Millennia Blog Answering the Call for Financial Transparency: Best Practices for Achieving Financial Transparency MIllennia September 15, 2022 It’s a simple approach, but difficult to execute. At the end of the day, you need to invest in the right people, processes, and technology. 1. Make proactive, adaptable, and digital patient communication a top priority. When it comes to communication–the earlier, the better. To fully engage your patients, you must invest in a robust communication system. Don’t wait to get critical information from your patients until they check-in. Most, if not all, check-in information can be done digitally before a patient presents at your Read More » 7 Ways to Improve Patient Satisfaction MIllennia September 9, 2022 Like any business, healthcare practices are highly concerned with patient satisfaction. Some are even graded on it through the Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS). Whether they come from an external assessment or internal checks, patient satisfaction scores play a big role in how likely patients are to return and recommend you to others. It can also affect your standing in the healthcare industry, with poor scores on the HCAHPS even limiting reimbursement. Improving patient satisfaction depends on a broad range of Read More » Answering the Call for Financial Transparency: What Does Financial Transparency Mean for Hospitals, Physicians, and Other Healthcare Providers? MIllennia August 31, 2022 Healthcare Consumerism Is Here to Stay Self-pay cannot be ignored as a major player in a healthcare system’s financial success. Consumer contribution to overall revenue continues to grow–35% of total physician practice revenue is contributed to patients18. Healthcare providers need to treat patients like a payor. They should have the patient experience front and center when determining the next wave of technology to drive revenue growth. Patients’ out-of-pocket (OOP) expenses will continue to grow. It’s projected that patients’ OOP expenses will grow by 10% year-over-year Read More » Answering the Call for Financial Transparency: The Evolution of Healthcare MIllennia August 17, 2022 Historically, the health system has been a business-to-business payment model6. A healthcare provider’s revenue largely depended on how well it managed the flow of claims from its billing system to a payor’s (government or private) claim processing center. Until recently, payor rules, regulations, and contracts dictated the level of data transparency for billing information, not patients. Since insured patients bore a small percentage of their healthcare expenses, they weren’t overly concerned with rising costs. Unless a patient’s insurance plan denied a specific service or treatment Read More » Guide to the No Surprises Act in 2022 MIllennia August 16, 2022 Over two-thirds of adults say they worry about unexpected medical bills — and their fears are well-founded. A big portion of healthcare claims involves at least one out-of-network bill, including one in five emergency claims and one in six in-network hospitalizations. The No Surprises Act went into effect in January 2022, helping many Americans breathe a sigh of relief. It can help patients avoid hundreds if not thousands in unexpected care costs, but it does change things for providers and health plans. These organizations must change their Read More » Answering the Call for Financial Transparency: Executive Summary MIllennia August 10, 2022 Like it or not, healthcare is a business. And like any business, to survive and hopefully thrive, you must adapt to the market. Even though most healthcare facilities are non-profits 1, they still seek high operating margins that focus on maximizing revenue and reducing costs. Traditionally, a health care provider’s ability to maximize payor revenues determined its financial success. Data transparency centered on a payor’s needs, not a patient’s. For many insured patients, bills were treated as “informational only” since the cost passed between Read More » Millennia welcomes Eric Ingram as its new Chief Financial Officer MIllennia June 16, 2022 RALEIGH, NC May 1, 2022 — Millennia (the “Company”), a leader in patient payment and patient engagement for hospitals, health systems and medical groups, is excited to announce the addition of Eric Ingram as the new Chief Financial Officer. Eric comes to Millennia with more than 25 years of experience in financial leadership. He came to Millennia from the same role at Logitix, a leader in the sports and live events ticketing. Prior to Logitix, Eric served as CFO at TractManager where he played Read More » Millennia Launches Millennia Access, a Leading Patient Access and Engagement Solution MIllennia May 19, 2022 Millennia (the “Company”), a leader in patient payment and patient engagement for hospitals, health systems, medical groups and specialty practices is excited to announce the launch of Millennia Access, a unified patient experience platform that streamlines the scheduling, intake, registration and pre-payment process. Patients’ needs and expectations of their healthcare experience continue to rise, especially with the massive growth of digital technology and convenience. According to a study conducted by Redpoint Global, 80% of consumers said they prefer to use digital communications with their healthcare Read More » Millennia Launches Millennia Complete, the First Truly Unified Patient Experience Solution MIllennia May 16, 2022 Millennia (the “Company”), a leader in patient payment and patient engagement for hospitals, health systems, medical groups and specialty practices is excited to announce the launch of Millennia Complete, a new and unified patient engagement and payments platform. Millennia Complete streamlines the patient journey and is the first product that can take a patient from scheduling of their appointment through the final patient payment. The needs and expectations of patients continue to grow. Patients are looking for a simple, seamless process to engage with their Read More » Patient Engagement Best Practices. Download our Free White Paper. MIllennia March 23, 2022 Today’s effective patient billing processes combine advanced analytics and workflow automation to drive a well-planned strategy for Patient Engagement. We’ve compiled the best practices from leading providers throughout the country on how to best engage patients and support them throughout the experience, including the payment process. Click below for our free White Paper. Read More » Page1 Page2 Page3 Subscribe to Our Blog First Name Last Name Email Address Subscribe to Blog Categories Company Updates (9) COVID-19 (4) Industry Insights (4) Patient Experience (1) Patient Payments (3) Press Releases (4) Revenue Cycle (1) Success Stories (4) Uncategorized (5)
