Medical expenses continue to exist as an overwhelming and mysterious entity to patients who do not fully understand their coverage or fail to prepare for medical spending each year.
While part of this medical billing illiteracy is a result of the patient, it is also the responsibility of the provider to help their patients stay on top of their healthcare expenses. This is especially true as more and more providers are increasingly dependent on patient payments to sustain their revenue. Providers must offer the following patient payment solutions in order to optimize their RCM and focus more on patient care rather than collecting what is owed.
Patient Payment Solutions That Work:
1) Eligibility Verification
While eligibility verification does not collect directly on a payment, it has a great impact on your patient’s understanding of their medical bills and their ability to prepare. With a quality integrated software, providers can quickly determine if their patient is eligible for services under their insurance, break down the estimated cost of care, and explain it to their patients prior to the rendering of services. This patient payment solution sets the groundwork for patients to make their payments down the road, helping them adjust their budget or set up a payment plan that works for them.
2) Quality Patient Portal
A patient portal is a fundamental tool for growing patient communication and a patient’s understanding of their personal health information. It is also a powerful patient payment solution that empowers them to understand their medical bills alongside their care. With an EHR that is fully integrated with your medical billing software, patients can view and understand their medical bills online. This patient payment solution empowers patients to not only understand their bill but view their options for making a payment.
3) Credit Card Processing
In 2020, patients want to pay on their medical expenses just as they pay their other bills. They want an accessible option that is efficient and reliable. For providers searching for patient payment solutions that will help them obtain a higher number of patient payments, they must implement credit card processing. This should be available both on your patient portal as well as in the office. Your front line staff can prompt for payment when the patient is in the office and your patients can view and pay on their medical bills online on their own time.
4) 24/7 Access
This patient payment solution impacts the number of payments a provider receives more than one might think. It is important that a patient be able to make a payment on their medical bill right when the thought strikes. A common reason for a lapse in patient payment is as simple as forgetfulness as most patients are not used to having a medical bill in their monthly expenses. With a 24/7 patient payment solution, patients can log on to their patient portal and pay toward their bill the moment they remember to, even if that is in the middle of the night.
5) Outsource Difficult Collections
Once a payment goes to collections, it can become one of the most difficult ones to collect. Patients traditionally do not like to deal with collection agencies as they can sometimes feel threatening or intimidating. With a quality RCM services partner, dedicated medical billing professionals will work compassionately with your patients, helping them find the most comfortable and achievable patient payment solution.
The key to implementing any of these patient payment solutions is to partner with a quality RCM services partner and utilize quality medical billing software. To learn more about options that could help your organization, click here.