Tips to Boost your Medical Billing with Paperless Collections

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• Tips to Boost your Medical Billing with Paperless
  Collections

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Tips to Boost your Medical Billing with Paperless
Collections
Medical collections and billing are key areas in
the healthcare industry which need appropriate
attention. It is ironical that even in todays
age of smartphones, tablets and other digital
technologies that literally puts all the
information at the tip of your hand, many doctors
still rely on paper to reach their patients
regarding medical billing purposes. Almost all
providers still use some method of paper-based
patient collections and medical billing. 77
percent of healthcare leaders said they
explicitly have paper-based patient billing, a
2017 MGMA and Navicure surve found. There is a
recent shift in the healthcare industry to
greater patient financial responsibility. This is
amplifying collection issues for many
organizations. Present income cycle practices are
geared toward government and commercial payer
collections. However, an increase in patient
financial responsibility is leading to industry
initiatives that are aimed at individual
collections and patient satisfaction. Most
organizations still send paper statements despite
research indicating that more than half of modern
patients wish to go for paperless healthcare
bills. The focus must be adjusted on patient
collections if medical practices want to increase
their receivables and earnings. Patient
collections account for more than 30 percent of
total revenue in the industry. Healthcare
organizations have huge motivations for going
paperless, such as greater patient satisfaction.
Offering patient communications via eStatements
instead of paper mail helps nurture positive
relationships between practice and patient.
Providing convenient, secure payment options also
helps to establish and build meaningful
relationships with patients.
Medical Billing Services in Oregon
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Tips to Boost your Medical Billing with Paperless
Collections
Many patients presently pay most of their bills
online they were more likely to pay in timely
order when their healthcare statements line up
with other monthly invoices. By enabling better
communication and better transparency, healthcare
organizations can expect faster, more complete
payments from satisfied patients. Healthcare
organizations and providers also stand to profit
from the shift to paperless billing. Digital
statements are less costly and more effective
than paper-based statements. Cost of manual
processing of paper statements can be as high as
two to three dollars per statement. Online
collection system helps to abolish waste an
effective way to increase profit margins and
practice environmental sustainability. This is
achieved by eradicating the cost related to
postage, paper, printing and man-hours in the
billing process. Doctors can also sign up for
online portals to receive payments by a credit
card. This reduces the need for processing a
paper check making funds available immediately,
and it also makes it easier for the patients to
pay. With online portals, patients can have
online access twenty-four hours a day and can pay
their statement balance without the paper chase
of writing a check. Most people pay their bills
online with their bank. Encourage patients to pay
online. Paper claims can take as long as 90-120
days to process, whereas those submitted
electronically typically take around one to three
weeks for insurance reimbursement.
Medical Billing Services in Oregon
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Tips to Boost your Medical Billing with Paperless
Collections
Patient populations are changing. Most patients
have grown up in a digital world and need access
to billing and healthcare information. It may
seem intimidating in the short-term to move to a
paperless system, but it pays off in the long run
in terms of time saved and better data. Going
paperless with medical billing payments and
administrative paperwork may seem hard, but it is
vital to keep an eye on the benefits. Customers
like it when businesses make payments simple to
understand and easy to make. Medical practices
and facilities that opt for paperless billing and
payment usually see fewer patients forgetting to
make a payment. Online portals can increase
customer satisfaction and retention with better
access to their information. They also make for a
better-informed patient. Make a commitment to
change to the way you handle paper in one system
each quarter.
Medical Billing Services in Oregon