Answering the Call for Financial Transparency: Best Practices for Achieving Financial Transparency MIllennia September 15, 2022 It’s a simple approach, but difficult to execute. At the end of the day, you need to invest in the right people, processes, and technology. 1. Make proactive, adaptable, and digital patient communication a top priority. When it comes to communication–the earlier, the better. To fully engage your patients, you must invest in a robust communication system. Don’t wait to get critical information from your patients until they check-in. Most, if not all, check-in information can be done digitally before a patient presents at your Read More »
7 Ways to Improve Patient Satisfaction MIllennia September 9, 2022 Like any business, healthcare practices are highly concerned with patient satisfaction. Some are even graded on it through the Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS). Whether they come from an external assessment or internal checks, patient satisfaction scores play a big role in how likely patients are to return and recommend you to others. It can also affect your standing in the healthcare industry, with poor scores on the HCAHPS even limiting reimbursement. Improving patient satisfaction depends on a broad range of Read More »
Answering the Call for Financial Transparency: What Does Financial Transparency Mean for Hospitals, Physicians, and Other Healthcare Providers? MIllennia August 31, 2022 Healthcare Consumerism Is Here to Stay Self-pay cannot be ignored as a major player in a healthcare system’s financial success. Consumer contribution to overall revenue continues to grow–35% of total physician practice revenue is contributed to patients18. Healthcare providers need to treat patients like a payor. They should have the patient experience front and center when determining the next wave of technology to drive revenue growth. Patients’ out-of-pocket (OOP) expenses will continue to grow. It’s projected that patients’ OOP expenses will grow by 10% year-over-year Read More »
Answering the Call for Financial Transparency: The Evolution of Healthcare MIllennia August 17, 2022 Historically, the health system has been a business-to-business payment model6. A healthcare provider’s revenue largely depended on how well it managed the flow of claims from its billing system to a payor’s (government or private) claim processing center. Until recently, payor rules, regulations, and contracts dictated the level of data transparency for billing information, not patients. Since insured patients bore a small percentage of their healthcare expenses, they weren’t overly concerned with rising costs. Unless a patient’s insurance plan denied a specific service or treatment Read More »
Guide to the No Surprises Act in 2022 MIllennia August 16, 2022 Over two-thirds of adults say they worry about unexpected medical bills — and their fears are well-founded. A big portion of healthcare claims involves at least one out-of-network bill, including one in five emergency claims and one in six in-network hospitalizations. The No Surprises Act went into effect in January 2022, helping many Americans breathe a sigh of relief. It can help patients avoid hundreds if not thousands in unexpected care costs, but it does change things for providers and health plans. These organizations must change their Read More »
Answering the Call for Financial Transparency: Executive Summary MIllennia August 10, 2022 Like it or not, healthcare is a business. And like any business, to survive and hopefully thrive, you must adapt to the market. Even though most healthcare facilities are non-profits 1, they still seek high operating margins that focus on maximizing revenue and reducing costs. Traditionally, a health care provider’s ability to maximize payor revenues determined its financial success. Data transparency centered on a payor’s needs, not a patient’s. For many insured patients, bills were treated as “informational only” since the cost passed between Read More »
Millennia welcomes Eric Ingram as its new Chief Financial Officer MIllennia June 16, 2022 RALEIGH, NC May 1, 2022 — Millennia (the “Company”), a leader in patient payment and patient engagement for hospitals, health systems and medical groups, is excited to announce the addition of Eric Ingram as the new Chief Financial Officer. Eric comes to Millennia with more than 25 years of experience in financial leadership. He came to Millennia from the same role at Logitix, a leader in the sports and live events ticketing. Prior to Logitix, Eric served as CFO at TractManager where he played Read More »
Millennia Launches Millennia Access, a Leading Patient Access and Engagement Solution MIllennia May 19, 2022 Millennia (the “Company”), a leader in patient payment and patient engagement for hospitals, health systems, medical groups and specialty practices is excited to announce the launch of Millennia Access, a unified patient experience platform that streamlines the scheduling, intake, registration and pre-payment process. Patients’ needs and expectations of their healthcare experience continue to rise, especially with the massive growth of digital technology and convenience. According to a study conducted by Redpoint Global, 80% of consumers said they prefer to use digital communications with their healthcare Read More »
Millennia Launches Millennia Complete, the First Truly Unified Patient Experience Solution MIllennia May 16, 2022 Millennia (the “Company”), a leader in patient payment and patient engagement for hospitals, health systems, medical groups and specialty practices is excited to announce the launch of Millennia Complete, a new and unified patient engagement and payments platform. Millennia Complete streamlines the patient journey and is the first product that can take a patient from scheduling of their appointment through the final patient payment. The needs and expectations of patients continue to grow. Patients are looking for a simple, seamless process to engage with their Read More »
Patient Engagement Best Practices. Download our Free White Paper. MIllennia March 23, 2022 Today’s effective patient billing processes combine advanced analytics and workflow automation to drive a well-planned strategy for Patient Engagement. We’ve compiled the best practices from leading providers throughout the country on how to best engage patients and support them throughout the experience, including the payment process. Click below for our free White Paper. Read More »
