Methods to make the patient collection procedure better for 2023
After the pandemic, US healthcare has significantly changed!
The burden of financial responsibility no longer rests solely with the provider; rather, patients are now expected to bear a greater share of it. Due to high deductible plans, annual increases in co-pays, and insurance, consumers’ out-of-pocket expenses have also greatly grown, making it difficult for the healthcare provider to timely collect payments.
In a survey by the Consumer Financial Protection Bureau, 32% of participants expressed dissatisfaction with the debt collection practices used by healthcare providers, and 13% claimed that clinics attempted to recover payments that weren’t due to them. Revenue cycle modules are available from patient billing solutions to help you deal with such customer issues. If you want to learn additional strategies for boosting patient collections, you’ve come to the perfect place.
Significance of streamlining patient collection processes
Many service providers still rely on manual and paper-based collection techniques today, which causes your company to experience payment delays and poor staff productivity. Additional challenges that manual gathering operations may provide for you include the following:
- Billing and coding mistakes
- Poor collection recovery rates
- Security risks
- Loss of patient records
- Contract issues with payers
By providing patients with digital payment options to improve their financial experiences and by sending in-app patient reminder systems to nudge clients toward timely payments, you may address these challenges. This article goes through a number of other techniques you can employ to prevent collection problems.
Why Patient Volume Matters?
Your practice is only as strong as your patient base. The patient’s unwillingness to visit medical offices is the main reason for the lower patient volume in this epidemic. A recent poll found that 29% of respondents put off getting medical care because they were worried about COVID-19. No matter how wonderfully you serve people, maintaining a consistent stream of customers is necessary to prevent income loss.
You might be able to maintain a healthy cash flow by expediting the patient payment collection process if the pandemic’s impacts on your practice’s revenue continue. You may go forward in the right path by identifying the areas of your collection methods that can be enhanced. Here are six tried-and-true techniques to help your practice collect more patients.
How to Increase Patient Collections in Your Practice?
Patient collection strategies today must go beyond the conventional passive method of getting money from the patient. The following are some strategies that ought to be used:
Point-of-sale collections (POS)
The time of service is the ideal opportunity to collect money to satisfy the patient’s financial obligation. The registration staff must have the skills and expertise required to recognize and clearly communicate the patient’s financial obligations. The registration staff should do more than only gather demographic information about patients; they should also be aware of and clear about the patient’s financial obligation based on the services obtained. (Note that the providers and practices that employ POS collections are more successful when the provider completes the registration.)
Patient Statement and Collection Notice Designs
Well-designed patient statements and correspondence given to the patient must effectively communicate the balance due for medical services. Effective statement design should make it simple for the patient to comprehend the balance due as well as all pertinent information regarding the service provider, services provided, fees assessed, payer payments and adjustments, as well as the name, address, and phone number of the person to contact with questions about the statement. To help patients understand the costs they are being asked to cover, many statements that are already accessible need to give them more information. You will be more likely to receive feedback if a patient can relate to the services offered.
Patient Follow-Up Programs
Patient follow-up programs involve proactive efforts to get in touch with the patient or guarantor as well as routine written communication. The more efficient programs prioritize patient follow-up based on a score algorithm that determines where follow-up efforts should be focused by determining the patient’s willingness to pay. As per conventional practice, these follow-ups should typically be conducted once a month by phone calls and emails.
Payment Policy Schedule
In many cases, giving patients the opportunity to pay over time or at a reduced rate would encourage the accountable party to settle any medical debt that might otherwise go unpaid. When working with patients who have inadequate insurance or no insurance, this is extremely important. Patients who call to inquire about their accounts are often given a time-based arrangement following a set timetable. When the service is provided, the supplier often verbally and in writing communicates its payment arrangement policy.
Online patient portals
Online bill payment is a frequent activity that is transforming into a preferred option. All patients, but especially younger generations, find appeal in the use of contemporary technology and the provision of payment options as part of a payment gateway. Like patient statements, an effective online patient portal that provides the user-specific details regarding the nature of their bill is essential. Using a patient portal that conforms with the highest security standards is crucial to ensuring the protection of your patient’s information and to meet HIPAA compliance rules.
Monitoring the Success and Performance of a Patient Collection Plan
To track the effectiveness of the various patient collection techniques over time and make the required adjustments to boost patient collections, metrics or key performance indicators should be created for each major component of a patient collecting plan.
For medical practices to maintain or attain acceptable practice revenues, patient responsibility collections must continually increase. In order to maximize cash collections and provide an excellent patient experience in today’s environment, revenue cycle management must focus on patient collecting strategies.
How does AnodynePay aid in increasing patient collections?
You may reach your financial goals and increase practice revenue with help from AnodynePay Medical. In order to protect your cash flow and help you increase patient collections, we offer a simple patient payment solution that focuses on services like patient payment, patient reminders, patient statements, patient billing, and reporting. We also offer more complicated services.