How To Maximize Collections From Patient Services Billing
Naturally, patient care is going to be your primary skill as a medical practice, but finding a balance between this and financial management shouldn’t go overlooked.
As you’ll know, patient billing services are an integral part of your medical practices’ success, so while maximizing collections is no small feat, it’s paramount to ensure stability and growth.
So, throughout this article, we’ll be taking a look at some of the simplest ways you can speed up patient collections so you can ultimately improve the cash flow within your practice.
Whether you’re only just starting out or you’re simply looking to fine-tune your current medical billing process, we’ll be supplying a range of different ways you can reduce your accounts receivable days.
Let’s get started by taking a look at your internal payment policies.
Implementing Clear Payment Policies
Generally speaking, having ambiguous payment policies doesn’t exactly lend itself to a smooth financial journey, so you’re going to want to focus on establishing a clear policy for patient payments before anything.
Ultimately, being upfront when you’re discussing payment expectations tends to set the stage for a positive patient experience, thanks to the transparency you’re providing them.
So, by setting clear expectations for them early on, you’re able to reduce the chances of any unpaid bills that might otherwise result from miscommunication or general patient uncertainty about their financial obligations.
Tips for Creating Straightforward Payment Policies
Let’s take a look at some of the ways you can establish these policies:
1. Put It In Writing
Try to lay out a document with all the relevant payment information for your patients so you can share it with them during their initial visit. Alternatively, you could also put it on your practice’s website for easy access.
2. Use Simple Language
Jargon and complex terminology are something you and your physicians are accustomed to using daily, but the fact of the matter is that the majority of it is going to confuse patients.
As such, try to replace some of the more complicated medical terms with clear, simple language so everyone is able to understand the policy without any difficulty.
3. Emphasize Clarity
Nobody likes reading a huge wall of text – much less when you’re trying to scrutinize tiny details to find the parts you’re looking for.
Instead, try to ensure your policy document is presented in a visually appealing manner with headers and bullet points that make it easier to digest.
4. Offer Multiple Communication Channels
Just to ensure ease of access for every demographic, always allow your patients to access your payment policies through various different channels – whether that’s online, with printed brochures, or even in-office signage.
5. Train Staff
Naturally, your patients are going to have a few questions about their patient statements, so it’s absolutely crucial that your staff are properly educated to handle some of these inquiries accurately.
6. Consider an Outsourced Medical Billing Service
Though training your existing staff members is certainly an option, it can be fairly time extensive and detract from their core responsibilities in order to do so to a professional standard. Conversely, outsourcing to medical billing services such as PMN can be an excellent way to free up your staff from financial responsibilities and allow them to return to what matters the most – providing treatment for your patients.
Aside from this, PMN also provides access to effective medical billing software to properly handle your medical claims and reduce claim denials – something that would be a far more expensive investment if handled in-house.
So, if you’d like to learn more about how PMN can improve your practice’s revenue cycle management, give them a call today at (949) 215-5055 or visit their office in Laguna Hills, Orange County, California!
Offering Flexible Payment Options
Receiving medical bills in the United States has a tendency to leave patients in difficult financial situations. As a smaller practice, you’re going to want to do everything you can to separate your quality of care from larger practices in the area – a great way to achieve this is by offering flexibility when it comes to making payments.
Ultimately, by providing a range of different choices that are tailored to their preferences, you stand a good chance of receiving payments at the right time and generally building a positive relationship with your patients.
Let’s explore some of the other benefits you can expect:
1. Enhanced Patient Satisfaction
Now that your patients have the freedom to choose how and when they’re able to pay (within limits, of course), it helps reduce a lot of the financial stress associated with healthcare expenses.
2. Timely Payments
Providing various options encourages patients to settle their bills promptly, as they’re now able to select the method that best suits their financial situation.
3. Reduced Defaults
By accommodating slightly more diverse payment preferences, you can minimize the likelihood of patients defaulting on their payments due to a lack of flexibility.
Are There Any Risks Associated With Implementing Installment Plans?
While installment plans are generally quite beneficial for everyone involved, there’s an inherent risk of delayed or even missed payments. Fortunately, you can mitigate this by clearly outlining the terms of their installment plan before their treatment – including things like due dates and any other associated fees.
What Steps Can I Take To Prevent Insurance-related Payment Delays?
Primarily, accurate insurance verification is essential here. If you’re not utilizing medical billing companies, train your staff to collect and verify insurance information upfront. It can also help to use technology so you can streamline this process and ultimately reduce the chances of claim denials.