Ways To Help Patients Meet Their Financial Responsibilities
The amount a patient must pay out-of-pocket for healthcare services is termed the patient’s financial responsibility. These costs keep rising, and patients across the nation are less than enthused about settling their accounts. In spite of increased access to health insurance through the Affordable Care Act, patients continue to experience an increase in medical costs, as more patients are choosing higher deductible plans as a trade on a lower monthly premium. Higher bills mean more outstanding revenue for your medical practice, and potentially more of a risk if a patient doesn’t pay.
Strategies To Encourage Your Patients To Pay
When patients aren’t fearful of their bills, they are more apt to seek medical care when necessary. However, too often minor services can lead to high out-of-pocket costs. Many patients lack the resources to pay their entire bill at one time, and many may be unable to pay the bill at all. This can create a cash flow problem for your practice that limits your ability to upgrade equipment, pay support staff, or maintain normal operations. By considering the following strategies, you can encourage your patients to take care of their financial responsibility in a timely manner. From the use of an atm router to offering alternative care delivery, you can create a better experience for patients with less fear of accounts in arrears.
Offer Telehealth Services
As an alternative care model, telehealth doesn’t incur the same costs as an office visit. While there is a limited number of conditions that can be seen or diagnosed via a teleconferencing appointment, patients have access to a physician for less than the cost of an office visit. This can be a win-win situation for everyone involved. A flat fee, paid before the consultation, is one way to instantly collect a payment, but it also allows patients to budget for the cost of care prior to utilizing the service.
Establish Online Bill Pay Systems
A large majority of consumers use the internet and mobile devices to do everything from shopping for groceries to paying their electric bill. By creating the option on your practice website or by creating a patient portal, you give patients another way to settle their bills. Many payment management systems have features that send out notification emails or texts with updated account balances and include a direct link for making a payment. These are subtle reminders, but they also address patient trends for doing business online. About 70% of healthcare consumers prefer to pay their bills through electronic means.
Devise Feasible Payment Plans
Prior to rendering services, make sure that the patient is aware of their financial responsibility. Pre-certify procedures through applicable insurance coverage, then inform the patient (both verbally and in writing) of the remaining amount that will be owed. Have payment plan options available for individuals that are agreed upon before the bill even comes due. Your office may not be able to guarantee the final bill, but giving patients an idea of what monthly payment they can expect makes the billing system more transparent. Patients are able to determine whether or not they will be able to make the needed payments or if they will need to wait on a particular service.
Streamline Your Billing Department
Billing for medical services can take time, especially when claims need to be processed with an insurance company. Even if the bill is going to be sent directly to the patient, it is easy for accounts to fall through the cracks. Streamline the way your office handles billing. Have a dedicated individual or two responsible for taking payments over the phone, and these individuals can support bill pay by making collection calls. A software that captures insurance hiccups, such as denials, can also isolate patient accounts where a bill wasn’t anticipated. Handling these calls personally, rather than waiting for the patient to pay, can improve the potential for receiving some amount of payment.
Helping patients understand their financial responsibility is just one part of ensuring revenue for your practice. Making it easier for them to pay and settle their accounts is just as important.
