Reliable Strategies to Increase Patient Collections

Reliable Strategies to Increase Patient Collections

With increasing patient financial responsibility, physicians need effective strategies to collect copays and deductibles from patients.

Many physicians rely on professional medical billing services to submit clean claims and get timely and proper reimbursement. However, with healthcare reform raising the number of patients enrolled in high-deductible health plans, patients are becoming increasingly responsible for paying for more of their health care costs. This makes patient collections an important task for healthcare practices. Here are some reliable strategies to collect co-pays and any other balances that patients owe: 

Collect at point-of-service: Collecting patient balances upfront is one of the most effective ways to ensure that patients pay. Patients should be informed about the payment policy when they schedule their appointment. Practice staff needs to be trained to communicate with patients about their financial responsibility. Patients should be contacted before the day of service and reminded of their obligations.

They should be encouraged to pay past account balances as well as current charges at the time of service.

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Carry out patient eligibility verification:

It is important to verify the patient’s

benefits before the appointment to avoid rejections and denials. Eligibility verification involves

contacting

the

insurance

company

to

verify

co-pay,

co-insurance,

deductibles, out-of-network benefits, and other related matters. This is necessary to understand patient financial responsibility and the services that the payer will cover.

Insurance eligibility should checked prior to every visit to identify co-pay and deductible and also ensure that the insurance is active. Professional medical eligibility verification services are a feasible option. 

Remove the aging buckets from patient statements: According to an article in Physicians Practice, aging buckets such as 0-30 days, 31-60 days, and 61-90 days, encourage patients to wait to make the payment. Instead, patient statements should be sent monthly, with statements such as ‘Due Now’ and ‘Past Due’. A final notice letter can be sent out specifying the period within which the patient should make the payment.

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Financing options: Consider payment plans for those who don't have the money and indicate that they are willing to settle their balances in installments. Physicians can offer patients convenient options for paying their bills such as, cash, credit card, check, and health savings account for making payment. Self-pay patients can be offered discounts at the point of service. A 2010 MGMA study report titled ‘Perspective on Patient Payments’ showed that 74% of better performing practices assist patients with finances, offering financial incentives to resolve balances faster.

www.outsourcestrategies.com

Phone: 1-800-670-2809

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Establish a credit card on file (CCOF) program: The MGMA study recommends that a CCOF program to enhance collection speed and cash flow. The patient’s credit card information is stored securely off-site and co-pays, co-insurance, deductibles, non-covered services, and balances after insurance has paid are charged to the card automatically. However, practices should only keep patient credit card information on file if industry guidelines and payer contracts permit it.

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Set up an online bill payment option: This will give patients the opportunity to pay a portion of their balance at their convenience and at any time.

Professional medical billing companies offer comprehensive revenue cycle management solutions, enabling physicians to optimize collections from payers as well as patients. These companies have well-trained and experienced billing teams that apply best practices to identify revenue gaps and implement the right strategies to enhance your cash flow.

www.outsourcestrategies.com

Phone: 1-800-670-2809