In recent years, healthcare practices have become more aggressive in their medical bill collections. With the high costs of providing services, it is extremely important for practices to maximize reimbursements which largely depend on patient payments.
You can lose thousands of dollars if sufficient strategies are not geared towards collecting deductibles, coinsurance, and copays. Collecting these expenses from your patients is as important as collecting from insurance companies. But some efforts can lead to poor customer service. So, when do medical bill collections cross the line?
Not Giving Enough Time for Payment Preparations
Some practices don’t give patients enough time to make payment arrangements. This can discourage patients from coming back to your medical facility. It is wiser to give them enough time to make arrangements before initiating the collection process.
Overlooking Delinquent Bills
After offering services, most patients will not have the urgency to pay on time unless they’re prompted. Therefore, remind them of their bills when they visit and encourage them to pay.
Allowing Bills to Accrue
Unless it is an emergency, it is not good practice to allow patients to accrue bills even when they cannot pay. For example, allowing them to continue receiving treatment without paying sends the wrong impression about your practice. If you want your medical bill collections to be better and make your patients happy, avoid the mistakes above and adopt these strategies:
Advise Your Patients in Advance
Before patients visit your facility, inform them of your collection policy. This way, they will be more prepared to make payments on time. This is particularly important for patients who have to meet a certain deductible on an out of pocket basis.
Offer Self-Pay Discounts
For self-pay patients, offering discounts for timely payments can make a huge difference in your cash flow.
Offer Different Payment Plans
Out of pocket expenses can be extremely high for some patients. And the best way to manage them is to offer different payment options. That way, patients can continue receiving treatment without feeling the huge burden of paying bills.
For your facility to offer great services and satisfy patients, you must find the right process to collect coinsurance, deductibles, and co-payments. Advanced Reimbursement Solutions wants you to have the best process. Contact us today to consult with an expert in Phoenix or Wilmington. We look forward to speaking with you!