Retailization of Healthcare

In every other industry – fashion, food, retail – the customer pays when the service is rendered. The healthcare industry needs to shift to the same retail perspective of doing business in order to increase its cash flow and to reduce collection costs associated with tracking down payment.

In the current process, it is the front desk’s responsibility to verify eligibility, and only 30% of offices perform this task. So when the office then submits a claim to the insurance company, it is often times denied because of incorrect information or the patient has not met his/her deductible. Unfortunately, the patient is no longer there to correct the information or to make payment on the remaining deductible.

If doctors’ offices move toward a retail-based solution, they will no longer have to use valuable resources to track down patients. Patients will verify their eligibility and make payment according to their benefits and responsibilities at the time of service. Doctors will provide a service and get paid during the life cycle of the visit up to the point when a patient has met his/her deductible.

Clearwave’s kiosk solution allows for an easy transition from the current to a retail process. With Clearwave, the doctor has the right patient information at the right time and associated with the fee schedule can determine a patient’s amount due at the time of service. In return, front desk staff time is relieved and reallocated, cash flow is increased, and collection costs are reduced.