Physicians running their own practice have a lot on their plate, and while patient payments tend to make up the majority of a practice’s revenue, they’re time consuming to focus on. Improve your revenue cycle through increased patient payment collections—without burdening yourself, or your staff—with these four steps.
1) Create a Policy
Creating a written payment policy is the first step to increasing collections for patient payments. When a patient is unaware of their medical provider’s policies, they don’t know when bills are due or what the consequences of an overdue bill are. Directly outlining your payment expectations improves patient awareness so they can prepare to make payments on time.
2) Offer Different Ways to Pay
Remember, just as every patient is unique, the ways they like to pay their medical bills may also be different. Offering a variety of payment methods makes it convenient for patients to pay their medical bills on time.
A good best practice is to allow credit card payments, digital processing, in-office processing, and mail-in payments to account for different demographic preferences. By providing additional payment options, you increase the likelihood of receiving your payments.
3) Use the Right Tools
Implementing an automatic appointment reminder system has been shown to reduce no-show rates for medical practices, and can help if patients haven’t paid a bill because they’ve forgotten about it! Providing billing reminders helps keep patients on track with their payments, and prevents their medical expenses from piling up.
After patients understand your policies and the payments that are due, give them a way to remain independently informed. Whether this is a mobile app or an online patient portal, using the right tools can prevent additional work for your team!
4) Outsource Difficult Collections
Don’t waste time trying to collect payments that have been long overdue! Outsourcing your collections removes the burden from your own team and often increases your received payments. A collections organization can offer patients the time, kindness, and understanding they need to find a solution for their overdue medical bills.
At SureCollect, we understand the daily challenges of managing a successful medical practice. For a billing solution that can increase your revenue up to 30%, visit our website or call (800) 215-2507.