Providers everywhere are relying more heavily on patient payments in 2020 than in years past. Many individuals have opted for the high-deductible plans for their health insurance. This is saving them money upfront if they do not plan on having high medical costs that year. The issue with High-Deductible Health Plans (HDHPs) is that they can lead to high out-of-pocket costs for patients should they end up needing medical attention.
Once a payment falls into the lap of the patient, it is historically more difficult to collect compared to reimbursement from their insurance. Finding ways to improve the billing process for patients and collect more on patient balances is important for growing your revenue in 2021. Below are 5 of the best ways to grow your revenue by collecting patient payments.
How to Increase Patient Payments
The cost of medical care has always felt like a mystery to patients, and they are not happy with that fact anymore. More patients than ever are shopping around for their providers to find the most affordable options for them. It is a red flag to patients when their provider is unwilling or unable to offer the price transparency they are looking for, making it much harder to collect a patient payment. Providers need price transparency technology to help them tear down cost barriers and increase patient payments within their practice.
Sometimes patients come in to receive services from their provider that they are not covered for. Once a patient receives services without coverage, they are responsible for paying back the cost. Eligibility verification and prior authorization tools are useful for preventing this kind of situation. Once eligibility is verified, providers can safely offer services and earn their payment for their insurance provider. This decreases a provider’s reliance on patient payments and better prepares the patient for the cost of their medical care.
Online Billing Pay
Patients pay for everything online and with a credit card. From their rent to shopping online, patients love the convenience and accessibility of online payments. Providers might be having a hard time collecting patient payments if they do not have a secure way to process online payments. Online bill payment and management encourages patients to learn more about their medical bills and make payments in a way that makes sense to their life.
Outsource RCM Services
Forming a partnership with a quality RCM services vendor is a great way to improve the number of patient payments you are collecting. A quality vendor will take over the management of your difficult collections and work with your patients to find billing solutions that work for them. Billing experts break down the cost and payment options, providing one-on-one solutions to your patients so you do not have to.
Lastly, the medical billing software that your practice utilizes is essential to increasing patient payments. The right software can perfect your claims process so that unnecessary costs do not end up in the lap of the patient. An increase in clean claims will minimize your dependence on patient payments so that you can continue to grow.
To learn more about how to collect patient payments, click here.