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How to compare pos collections to total patient collections?


Asked by Marley Tran on Dec 01, 2021 FAQ



POS-2Collections POS Collections to Total Patient Collections POS Collections Total Patient Collections 30% 40% 50% POS-3Collections POS Collection Opportunity Rate POS Collections POS Estimations 30% 45% 60% POS-4Collections Total POS Dollars Collected Total Dollars Collected (<= Discharge Date)
Next,
•NAHAM Definition of POS Collections: Any and all collections posted by Patient Access prior to and including discharge date. This includes: Collections from self-pays Collections from insured patients (copay/deductible/co-ins) Initial payments collected for approved payment plans Prior balances and bad debt accounts 5
Likewise, It also provides an indication of the fiscal integrity and financial health of an organization, HFMA states. Providers can calculate their cash collections as a percentage of net patient service revenue by dividing total patient service cash collected by the average monthly net patient service revenue.
Thereof,
Frontend staff may benefit from additional point-of-service patient collection training, but healthcare organizations should also consider shifting more backend revenue cycle management functions to the front office.
And,
Doctors and hospitals may refer to their POS collections as time-of-service, upfront, or front-end collections. In general, a provider who participates in POS collections will ask for payment of a proposed service sometime before the service is rendered, up to the time the patient is discharged or leaves the office.