Maximizing Patient Payments

Being the bearer of bad news, someone must take on that roll. That role in healthcare is the act of collecting patient payments from services provided. Listed below are a few of the tips author Chris Selb in his article “5 Steps to Improve Patient Payments”. These tips aim to increase the percentage of patient payments being received.

            Options and convenience.

Giving a patient the decision on how to pay their bill is an easy way to increase cash flow in the office. Several forms of payment options could be paying over the phone, online, in the office, etc. Any selection can increase the desire and convenience for a patient, making it easier and more efficient to collect a payment.

Lessening Talk Time

Minimizing staff contact and allowing automated payment systems to take on over the phone payments with a guarantee of payment will not only make wait times to speak to an employee diminish it will also reduce miscommunication and costs of mailing and billing services. Many automated systems give patients an opportunity to create payment plans for bigger balances or deductibles. Another pro is having the option to save payment methods to create an even simpler payment process for future balances.

Giving Notice

Discussing estimated balances ahead of time with patients creates an awareness that a payment collection may be necessary. When patients are not caught off guard and the expectation is already made, a payment is more likely to be collected. Selb states “Billing services can encourage their providers to offer patients an estimate of payment responsibility before or during a visit. When providers can set payment expectations, it helps to build trust with their brand, improve the patient experience, and help billing services to collect payments.”

Security & Compliance

Most importantly, security and compliance should always be a top priority for all providers and billing companies. A place of business that cuts corners is not compliant and does not have the best interest of their patients.

Medorizon is a place of business that promises and understands the importance of security and the trust that is built with sensitive information. Medorizon offers multiple forms of payment selections with a guarantee of the confidentiality importance that will continue to build a foundation that will keep Medorizon one step ahead of the others.