every 90 days for a period of at least one year will help provide the most accurate average rate.
Why Does Tracking Your Holistic Billing Metrics Matter?
Although the net collection rate is one of the most valuable collection metrics of your practice, other holistic billing rates are important to track to receive the best understanding of your overall efficiency and success. Tracking other metrics can also prepare your holistic practice to stay ahead of any revenue challenges. It’s essential for the success of your practice to be monitoring all billing metrics possible to have a continuous understanding of your financial performance. By tracking these metrics regularly, you can evaluate the monetary success of your holistic practice over a period of time to identify fluctuations and then investigate where and why any problematic changes take place.
Improve Your Net Collection Ratio With The Experts at Holistic Billing
Whatever the causes of a low net collection rate, partnering with a reputable holistic billing service is one of the fastest and easiest ways to turn this key revenue metric around. Experienced holistic billing services can overhaul the way a practice codes its services and how it submits claims to payers to minimize the rate of denials. Outsourcing your holistic billing process over to a third party also frees up time for office staff to focus on providing the best service and care possible. Instead of spending hours on the phone trying to collect outstanding payments, a holistic billing company can focus on expanding the practice’s patient base and improving the practice’s healthcare experience to better retain the patients it already has.
Since 1999, Holistic Billing Services has handled coding and billing issues for a variety of healthcare practices. We understand that each practice is unique and requires a customized solution that aligns with its long-term goals and increase its medical billing metrics. That’s why we work closely with our clients to help them set up holistic billing services and solutions that meet their specific needs and allows them to deliver the best care possible. To find out what we can do for your practice, contact our team today for a consultation.
Holistic Billing knows your holistic practice provides essential services for your clients and the community you serve. From acupuncture to massage therapy, one essential component of your work is to manage your holistic practice efficiently to best serve your clients. But, how can you successfully manage and run your practice?
With the proper practice management practices, your holistic business can grow and provide the utmost care to your patients. Keep reading for more information and tips on how to streamline your practice management!
What is Practice Management?
Practice management involves the responsibilities of overseeing the revenue cycle, compliance regulations, human resources, health information, and general business processes. This comprehensive work is usually performed by an individual or shared by a team, and ensures all areas of your organization are running smoothly.
It’s not an easy job to run a busy and successful holistic care practice; while it takes plenty of planning and determination, it also includes furthering a relationship between your clients and your practice. The well-being of your patients depends on how a practice keeps all moving parts humming along and functioning smoothly.
Why Do Holistic Practices Need Effective Practice Management?
Naturally, you want your holistic practice to be as effective and efficient as possible! To be operating at your best means your clients will receive the best care and attention. Your holistic practice should function in a smooth, yet professional manner so that patient-provider objectives can be achieved.
Effective practice management can make this happen and involves not only the practitioners and specialists across every discipline in your organization, but also the staff members and supporting team players. A cohesive business approach where everyone is on the same page translates beautifully into a fantastic client experience.
Improve Practice Processes
Increasing the efficiency of your practice’s workflows and processes results in automating tasks that usually burden your staff. By alleviating your team’s recurring workload, they can better serve your patients and turn their attention to other areas of the practice that need further help or development.
Verify Insurance
Making patient insurance verification an easier and more efficient process will enable you to see more patients. Your holistic practice will reap the benefits of automating such tedious and convoluted processes as insurance verification with the use of a Practice Management Software, which this article discusses further down. Automating this process would allow staff to estimate payments and collect them at the point of care.
Measure Efforts
Streamlined practice management allows for analytics to be tracked to see what is working and which metrics of your holistic practice need to be improved. This is instrumental in understanding where your practice is at in terms of numbers. Tracking these metrics will let you plan for the future, too – once you start meeting your objectives comfortably every week, you can start thinking about pushing yourself and your objectives higher, or focus on making your practice more sustainable.
Best Practices for Managing a Holistic Practice
Follow these best practices for successfully managing your holistic practice.
