RCM: The Art of Compassionate Billing – Reasons to Put Patients FirstMed Miles LLC
The most common answer, when people ask about the area where medical practitioners have to be the most compassionate, is the clinical side of things. This is the right answer, however, it’s not the only place where people should be careful.
Getting billed out of nowhere is a real surprise and one that happens quite often. Not only does it hit you financially but emotionally as well.
People think that getting insurance might save them from such costs, but as people spend so much time providing documentation, and following up, these costs still manage to creep in from somewhere.
Surprise billing adds frustration as it fails to uncover costs or to make matters worse they appear when the patient thinks everything has been paid for.
Intimidating the collection of bills stresses people out nowadays, especially during a crisis like COVID-19. A more compassionate and open approach to billing helps patients understand their financial situation so that they know what to do to build long-term loyalty, something that the providers look to aim for, more so in this time of crisis.
We Need It Now More Than Ever!
Surprise bills amount to millions of dollars each year. According to a poll where people were asked about the costs that worried them the most revealed that 2 in 3 adults said unexpected medical bills.
This is a problem as on average 1 out of 5 emergencies and 1 out of 6 in-network hospitalizations have one bill that’s not related.
Things are starting to change for the better with new rules and regulations, like the No Surprises Act, however, people still are not aware of these rules.
According to a recent study, only 5.6% of hospitals were fully compliant with the new regulations, and that only 1 out of 10 patients know that hospitals now need to post prices online.
Recovering from the COVID-19 pandemic, many people are facing financial uncertainty due to unemployment and other challenges. Hospitals are coping with the financial issues from the COVID-19 pandemic, a good enough cash flow is more important than ever.
The bigger and more important challenge is to have some compassion towards the patients so they feel supported by their providers.
What Is Compassionate Billing-RCM & Why It’s Important?
Compassionate Billing is the practice that healthcare providers carry out by supporting patients with empathy and care throughout the billing process, this promotes patients in taking control of their finances, managing payment plans, and finding other modes of payment, improving health as a result.
For effective communication with patients regarding payments, caregivers convey kindness to the patients in every possible way. By this simple act, caregivers can turn a stressful situation into something that helps consumers feel cared for.
Working closely with consumers should be crucial by using modern ways of communication. Below we discuss why compassionate billing helps and how it should be done.
The size of monthly payments does not negatively impact the rate, suggesting that patients want to cover their duties and choose the number of bills that fit their budget. More options, due to compassionate billing, both the patients and providers win.
Patient Care Mindset
It has happened in many cases, when second or third statements are left unpaid, the patient often is removed from your team’s mental side. This shouldn’t be the case.
Medical providers should train the medical billing team so that they remember that billing is the crucial and final step of the care and treatment that they deliver to help patients be healthy – not just a regular exercise that manages income.
Just like medical don’t provide identical medical treatment to every disease and patient, then processing all your patient’s accounts uniformly doesn’t make sense either. Every patient and their bill is different.
Medical providers should invest more in comprehensive data and advanced analytics. By this providers understand an individual’s ability to pay. Making the payment process positive as they assess and assign each patient based on their unique financial situation.
Minimizing barriers and bumps during payment is crucial towards compassionate bill collections.
In this world of high technology, providers should start to offer multiple payment options that include, telephone, mobile and online portals, so patients pay in a way that’s most convenient for them.
As a result, freeing up staff to help the patients who need a little extra help in understanding their statements.
Personalized Payment Plans
Providers and patients come most in contact during the process of Medical billing as money is a sensitive topic for humans in general. Also because bill statements can be overwhelming and difficult for patients to understand.
Customizing patient statements allows providers to simplify the patient’s bills quickly and easily, turning a confusing process into something simple of more value.
Personalized messages and updates can turn the billing experience easier for them and simpler for you. Not only saving time but increasing customer retention in the process.
Of course, billing is only one part of the medical system that needs a modern kick, but it’s important to keep in mind that billing can be a pleasant process when done with compassion, and understanding.
By treating consumers as people with unique circumstances, we can support their needs, meet revenue goals, and collectively take a big leap forward into a better healthcare system.
To help you with this cause, medical experts here at Med-Miles can help automate and simplify your billing process, so that you don’t worry about your patient’s satisfaction in the future.