As healthcare costs continue to rise, collecting patient payments has become increasingly important for healthcare providers. According to a study by the Healthcare Financial Management Association (HFMA), patient responsibility for healthcare costs is projected to reach $608 billion by 2019. However, collecting patient payments can be a challenge for healthcare providers, with a survey by the Medical Group Management Association (MGMA) finding that nearly 70% of patient balances go unpaid after 90 days.
Verify Insurance Coverage and Benefits
Verifying insurance coverage and benefits is a critical step in collecting patient payments. In fact, a recent survey found that 78% of healthcare providers consider insurance verification to be their top priority in the billing process. By verifying insurance coverage and benefits, healthcare providers can accurately calculate the patient’s financial responsibility, which can help prevent payment disputes down the line.
Communicate Payment Expectations
Communication is key when it comes to collecting patient payments. Healthcare providers should be transparent about their billing and payment processes, and clearly communicate payment expectations to patients. In fact, a survey found that 76% of patients want to know their financial responsibility upfront, and 63% of patients are more likely to pay their bill if they are given a cost estimate before their appointment.
Offer Payment Options
Offering payment options can make it easier for patients to pay their bills, and can help healthcare providers collect payments more efficiently. In fact, a survey by the MGMA found that practices that offer payment plans collect 70% of patient balances within a year, compared to just 31% for practices that do not offer payment plans. Healthcare providers can also offer financing options, such as medical credit cards or loans, to help patients manage their healthcare costs.
Utilize Technology to Simplify Payment Collection
Technology can be a valuable tool for healthcare providers looking to streamline their payment collection processes. For example, online payment portals can make it easier for patients to pay their bills, while automated reminders can help reduce the number of unpaid balances. According to a survey by 81% of consumers would be willing to pay their healthcare bills online if the option was available.
Train Staff on Payment Collection
Training staff on payment collection best practices is important to ensure that everyone in the practice is on the same page when it comes to collecting patient payments. Staff should be trained on how to verify insurance coverage and benefits, how to communicate payment expectations to patients, and how to offer payment options. In addition, staff should be trained on how to handle payment disputes and follow up with patients who have outstanding balances.
Develop a Collections Policy
Developing a collections policy can help healthcare providers stay organized and consistent in their payment collection efforts. The collections policy should outline the steps the practice will take to collect payments from patients, including when payment is due, what payment options are available, and how payment disputes will be handled.
Follow Up with Patients
Following up with patients who have outstanding balances is critical to collecting patient payments. In fact, a survey by the MGMA found that practices that follow up with patients on unpaid balances collect 81% of patient balances within a year. Healthcare providers can use automated reminders, phone calls, and even text messages to follow up with patients and encourage them to pay their bills.
How Bellmedex Patient Collection Services Can Streamline Payment Collection for Healthcare Providers?
Collecting patient payments is a crucial aspect of healthcare revenue management. However, it can be a challenge for healthcare providers to collect payments from patients in a timely and efficient manner. Bellmedex is a leading provider of revenue cycle management services for healthcare providers. The company specializes in medical billing, coding, and payment collection, and has a proven track record of helping healthcare providers increase revenue and improve financial outcomes.
Insurance Verification
One of the key services offered by Bellmedex is insurance verification. This involves verifying insurance coverage and benefits for patients, which can help healthcare providers accurately calculate the patient’s financial responsibility. By doing so, healthcare providers can prevent payment disputes down the line and improve their payment collection efforts.
Payment Plan Setup
Bellmedex can also help healthcare providers set up payment plans for patients. Offering payment plans can make it easier for patients to pay their bills, and can help healthcare providers collect payments more efficiently. Bellmedex works with healthcare providers to design payment plans that meet the needs of their patients, helping to improve revenue and patient satisfaction.
Follow-Up on Unpaid Balances
Following up with patients who have unpaid balances is critical to collecting patient payments. Bellmedex can help healthcare providers follow up with patients, using automated reminders, phone calls, and even text messages to encourage patients to pay their bills. By doing so, healthcare providers can improve their payment collection efforts and reduce the number of unpaid balances.
Utilization of Technology
Bellmedex uses advanced technology to streamline payment collection processes. The company offers online payment portals, making it easy for patients to pay their bills online. In addition, Bellmedex provides automated reminders to patients, helping to reduce the number of unpaid balances.
Training and Support
Bellmedex provides training and support for healthcare providers, helping them implement smart payment collection strategies. This includes training staff on payment collection best practices, developing collections policies, and utilizing technology to streamline payment collection processes. By doing so, healthcare providers can improve their payment collection efforts, reduce payment disputes, and increase revenue.
Conclusion
Collecting patient payments is a critical component of healthcare revenue management. With the help of Bellmedex patient collection services, healthcare providers can streamline their payment collection processes, reduce payment disputes, and improve financial outcomes. By offering insurance verification, payment plan setup, follow-up on unpaid balances, utilization of technology, and training and support, Bellmedex can help healthcare providers achieve their payment collection goals and provide the best possible care to their patients.
