How updating billing and payment systems can increase revenue
The ability to collect and process timely payment is crucial to the financial viability of any healthcare practice. This can be accomplished through improved revenue cycle management (RCM). A key part of successful RCM is employing updated automated billing and payment systems.
A 2016 survey of healthcare organizations commissioned by Navicure and conducted by Porter Research identified three key challenges to patient payment collections: 1. Patients being unable to pay, 2. Educating patients about their financial responsibility, and 3. Patients being slow to pay.
“Healthcare organizations recognize they cannot afford to ignore one of their top payers – the patient,” the survey says. “It is important to reexamine existing workflows and processes to adopt a more effective, automated patient payments process.”
Keep a credit card on file
One recommendation the survey makes is for practices to have the ability to securely keep a credit card on file they can automatically charge once patient responsibility has been established. The obvious boon here is that the bill spends less time in accounts receivable and the provider gets paid quicker.
The survey reports that currently only 35% of respondents have a credit card on file solution, while 64% of that number would recommend it to a colleague.
Make it easier for patients to pay
“To get paid, healthcare organizations need to make it easier for patients to pay,” the survey says, “and they must continue to adopt more effective, automated collections processes.”
The key is focusing on patient education and proactive collections. The recommendations include reviewing eligibility information to determine patient’s responsibility – have a conversation with your patient. Collect copays and any outstanding balances up-front. Finally, create care estimates to set expectations about the patient’s payment responsibility, including any available payment plan terms and timing.
Online billing and payment systems
More than 70% of respondents who have replaced paper statements with online bill payment and eStatements would recommend it to a peer, the survey found. “Almost half (43%) of survey respondents who use automated payment plans to ensure patients pay their agreed upon amount without reminders or manual intervention are very or completely satisfied.”
RevIgnition is in the business of revealing ways to improve and increase your healthcare practice revenue. Our consulting services will help you reduce your operating costs and increase your overall profitability. We empower our clients by improving marketing efforts and practice productivity. For more information, reach out to us at (844) 297-9944.