High-deductible healthcare plans, co-pays, and out-of-pocket medical expenses have contributed to the emergence of healthcare consumerism. An effort to make health care services more efficient and effective by putting purchasing power in the hands of the patient. Because of this, the burden of paying for health care falls on patients. And health systems have less control over cash flow and AR. In this article we are going to discuss about improving patient collections. Read carefully below to understand all points.
Tips To Improving Patient Collections In Medical Billing
Medical billing is complex, but these tips from healthcare professionals can help.
- To fully familiarise yourself with the healthcare billing process. Take a broad sight of your needs and train your staff.
- Healthcare billing experts also suggest engaging the patient, taking a detail-oriented approach, and using technology.
- You should also familiarise yourself with your players. And the changes introduced by the coronavirus pandemic. As well as consider third-party medical billing services.
When we think of a successful medical practice. We may think about the quality of care and the level of expertise of the practitioners. Invoicing is not an aspect of business that usually comes to mind. But for medical practices, there are few parts of operations more important than billing.
Collect from the Patient Stint They’re in Your Facility:
One of the biggest obstacles standing in the way of smooth cash flow is the impossibility of collection from the patient at the time of service. Do not assume that every patient knows that they are responsible for their share of the cost of their medical services. Some people may not be fully informed. About their insurance plan, policy, payments, deductibles, and so on.
This is also good in improving patient collections in medical billing.
Also, don’t take it for granted that every patient knows they can pay their share at the time of service. If you allow patients to pay on the day of their visit. Some patients may choose to go this route. Your cash flow could be negatively affected if you are billing patients by mail. Informing them of their bills over the phone. And even trying to recover their late payments through a collection agency. To avoid this, you can:
- Find out the payment responsibility before the patient visits.
- Consistently inform each patient of their payment responsibilities.
- Take care of amenities that require pre-authorization in advance.
- Set clear expectations and be transparent about your payment policy.
- Post signs at your facility stating that payments must be collected in advance.
Communicate with Patient Clearly:
Clear communication with your patients can do wonders to support the patient intake process. One great idea is to use appointment reminders. Use this communication opportunity to mention unpaid balances and reformulate payment policies. Firm transparency gently nudges patients who simply forget to pay. All costs should be broken down into easy-to-understand explanations of services to eliminate confusion or doubt.
Phone calls to confirm appointments are another opportunity to remind the patient of outstanding bills, payment options, and policies. This policy should require payment at or before the point of service. Listen to patient concerns and double-check any errors. They bring to your attention to ensure there is no billing error.
Make Use of the Patient Entrance to Collect Payments:
If you need your patients to pay their bills on time. The best way is to make your payment process accessible. Allowing patients to pay online by credit card is one way to do this. But collecting payments through patient portals will help you speed up the collection process. And help meet meaningful use.
This is also best technique to improving patient collections in medical billing.
Secure a Good POS System:
Once your office determines that a payment is due. You should collect the payment quickly – that’s where a Point of Service (POS) system comes in. Not only does a POS system allow your business to accept payments. Accept many types of payments.
- Take payments on the go.
- Reduce the amount of necessary paperwork.
If your office does not have a POS system, it is wise to consider getting one. There are many cash register systems on the market with useful features.
Flexible Self-Service Payment Options:
As consumers, most patients want options. Self-service payment solutions for patients can also help hospitals improve their collections. If patients are unable to pay for care at the POS or pay their outstanding balance before leaving the hospital. Providing them with more flexible chances can ensure that they are capable of making a payment. They have the tools to do so.
Starting the conversation about payment while patients are in the hospital. Can inspire them to start thinking about their responsibilities. Offering easy-to-use tools at the POS and back home can help them secure payments. When your hospital empowers patients and asks the right questions at the right time. Your collections can improve.
Collect Accurate Information:
You should instruct your staff to record correct patient demographics and insurance information. Motivate clients to complete consent and intake forms, and questionnaires. And benefits information before the appointment. When you have accurate details at your fingertips. You can generate flawless statements. This saves time for reprocessing invoices. These all tips are proved for improving patient collections in medical billing. So, you can consider all these steps.
Why Is Improving Patient Collections Important?
Improving patient collection is one of the important key components of effective revenue cycle management. Medical payments have undergone a drastic change in recent months due to covid-19. And patients are increasingly affected by rising healthcare costs and expensive medical bills.
This is not the end, the burden of paying medical bills continues to fall on patients. In turn, healthcare providers must adjust their collections to reflect the new demands of the healthcare industry. Specially to avoid cash flow targets in healthcare.
Medical practices prefer patient payments in advance due to problems with collecting past-due balances. Not only that but advance payments have become necessary. Due to the ever-increasing operating costs of the mean medical practice. Achieving your income goals is impossible if you suffer from withdrawal delays. Several providers and praise reporting companies provide payment alternatives to improve their rates. You can also offer patients with payment plans to reduce their financial stress. If you are considering implementing a healthcare billing solution and don’t know how to decide. You can try our comparison matrix. It helps you compare multiple products and create a score. Hope these all tips will be beneficial to improving patient collections in medical billing. Bookmark our website for latest updates.