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Boost Your Payment Collections with These Six Effective Methods

2023-05-01

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Struggling with Payment Collections? Here are 6 Effective Methods to Improve Your Clinics Revenue

Due to the rise of high-deductible health plans, many people cannot pay for their rising medical costs. The rise in high-deductible plans has increased medical expenditures many individuals cannot afford. This issue is likely to be resolved sometime soon since patients are forced to pay increasing co-pays or pay out-of-pocket for office visits. This development indicates that medical practitioners must prioritize boosting their success rate in collecting these bills.

This blog offers six methods for increasing medical bill collections in your clinic. According to ACA International, 29 percent of adults have medical debt or are having difficulty paying their medical expenses. These figures indicate that something has to be done to improve patient collection.

In the hope of finding a solution, some physicians are undertaking the often-radical leap to alternative payment methods. But there are ways to get more money from patients without making big changes to your clinic. 

 

Gather patient insurance information and contact information prior to appointments:

Whenever a patient contacts your clinic to set up an appointment, front desk staff must gather updated, full data or provide patients with the alternative of mailing or emailing it instead. Fields for collecting or updating such details should be available on your service portal or online appointment tool. Employees can check insurance and follow up with patients throughout the treatment and collection processes if insurance and contact details are valid.

 

Increase the number of payment choices available to patients:

Whenever patients pay their balance, your office profits. So, if a patient wishes to pay respectably, there must be no limits. This includes accepting cash, check, debit or credit card payments through a digital payment portal. This last choice is crucial as Americans increasingly embrace online bill payment for ease. Patients do not need to travel or write anything by hand to make online payments.

 

Announce a reward for your employees:

To increase your collection rate, consider implementing an employee reward program. A rewards system should pay for itself by boosting the money generated by each collection worker. Assume that each collector at your clinic averages $2,000 in overdue bills per month. If you give employees a $100 voucher if they raise the goal to $2,500, you will earn an additional $400 per month from enthusiastic employees who meet the target. There is no harm done if some employees do not. The trick is to prepare the program properly. Evaluate your figures to determine when your practice can provide a compelling reward to staff while boosting total income.

 

Be persuasive, not rude:

In collections, there is a narrow line between telling your clients they need to pay their bills and bothering them. You should contact patients to inform them of their liabilities and try to work out a repayment schedule, but you must do it during "appropriate" times, between 8 a.m. and 9 p.m. Instruct any collection agents to be courteous in all dealings with patients. Patients are more willing to cooperate for settlement with something they like than someone they dislike.

 

Make Payment Processing Simple:

Transactions should be as easy as possible, meaning there should be as many ways to pay as possible. Collection percentages will be higher in practices that accept credit cards and online transactions than in those that do not. Online payments also benefit from drawing more patients to your platform, which will ultimately help you meet your webpage purposeful usage standards. Patients with significant invoices will likely be unable to pay them all simultaneously. Therefore, seek to establish payment options.

 

Closely monitor collection outcomes:

Checking and monitoring the outcomes of your endeavors is critical to increasing your collection rate. Because only some tactics are appropriate for some practices, you should analyze your collections at least once a month throughout a fiscal session to identify useful measures. It is also common practice to approach patients about past-due invoices once a month. However, if your team can handle it, you should attempt to do so once a week, as constant communication can often persuade many people to pay their invoices. An incentive system might also encourage your employees to do this often-difficult activity.

 

Billing Software Management:

If you dont use billing software, payments are more problematic than they should be. This software is available as a separate product but is frequently incorporated into larger practice management packages. These systems can perform various duties that can help you optimize your practices management, such as detecting patients who are still behind in their transactions, tracking past-due bills, and managing late fines. A viable approach will cost more, but it will also minimize your billing costs and boost your collection rate.

 

Collaboration with a Medical Billing Service:

Unpaid invoices from a clinic will ultimately be forwarded to a third-party bill collector, which will take a share of any monies collected. Because you willl be paying to recover these debts anyhow, consider hiring a medical billing firm to act on your account. This agreement enables you to raise your income while maintaining your concentration on your patients.

 

Receive Payments in Advance:

The optimum time to pay is on the day of the visit while the patients are present in your clinic. If you ask patients to pay when they arrive, you dont have to spend work time chasing them down tomorrow. You should notify the patients of their copay commitments. The precise words can make a significant difference. For instance, do not ask patients, "Do you want to pay today?" Instead, portray it as a given, as in "How will you be paying today?"

 

Conclusion:

Patient payment commitments now represent a significantly higher proportion of most organizations yearly profit than five years earlier. Patients have become significantly more cautious about their physician selections as they tend to pay much more out-of-pocket. Most patients carry out research for healthcare in the same manner that they do for major consumer expenditures. Exceptional healthcare extends beyond treatment. Patients also require great service and interaction throughout the procedure, including billing.