Improve Your Practice’s Finances by Smarter Medical Collections
HAPPY NEW YEAR!
According to the America’s Health Insurance Plans' Census of Health Savings Account - High Deductible Health Plans, the number of individuals enrolled in a high deductible health plan reached over 20 million in January of 2019. This number is a dramatic increase from the previous years.
With payment responsibility moving toward the patient, physicians need to change their strategy for collecting payments.
Employ Patient Education & Transparency
When talking with patients, be transparent about your practice’s prices for appointments and procedures. Remind patients with high deductible health plans that they will most likely be responsible for paying a portion of these costs out of pocket.
Checking coverage before the patient’s appointment will allow your staff to inform patients of their estimated, expected dues. When patients are aware of their financial responsibility, they then have the opportunity to budget and plan for payment. This eliminates the surprise that may come with receiving a medical bill.
When patients have a firm understanding of how the billing process works, misunderstandings of payment policies, deductibles and copays can be avoided. By allocating time to patient education, administrative staff can make a big impact on payment collections.
Offer Payment Plan Options
By offering payment plans to patients who are receiving larger bills, your practice can guarantee a greater portion of the amount due. Additionally, patients will feel more confident in their ability to pay for the treatments they need.
Offer Simple Billing and Payment Options
Increase co-payment collections as well as collections from services previously rendered through the use of a kiosk. While using the kiosk for check-in or check-out services, patients will be prompted to participate in on-screen payment options. Kiosks can also be used to update patient contact information, which will be useful if the patient needs to be contacted regarding an overdue payment.
Additionally, many individuals are accustomed to using online payment services, and offering online billing and payment options provides a convenient solution that meets patients’ expectations for healthcare in the digital era.
Follow Up on Late Payments
It takes perseverance in order to collect overdue payments. When possible, consider contacting patients with overdue balances once a week. Consistent communication with patients may convince them that the time to settle their bill is now.
Consider Using a Medical Billing Service
When your staff is overwhelmed, consider partnering with a medical billing service, thereby shifting collection responsibilities to medical billing professionals. As an extension of your practice, medical billing professionals bill patients and contact patients with overdue bills to request payment. Outsourcing medical billing will also allow you to reassign resources allocated to in-house billing elsewhere.
To learn more about how RevPro Healthcare Solutions can help your practice collect payments and drive up revenue, contact us online or call us at 561-578-8400.