The Pandemic affects the operations of the healthcare system worldwide. Many practices are facing a decline in patient visits.
Fear is the one component of this low volume. People are afraid so they are delaying their regular health checkups.
Telehealth system is the new hope in these tough times, patients are now utilizing these options for their regular visits. But the revenue collection management system is still down.
People are experiencing a change in their insurance policies due to the ongoing pandemic. Which is making it more difficult for the health service provider to collect revenues.
How to Maximize Patient Collections?
The emergence of the new variant is more than worrisome in the coming days. The health care providers can still take some effective steps to raise their revenues in 2022.
Here are some easy ways to maximize patient collections;
Collect Essential Data before Appointment
The first step is to collect all the required data from the patient when he calls to book an appointment.
Your front desk staff member can collect all the data like name, address, phone, and insurance coverage.
These details will help you to follow up with the patient when the treatment is done.
Moreover, the coding process to get reimbursement from the insurance companies also required a complete detail of the patient. Otherwise the denial ratio and account receivable can expand.
Before starting the treatment, verify the insurance eligibility and insurance coverage.
Patients are usually unaware of their insurance coverage, while some treatments and procedures are excluded from the insurance agreement.
The insurance verification is a regular process but due to COVID-19, massive regulations and changes in policies that occurred from the insurance providers, while people have undergone many job changes resulting in new insurance coverage.
All these regulations are urging the importance of strong verification and eligibility measures.
Make a Payment Policy
Setting up a payment policy plan is ideal in this situation. Many people are facing problems in visiting the health care units, due to changes in the policies and the growing fear of pandemics.
Since most of the appointments are scheduled through Telehealth visits, It’s ideal to make amendments to the policies.
The billing process of telehealth services should be dealt with by the online system, like sending emails, phone calls. Make a payment plan that will allow the patient to gradually pay their dues.
A reliable payment plan allows the health sector to collect maximum revenues over time.
Multiple Payment Options
A multiple payment option system can increase the likelihood of getting payments on time.
It is furthermore effective during this pandemic, as the chances of contact with the virus are also reduced when the transaction can be done remotely.
There are multiple payment options like payment through credit cards, debit cards and the health sector can also make its online patient portal where payments can be easily transferred.
There are other options too like payment through mobile phones using QR codes.
The multiple payment option system can work best for both the patients as well as health service providers.
Patient follow-ups are the regular procedure to collect payments. While it is not recommended every time.
But if your patients are not paying their bills on time then it will reduce the revenue of your practice. Your account receivable will jump and you failed to manage your regular services.
The patient might forget that they have some amount to pay. It could be due to many reasons like they consider that those treatments are covered by their insurance companies but they might be excluded due to non-coverage. So a timely reminder to the patient is essential in that case.
Use Best Billing Softwares
Medical billing software is helpful in the collection process. Your practice can maximize the revenues by installing proper software in the system.
They effectively track the payment details like past due bills and late payments. A software system is the best tool to maximize revenues in 2022.
Outsource The Services
Many health service providers are associated with billing companies. Medical billing service providers not only help the health sector to get maximum reimbursement from the insurance companies but patient follow-ups and collections are also part of their services.
Payment posting is an important aspect of medical billing, It gives you an insight into your regular income stream.
These insights give your practice a clear picture of the ongoing financial condition which can be resolved if identified in a timely manner.
Medical billing services can help you to manage your payment posting. They can easily find the issue and resolve them quickly.
Account Receivable Management
Account receivable is the process of obtaining the payment in the given period of time. An outstanding account receivable is not good for any practice.
Outsourcing can help you to get maximum reimbursement by managing account receivable effectively.
Patient Following Up
Patient follow-up is a hectic task, not every medical service provider can manage this activity regularly. Billing companies can help your practice for regular patient follow-ups.
With the above-mentioned ways, you’ll be paid in 2022, if you are still confused about maximizing patient collections, Med-Miles LLC can help you maximize your collections.
We have a team of professionals who are in the healthcare industry for more than eight years.
Our aim is to facilitate our customers by managing their revenue cycle at a reasonable cost. Call us at (888) 598-9181 for more information.