In current healthcare exercises, hospitals spend a lot of time and money on sufferer discharges. To this end, most healthcare organisations hire full-time employees who are entirely responsible for managing patient records. Responsibilities include mailing, printing, and managing the logistics of patient medical bills. On the other hand, some outsource this process to technology companies to make the process more efficient and effective. We are going to discuss top 10 ways to Boost Patient Payments. So, have a look on it and keep reading carefully.
For the smooth running of office expenses, it is important to understand that certain procedures can improve the way the patient statement is provided and make them understand their responsibility towards their obligations. However, the paper cost of a patient statement adds up quickly, if you remind the patient by sending one paper statement and you assume you have 88 patients, it will be a significant expense on your end. For this, it is also necessary to switch to electronic statements to reduce costs.
Top 10 ways to Boost Patient Payments
Here are;
Adjust a Constantly Changing World:
It can be challenging to keep up with new regulations – or the technologies that can help you cope – as the industry changes rapidly. Independent practitioners and billing agencies who want to stay on top of collecting patient payments should get detailed information on how to benefit from medical billing services.
Shift to Electronic Statements and Payments:
Patients are becoming more consumer-oriented. They want the same payment alternatives for health care as for other expenses. They want fast and accurate billing, respectful reminders, and direct online and easy patient payment options. Because patients are known to switch healthcare providers based on their payment experience, procedures must make the payment transaction system as easy as possible.
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Offer Payments Plans:
Payment plans can be a good option if your patient population is motivated to pay but simply cannot pay the entire bill upfront. Consider offering this option to patients who receive larger bills and say they cannot pay the full amount right away.
It is in one of top 10 ways to boost patient payments.
Contact Slow Payers more Frequently:
Think about how often you contact patients with large, unpaid balances. If your employees can handle the task, try calling once a week instead of the standard once a month. Consistent, regular contact can demonstrate your persistence and convince patients that it’s time to pay. However, only call or contact during business hours and always be polite. You want to be persistent without bothering the patient.
Educate Front Office Staff:
Having a well-trained front office staff is essential when it comes to patient payments and the success of revenue cycle management in general. Your front office staff is your patient’s first interaction with your practice and provides your practice with an opportunity to communicate payment/financial policies to patients.
Front office staff should be adequately trained in how to explain insurance plans and patient statements and how to ask “how will you pay today” rather than “would you like to pay today”. Your front office also needs to be well-versed in explaining your financial policy and available payment options.
Determine Financial Responsibility:
If the patient has insurance, collect information about the insurer, policy number and terms, and co-payments and co-pays. This is best done at the time of the appointment. For returning patients, confirm original information and note any updates to insurance or financial status.
It is also in one of top 10 ways to boost patient payments.
Process Billing Regularly:
Perform the invoicing process at least once a week to avoid delays in receiving payments. Choose medical billing software that lets you speed up time-consuming billing processes like printing and mailing statements. You may also outsource a portion of your healthcare billing process for more efficient payment collection management.
Communicating Operating Costs:
Remind patients of their current balance when scheduling appointments and repeat during their visit. By reminding patients to pay before the appointment, you increase the likelihood that they will be ready to pay after the appointment.
Improve Your Patient Statement:
Many patients delay payments because they do not understand the charges they have incurred. They will hold off until they have time to call your office and have someone explain the charges to them. A patient statement that lists the components of each treatment and links them to the provider in your medical practice can help patients understand their responsibilities.
It is in one of top 10 ways to boost patient payments.
If you have multiple providers or departments in your facility, providing an integrated patient statement will help minimise confusion while making it easier for patients by only needing to make one payment.
Employ Enough Billers or Consider Outsourcing:
Many practices may have laid off staff when patient volume decreased. But once volumes recover, they need to make sure they have enough staff for timely billing and collections, Flint says. In some cases, it may make more sense to outsource revenue cycle management (RCM) to a company that is a brand extension of the practice and staff. Working with an outside vendor also helps practices avoid internal staffing issues as patient volumes continue to ebb and flow during a potential second wave of the virus.
- Require the seller to only charge a percentage of what they collect.
- Ask the vendor to waive the implementation fee.
- Ask for an easy contract.
How can you determine it?
Determining patient liability is simple with the right technology. Medical accumulating software with a prior authorization tool and patient cost estimator allows providers to determine the patient’s responsibility for billing for services. In the past, providers had to wait for their claim to be denied or spend time on the phone with their insurance provider to find out what the patient would owe by the end of the visit. These features of quality medical billing software help your office determine that number in no time and help inform your patients of their patient liability balance before they even leave the office.
Conclusion
The biggest benefit of this piece is that there is no magic wand that will solve all your collection problems once implemented. We’re all a little reluctant to pay large sums of money, that’s natural. Instead of being aggressive in your collecting efforts, focus on more comfort. The fewer barriers to entry or effects required for you to pay, the simplest it is to gather payment for the patient. Hope you these all ways to Boost Patient Payments help you a lot. Keep reading our blog regularly.
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