Consider Using a Practice Management Software
Designing and implementing a suitable practice management software system – and training your team members – can help achieve your holistic objectives. As your practice grows in size, and as the volume of patient flow increases, you need to add more staff and specialists so that you can treat different types of patients, necessitating increased practice efficiency. This future growth can be supplemented by innovative practice management software.
Utilize Technological Resources to Your Advantage
Skillfully using modern health information technologies, such as electronic medical records (EMRs) and the integration of mobile technologies, enables holistic practices to achieve more collaborative and methodical treatment options. Putting these resources to work for your organization means you’ll have a better overview of patient plans and future interactions.
Maintain HIPAA Confidentiality
This one is inherent for anyone working in the holistic medicine field. Your practice must conform to the vital health regulations and changed laws, such as HIPAA, and changed payment reimbursement models. Keeping up to date with these legalities and patient protections demonstrates your dedication to safeguarding personal information.
How Holistic Billing can Elevate Your Practice Management
Established in 1999, Holistic Billing Services is an integrative health services firm focused on streamlining your documentation, billing, and coding process to enhance your revenue cycle management. Our secure online portal provides acupuncture practices, massage therapy practices, and chiropractic practices an easier way to manage their health insurance billing so they can focus on delivering quality patient care and growing their practices.
As the nation’s largest billing provider for holistic healthcare, we service over 1,200 practices across the country. Thanks to our knowledge of insurance reimbursement and healthcare auditing risks, holistic practitioners average over $185 per hour of treatment with our billing and coding services. Contact us today and see what we can do for your practice management!
More Americans than ever before are turning away from conventional medicine and embracing holistic healthcare. Whether it’s to alleviate chronic pain, reduce stress, or for other benefits, studies are showing that more people are trading in their conventional doctors for holistic practitioners, or complimenting their conventional care with holistic therapies.
In a survey of more than 89,000 adults and more than 17,000 children, researchers at the National Institutes of Health (NIH) found that nearly one out of three people in the U.S. are seeking holistic healthcare solutions. So, why the shift to holistic medicine? There are several reasons responsible for the ongoing shift towards holistic healthcare.
What is Holistic Medicine?
Holistic healthcare is a form of medicine that treats the “whole person,” treating not the physical self, but also the emotional, spiritual, and mental facets as well. Whereas conventional medicine seeks to provide treatment for pain or the ailment, holistic healthcare focuses on both treatment and prevention. For example, if a patient has an ailment and turns to holistic therapy for help, the holistic practitioner will seek any underlying causes, including the patient’s stress levels and diet.
There are many different types of specialties under the umbrella of holistic medicine, including:
- Massage therapy
- Chiropractic care
- Mental health counseling
- Acupuncture
- Homeopathy
- Nutrition counseling
- Meditation
- Yoga
- Western herbal medicine
By focusing on prevention and health alongside treatment, holistic healthcare has helped millions of people manage their own wellbeing more effectively.
Western Medicine vs Holistic Medicine
Many holistic healthcare specialties have their roots in Eastern medicine. Compared to Western healthcare, Eastern medicine attempts to look at overall imbalances in a person’s life. This focus can be seen throughout all the holistic specialties. There are some key areas where holistic healthcare and Western medicine deviate from one another.
Insurance-Coverage
Until recently, many holistic practitioners were not covered by insurance or were out of network. Even still, many holistic practices may find it harder to be covered by insurance. On the contrary, Western healthcare and treatments are more likely than not covered by insurance providers, and as a result more accessible to Americans.
Cause of Ailment
While Western medicine looks at physical components, such as physical symptoms and genetics, for the causes of illnesses, holistic healthcare looks at the overall wellness of the patient. This includes any possible imbalances, such as issues with mental health and diet. For holistic practitioners, environmental and emotional influences are just as equal factors in the wellbeing of a patient as physical components.
