o you want to improve patient collections? As today’s medical practices cater to empowered patients who are involved in their healthcare, it is important to provide a payment experience that is seamless and transparent.
High patient premiums, co-pays and deductibles make it necessary for medical practices to have a solid patient collection strategy.
Getting reimbursed for care provided needn’t be an uphill climb as there are easy-to-implement strategies that ensure no claim slips through the cracks. Our revenue cycle experts will spill the secret sauce on maximizing collections.
The rise and rise of patient payment responsibilities…
Not too long ago, collection efforts were focused solely on insurance payments as patient payments accounted for a small percentage of a practice’s revenue. But times have changed. Patient payments have risen exponentially over the years. According to a recent estimate, patient co-pays alone make up 20% of a practice’s revenue. Not having a strong patient collection strategy means leaving money on the table.
How do you collect more money upfront?
This blog shares strategies and lessons learned from the front lines to help your medical practice collect patient payments effectively.
Collect Patient Payments Without Losing Dollars Or Patients
Myth: Patients refuse to pay their share and it takes persistent follow-up to get paid.
Fact: Patients need to be educated about their payment responsibilities and provided with easy payment options.
10 Ways To Improve Patient Collections And The Patient Payment Experience
Medical insurance is complicated. It is hard for professionals to understand and harder for patients! Patients get blindsided when slapped with a huge bill and refuse to pay. Encouraging front office staff to educate patients on their financial responsibilities lights the way for better patient collections and a healthy patient-provider equation.
Fax machines and tedious billing methods have gone the way of floppy disks. To improve point-of-service collections it is important to offer easy and modern payment options. According to a report by Instamed, 70% of healthcare consumers prefer an electronic payment method such as e-checks and over 64% expected a mobile payment system such as Apple Pay. Offering digital payment options boosts POS collections.
Many medical billing practices still resort to sending invoices through standard mail channels. Patients, millennials in particular, hardly ever check snail mail. This results in forgotten invoices, late notices, and bad debt. A clear, timely invoice sent electronically can improve patient collections
The revenue cycle is fragmented and highly segmented. The front end of the revenue cycle exists in a silo. It is essential to follow a process or implement a solution that unifies the entire revenue cycle for better efficiency.
A dedicated patient services representative who handles patient queries related to medical reimbursement and handles care estimates can help clear bad debt and ensure a healthy patient-physician relationship.
How does an efficient patient billing process strengthen a practice? It has a positive impact that goes beyond revenue metrics. Patients who feel heard are less likely to switch providers. A recent survey estimates that more than 66% of healthcare consumers would consider switching providers for a better payment experience.
It can be challenging to work with underinsured or uninsured patients. Offer time-based payments or discounted bills to speed up the patient collection cycle. Flexible payment arrangements for patients especially those who require chronic care improves patient collections and engagement.
Aging patient AR poses a huge challenge to medical practices. It is best practice to review patient reports at frequent intervals. Aging AR that falls in the above 90 days bucket is harder to collect. Careful and regular review of patient AR balance reports results in quicker payment reconciliation.
Patient statements that provide clear payment information, breakdowns and payment options tighten the patient billing process. There is less to and fro and payment delays. It reduces the time spent on billing and increases collections.
What happens when your patient billing process runs on auto pilot? The answer lies in automation. But automate which process? And most importantly how to get started? We have an answer. Not just an answer, we have a solution. And it is a solution that’s worked for hundreds of medical practices, outpatient centers, and hospitals.
We are not talking about a complex solution that is a space-age marvel of efficiency. A simple, easy-to-setup front office solution that automates front office functions, streamlines the patient billing process and improves patient billing collections.
But you don’t have to take our word for it. Request a personalized demo of
CLAFly
today.
