Capturing patient payments presents a significant challenge across healthcare markets. How can you collect more revenue without spending precious billing staff time chasing patient payments?
When it comes to paying their bills, your patients and their loved ones expect a certain level of convenience and flexibility. Other industries give them options, like online bill pay, automated payments, and the capability to use their preferred form of payment (e.g., debit cards, credit cards, Apple Pay, Google Pay, etc.).
You can do the same! With a few simple strategies around your patient statements, you might be surprised how much more cash flow you can achieve.
Integrate your patient statements and patient payments
According to a recent study, 61% of healthcare consumers say they would switch providers for a better patient payment experience.1 You can give them that experience, and collect more payments, when you integrate your patient statements and patient payments services.
Think of how much more likely patients will be to pay their bills when they can receive email statements and click a link directly to your patient payment platform. Plus, you can enhance billing efficiency with a single source for all your patient statements and payments.
Help patients understand what they owe
Take a look at a traditional patient statement. You may understand what most or all of the language, codes, and charges mean, but your patients probably don’t. And, when patients don’t understand their statements, they may be less likely to pay.
You can solve this issue with updated, patient-friendly statements that help your patients and their loved ones easily understand what they owe and how to pay.
Outsource print-and-mail patient statement services
Whether or not you offer electronic statements, you will likely have patients who still prefer to receive print statements. While you can perform all your print-and-mail statement services in house, outsourcing can free up billing staff time and save money on mailing resources.
In addition to potentially saving on the cost of physical resources, like stamps, envelopes, and printing, outsourcing these services gives your billers back precious time to perform tasks with a higher return on investment.
Are you ready to see how ABILITY SECUREPAY and ABILITY Patient Statements can help you get paid faster and reduce patient bad debt? Request a demo today!
1. 3 ways to empower patients and improve collections, Physician’s Practice, accessed April 7, 2020, from https://www.physicianspractice.com/medical-billing-collections/3-ways-empower-patients-and-improve-collections
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