 | Shoreline |
As a medical billing provider working with various medical practices, we are asked about how best to improve patient collections quite often. Patient collections is one of the most important aspects of any medical office, but it can be difficult to juggle all the different aspects of it. Statistics show that 40% of working-age Americans are either experiencing medical bill issues or struggle paying down medical debt. Providers can assist in these times by improving their patient collections by making the process easier.
Create a payment plan that is both easy for you and your patient to use. This will reduce frustrations on everyone's part, especially if you have a large number of patients involved in the plan. Make sure the payment plan has an option for people who can pay their bill without going through too much red tape. If it is too difficult, they may default to other payment options or not pay at all. Providers can consider a discounted amount if a patient agrees to enroll in their payment plans; favorable for those who aren’t insured or underinsured.
Many doctors are now accepting online bill pay, so be sure to offer this up front. The younger your patient population is, the more likely they are to quickly switch over to paying their bills in this manner. Make sure that if you do not have an online payment option it is because of HIPAA reasons and not just the lack of time or money. Depending on how many patients you have, setting up online bill pay for them can a huge time saver for the practice and your staff.
Being transparent about the cost of care has all to do with honesty and coming to the patient upfront, before beginning any further actions. Explain expenses in layman's terms so patients understand what they are getting. People often do not know how much their care is going to cost in total before the procedure, so it makes sense for them to ask questions. Let them know about any surprises or unknown costs upfront so there are no surprises when they receive their bill.
If you are looking for extra help when it comes to patient collections, Shoreline is happy to help! We work with local, regional, and national collection agencies alongside a variety of patient statement software. Visit here for more information.
The keys to improving patient collections in your practice are easy and can be applied today. If you offer payment plans, online bill pay, or transparency about cost upfront then the likelihood of collecting on those accounts is much higher. Have any of these strategies helped you improve your patient collections?
Share with us! We’d love to hear how they worked for you.