As a healthcare provider, collecting patient payments can be a challenging task, and it's easy to understand why. It's tricky to approach patients and ask for money while still providing excellent medical services. However, this is a critical aspect of your practice, as unpaid bills reduce your revenue and affect your ability to deliver quality care to your patients. Below are the top tips for healthcare providers to increase patient collections.
Communicate Clearly: Patients will not pay their bills if they don't understand what they are paying for, or why they need to pay. Healthcare providers need to communicate with their patients clearly about their medical diagnoses and treatment procedures. Providing detailed instructions about their invoices and appointment fees can help avoid any misunderstandings that could lead to unpaid bills.
Verify Insurance Coverage: Before any medical service is rendered, verify your patient's insurance coverage. This way, you will have a clear understanding of the services that are covered and those that aren't. Knowing the limit of their insurance plan and out-of-pocket expenses will assist you in communicating a ballpark range of what they will owe for the service. It will also allow you to obtain authorization on services where it is needed.
Use Electronic Payment Methods: The use of electronic payment methods such as automatic credit/debit card payments or online billing makes it easier for patients to settle their bill. Patients appreciate the convenience and safety of electronic payments and this will increase your chances of getting paid.
Offer Payment Plans: Occasionally, patients may be unable to pay their bills in full or on time for various reasons. It is important to have a payment plan that will assist them in making regular payments that will eventually clear their medical bills. Offering the patient a payment plan with genuine flexibility can greatly improve their financial comfort and improve the likelihood of collecting in the long run.
Have a Clear Collection Policy: Having a well-defined collection policy that outlines the consequences and expectations can help patients understand exactly what they are expected to do if they cannot pay their bills on time. This can also help prevent any tension or misunderstanding from the patient's side and lead to amicable solutions.
Collecting payments from patients can be a daunting task for healthcare providers, but a few effective steps can make the process much smoother. Communication, verification of insurance plan coverage, electronic billing, offering payment plans, and a clear collection process will help providers collect payments efficiently while offering high-quality healthcare services.
If you are looking for a medical billing company to help you maximize revenue from not only insurance companies, but also through patient payments, contact us at firstname.lastname@example.org or call 708-362-6080 for more information on the services we offer our providers!