23 May 4 Things that Affect Patient Payments
Is your cash flow in order? Are you receiving payments on time? Many healthcare practices struggle to collect patient payments and insurance reimbursements which seriously affects their bottom line. Here are a few steps you can take to improve your patient payments and revenue cycle.
With changing healthcare plans, patients may be confused about payment responsibilities. They may not know that some services are no longer covered by their insurance policy and refuse to pay for services rendered.
To avoid such situations, patients should know in advance about the services, such as lab work, for which they may have to pay. Calling the patient before an appointment can help to avoid confusions about payments with patients later at the office. It will also allow patients time to check with their insurance provider. This helps to build trust with patients.
It is important to review patient insurance eligibility and benefits before services are provided. Things such as, patients’ understanding of their insurance coverage, whether your practice is a participating provider, validity and scope of the insurance coverage, need to be checked.
Get Payments Upfront
Once you have informed the patient of their financial responsibility before an appointment, you can ask patients to pay upfront or work out a payment plan with your billing department. This is better than collecting at the back end. Even a part of payment received upfront is better than collecting the entire payment later.
Outsourcing the entire revenue cycle management process to a professional service makes more sense doing it in-house. Their staff are experts in working through the red tape with insurance companies to recover owed money while reducing your patients’ payments. They can work directly with patients who receive requests for additional information from insurance companies to facilitate claims.
Outsourcing also relieves you of the task of having your staff trained constantly to efficiently execute procedures for patient billing, office payments, and insurance coding to support your revenue cycle. Your employees also free to provide the best service and care to patients, thereby building long-term relationships that are the cornerstone of your business.