Treatment of Illness
Holistic healthcare also differs from Western healthcare in the diagnosis and treatment of illnesses. In holistic practices, identifying the disease is not as important as in Western medicine because illnesses are viewed as effects of the patient’s individual lifestyle, and so treatments will vary per person and are not as clearly identifiable. Holistic treatments will often incorporate medication, natural solutions or supplements, or diet and exercise regimens. On the other hand, Western treatments will often include formal tests and standard treatments for every patient based on the illness. Treatments often include medication, with suggestions for lifestyle changes.
3 Trends Impacting the Rising Shift to Holistic Medicine
While there isn’t one single reason for the growing popularity of holistic healthcare, there are several trends that may be held responsible for the rising shift of consumers choosing holistic practices.
Growing Skepticism About the Medical Industry
More Americans are growing wary about healthcare institutions and general medical practices. Based on data from an international health care survey, Americans were found to have growing distrust in medical professions. While more than three-fourths of Americans had strong confidence in the medical field in the mid-1960s, currently only 34 percent trust the current medical system. Part of this skepticism can be due to a variety of motives. While many patients have been wary to trust medical research due to the motives being possibly compromised by funding, there is also the perception that key players in the healthcare industry pursue profits at the expense of patients.
There is also a growing public perception that Western medicine may be over-reliant on medications. While people are taking more medications than ever, doctors are also prescribing them on high doses – with some reports indicating that many of these pills are doing more harm than good. While nearly 7 in 10 Americans are taking at least one prescription drug each day, nearly nine in ten (89%) adults 65 and older are on prescription medicine. The most common prescriptions make up antidepressants, antibiotics, and opioid painkillers. One of the attractive aspects of holistic healthcare to many Americans is its lack of medications. For people trying to find less-medicated treatment, holistic medicine seems like a positive solution.
Greater Accessibility
In part due to the growing popularity of holistic medicine, more Western medical practices are adding supplemental holistic care – making it more accessible for patients. Hundreds of healthcare centers, including hospitals affiliated with Duke, Yale, Johns Hopkins, and other top medical research centers, are also offering holistic therapies, including acupuncture, massage therapy, meditation, Chinese herbal therapy, and more. While it’s likely the vast majority of hospitals will have alternative medicine options, this is a far cry from two decades ago when just 14% of hospitals were reported to provide complementary holistic therapies in 2000.
With greater acceptance of holistic therapies in hospitals, clinics, and research centers, more people looking for alternatives are finding them easier to access. While many of these therapies are supplementary and made to complement Western treatments, they are allowing patients access to acupuncture, massage therapy, and even more alternatives.
Wide Range of Ailments Treated
One of the additional driving forces in the growing popularity of holistic healthcare is the wide range of illnesses that alternative therapies can encompass. Since therapies, such as massage and medication, focus less on the exact illness and more on the overall well-being of the patient, people with medical conditions that are not easily treated with conventional medicine are turning to holistic practices for relief.
For patients increasingly dissatisfied with the minimal time they receive with doctors and with physicians who seem to prescribe a pill for every woe, integrating their conventional treatments with holistic therapies or completely choosing a holistic approach to medicine offers a refreshing new take on care.
Prepare Your Holistic Practice for the Future With HBS
With the growing demand for holistic medicine, your holistic practice needs to be optimized to handle growth. Medical billing is especially complicated for holistic practices and can possibly overwhelm your business as you focus on growing your practice and provide care for your patients. By outsourcing your medical billing, you can leave the responsibility of insurance enrollments, credentialing, and medical billing and coding to the experts – saving you time!
As an experienced billing provider for holistic practices, Holistic Billing Services can help your practice navigate the intricacies of insurance billing claims to minimize denials, increase your revenue, and grow your practice. We understand the unique needs of holistic practices, as well as the common obstacles you face when it comes to medical billing and coding. With a knowledgeable partner by your side, you can streamline your billing and increase your revenue cycle management! To learn more about our services, talk to one of our billing and coding experts today.
