Your medical practice needs an effective patient payments process if you want to stay in business. However, for many, collecting payments from patients is simply complicated. You are not alone if you are facing difficulties in collecting payments from your patients. A study suggests that physicians only collect $15.77 out of every $100 that they are owed once patient accounts are sent to collections. According to the Medical Group Management Association (MGMA), 30% of patients walk out of the practice door without paying a dime.
In this article, we will explore 5 barriers to having an effective patient payments process. By removing/mitigating the barriers we discuss here, you can have an effective patient payments process.
It all starts with the first point of contact with a client. The front desk has a great responsibility of analyzing a client’s ability to pay, understanding modes of payments suitable for the client, and engage the client in a friendly manner in order to explain all the costs involved. The patient payments collection can be improved through the front desk team having a professional conversation with the client, understanding the client, and letting the client know various payment plan options.
Patients sometimes leave the practice’s office without paying a dime hoping to collect the payment in the future can cause the payment process to take longer and sometimes result in non-payment. Your practice needs to have a policy of collecting payment before the patient leaves. When there is a balance to be paid later, this has to be discussed and a proper arrangement has to be made.
When you are not automating the patient’s payments management it can become complicated to request payments on time. Without the proper use of technology even making follow-up on balances due from patients can be complicated and results in delays and errors.
You can take advantage of ChoicePay, our comprehensive patient payments solution. With ChoicePay you can access everything you need to calculate the patient’s out-of-pocket costs, secure payment information, schedule payments, and automate recurring payment plans. With ChoicePay, you will definitely accelerate your revenue cycle process.
If you are just looking for an effective medical billing technology, then we recommend you consider iClaim, a billing cycle management software. With iClaim you will get paid faster, and manage records in real-time.
In 2020, Fundera published research that shows the average consumer uses 3.6 different payment methods each month. This suggests that your practice should consider having multiple forms of payments if you want to effectively manage patient payments because that is how your patient behaves when it comes to making payments. Such multiple forms of payments should include cash, credit card, debit card,
Poor communication in the healthcare business has serious consequences. According to HIPAA, poor communication decreases profits and negatively affects patient outcomes. Poor communication results in misdiagnoses and other medical mistakes that can easily lead to avoidable health complications and the death of patients.
The good news is that, so much can be avoided including non-payment of medical bills by improving communication. Thanks to advancements in technology, you now have a chance to open communication with your patients more efficiently.
For instance, you can use our VirtualCare system to get in contact and stay in contact with clients via the web.
You can also consider EMRx as an electronic medical records solution that will let you efficiently book appointments, make chart completion, e-prescription,s and billing.
You don’t have to worry about how to use the systems. You will get training from us on your time and on your terms.
Improving your practice’s ability to collect patient payments is a great initiative toward having a successful healthcare business. You are not alone in that, we are here to help you.
Consult us to find out how we can help you. We are in the business of helping you fix, modernize, and manage medical billing and other aspects of your medical practice.
Contact us via suzana@medicalrevenuehouse.com, info@medicalrevenuehouse.com, or via this contact form. You can reach us via phone at 832-617-0708