8 Ways to Optimize Patient Payment Collections and Increase Practice Revenues

Patient fees contribute a more significant percentage of your income because more patients are accountable for a higher rate of their medical expenditures. According to the Practice Perspectives on Patient Payments Research by MGMA, providers now earn $1 of every $4 in direct patient payments. Additionally, the collection task grows more challenging since 30% of patients leave the building without paying their invoices. A practice's accounts receivable will substantially lag if these patient payments are not received on time. We've compiled the top 8 efficient techniques to increase patient payment collections, stabilize your revenue cycle, and raise patient payment collections.

1. Ascertain Eligibility

One of the essential phases in managing the revenue cycle in the healthcare industry is to confirm insurance eligibility before the patient's appointment. However, using manual methods to verify insurance is time-consuming and often costs at least $6.83 for every verification. For every 30 patients demonstrated, medical billing and coding businesses use state-of-the-art electronic verification systems to process massive volumes of patient insurance data in just a few seconds, saving practices roughly an hour.

2. Reduced payment hurdles

Make the payment procedure simple and hassle-free. For greater convenience, you may offer a variety of payment methods, such as cash, checks, credit and debit cards, and health savings cards, which would increase the percentage of collected patient payments. Invest in a card swipe reader to handle debit and credit card transactions smoothly and swiftly. Solutions for medical billing software also include credit card processing options that can be used to speed up monetary payments.

3. Transition to electronic statements

Increase the flexibility and convenience of letting patients pay whenever they choose, from the comfort of their homes, by utilizing the possibilities of electronic payment collection solutions. This facilitates quick Patient collections while saving staff time and money on manual printing and invoice postage costs.

4. Gather contact and insurance details from patients before appointments.

When a patient calls your clinic to make an appointment, front desk staff should acquire current, complete information or provide them with the option to mail or email it in its place. Your patient portal or online appointment tool should have fields for gathering or updating this data. If the right insurance and contact information are given, the staff can verify coverage and keep in touch with the patient throughout the treatment and patient collection processes.

5. Offer and monitor payment plans.

Create payment plans for more significant balances and educate staff on how to explain and manage these options adequately. Giving patients a more flexible payment option will boost revenue for your practice and give them confidence that they can afford the necessary services.

6. Set up a payment procedure that demands patient accountability upon check-in.

The best strategy to collect patient balances is to have patients pay copays and patient responsibility upon check-in. To ensure that patients know this requirement, the medical office should establish a payment policy. After that, have patients sign the patient responsibility form that is part of your check-in process. The purpose of this policy is to provide patients and your staff with clear instructions regarding collection. Deliver automated appointment reminders with payment details for the treatment time using your patient messaging system.

7. Include follow-up in the collection process.

Persistence is the key to raising collections. Your team should be prepared to demand the total amount, discuss available payment options, and, if required, offer a payment schedule.

 Develop a proactive strategy for contacting patients who don't complete their payments on time and create a script for staff to follow.

Process billing regularly

Pick a medical billing program that allows you to speed up laborious billing procedures like the printing and mailing of statements. To avoid payment delays, run your billing procedure at least once weekly. You can outsource a portion of your medical billing procedure to manage payments more effectively.

What Can A Medical Billing And Collection Service Do For You?

Your practice may need to generate more money due to value-based treatment initiatives, shifting payer fee schedules, employee turnover, governmental rules, a lack of training and resources, and high-deductible health plans.

It is complex to maintain financial stability in a complex regulatory framework. To get paid for your services, you must understand how to handle claim denials, enhance denial management, manage underpayments, and track down unpaid invoices.

In addition to the patient collecting advice, clinics must keep their payer fee schedules current, submit secondary insurance claims, and ensure accurate coding to prevent undercharging.

A medical billing company can assist you in several ways to ensure that you get paid in full:

• Accurate payment posting
• Tracking and lowering days in A/R
• Reworking medical claims
• Decreased turnaround time on claim submissions
• Offering best practices training and monthly reports

Partner with AnodynePay

Our excellent medical billers and coders will make your billing operations hassle-free. AnodynePay provides complete revenue cycle management services that will boost your practice's income and lessen inefficient medical billing practices that harm cash flow.

Set up your free consultation right away!

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