COVID-19 pandemic has already inflicted terrible damage upon many holistic medicine practices. As if the first wave of lockdowns wasn’t damaging enough, the sudden resurgence in cases throughout the country has pulled the rug out from underneath many businesses that thought the worst was already behind them. While it remains to be seen if states will begin ordering more shutdowns to limit the spread of the virus, holistic practices should start thinking about making lasting changes to their businesses rather than trying to ride out the crisis.
The Impact of COVID-19 on the Integrative Medicine Industry
Social distancing requirements have proven particularly difficult, though not impossible, for acupuncture, massage therapy, and chiropractic practices to manage. When the reopening process began in late spring, many of them adapted as best they could to the new guidelines, changing how many patients were scheduled, limiting staff presence, and procuring additional protective equipment. But just because those practices were ready to receive patients doesn’t mean they all came flooding back. A recent survey of healthcare facilities found that 79% of them were seeing fewer patients now than they did prior to the pandemic, a trend that has undoubtedly affected holistic practices as well.
5 Changes Integrative Medicine Practices can Expect to See Post-Pandemic
While it’s too early to say what the long-term impacts of the COVID-19 pandemic will be on holistic practices, there are some changes that seem quite likely to occur.
1. Marketing Will be More Important Than Ever
When the threat of the pandemic finally recedes, integrative medicine practices will face the tremendous challenge of attracting new patients. People may not know that holistic practices are even still open, so it will be important to establish a strong marketing presence to broadcast those services. The post-pandemic competitive landscape may look very different, with some long-standing practices going out of business and unproven newcomers opening practices. Established practices must be prepared to stand out in this new environment with the right marketing message that brings people back for their services.
2. More Patient Engagement
In addition to stepping up their marketing, practitioners will likely feel the pressure to cultivate stronger relationships with their patients. Keeping in regular communication with patients will make it easier to retain them over time and also build up a strong infrastructure that allows the practice to stay in contact in the future. Should another pandemic or similar event occur, having an engaged patient base will make the practice more resilient should it need to cut back or shut down services again.
3. Long Term Health Complications
One of the most disturbing and poorly understood aspects of COVID-19 is the lingering health effects it causes in some patients after recovery. These impacts include kidney damage, nervous system dysfunctions, and joint inflammation. Holistic practices must make themselves aware of these symptoms and determine how their health services might be able to address them for patients in search of relief.
4. Ongoing Social Distancing
While hopes remain high for the rapid development of a COVID-19 vaccine, it’s important to remember that their rollout will likely take place over time and could face significant logistical barriers. That’s partially why a study conducted early in the pandemic estimated that social distancing measures may be necessary well into 2022. Holistic practices should be prepared to keep social distancing guidelines in their offices in place for the foreseeable future.
5. Increased Demand for Remote Services
The retail industry has long found that online services tend to be “sticky.” That is, once people start using them, they tend to stick with the behavior. It’s why the number of online shoppers grows after each holiday season and it could be why the number of people expecting healthcare and holistic practices to offer remote services after the pandemic. The growth of telemedicine and increased familiarity with video conferencing tools could create a tremendous opportunity for holistic practices to reach a new range of customers who may not be willing to make an in-person appointment, but might be interested in remote consultations or presentations.
Prepare Your Holistic Practice for the Future with the Help of Holistic Billing!
Managing all these new challenges in the aftermath of the pandemic can be difficult enough without having to think about how they might impact your billing and coding. Partnering with an experienced medical billing provider with a special focus in acupuncture, massage, and chiropractic services can take the burden of insurance billing off your plate so you can work on meeting the needs of your patients and growing your practice.
At Holistic Billing Services, we deal exclusively with holistic healthcare practices like acupuncture, massage therapy, and chiropractic treatment. Our team of experienced billing and coding experts understand the unique needs of holistic practices and can help you take steps to improve your insurance reimbursements, reduce denied claims, and accelerate your revenue cycle management. To learn more about the benefits of holistic billing and begin preparing your practice for a post-pandemic world, contact our team today.