Improving Patient Collections Post Pandemic

1
Improving Patient Collections Post
Pandemic
2
Improving Patient Collections Post Pandemic
Healthcare organizations has been hit hard by the
global coronavirus pandemic. Now as every sector
has started recovering from the pandemic, many
healthcare providers are finding it difficult to
bounce back and improve the cash flow and
collection at their medical practices. According
to recent annual report from Trends in
Healthcare Payments, the average medical
practice writes off over 30,000 in unpaid
medical bills each year. Surprisingly, 28 percent
of the practitioners have no idea how much they
are or should be writing off. If you install full
proof patient collection system at your office,
you may able to collect more than 90 percent of
your patient collections within a month. In this
article, we shared guidelines that can help you
in improving patient collections post this
pandemic situation. Efficient Insurance
Verification Process The first step in this
process is to ensure that each patient has valid,
active insurance coverage before they receive any
care. A simple way to do this is through
eligibility and benefits verification for all
patient visits. Insurance coverage report will
help you to understand whether planned services
are covered under patient insurance or not. This
report will also help you to find patient
responsibility i.e., co-payment, deductibles. In
case of non-coverage, you can communicate with
patients in advance, so that they can share
alternate insurance details or prepare for
self-payments. With eligibility and benefits, you
can provide exact estimate to the patient for
every visit, explaining every detail. This
ensures highest customer satisfaction and maximum
collection of patient responsibility.
3
Improving Patient Collections Post Pandemic

• Send Pending Invoice
• Insurance coverage report will help you to
  understand exact patient responsibility. Your
  front desk staff must ensure maximum collect of
  patient payments. This percentage should be more
  then 70 percent. For rest of the pending patient
  payments, you should send invoices at regular
  interval of times. You can email them or use
  billing software to send invoice at regular
  interval of times. Research report suggest that
  as more weeks passes after patient visit, more
  challenging it becomes to collect patient
  payments. So sending invoices at regular interval
  of time and reminder call will help to collect
  maximum patient collections.
• Offer Payment Options
• Offering multiple ways for your patients to pay
  is one of the easiest steps you can take to
  improve cash flow and collection. By offering
  credit card payments, checks, cash, etc., you
  broaden the options for your patients. Using
  billing software, you can send electronic
  statements via email or text messages containing
  payment options or online payment links.
  Additionally, offering payment plans adds an
  extra layer of convenience by allowing patients
  to take control of their healthcare costs.
  Offering payment assistance programs will also
  improve cash flow and collection within your
  medical practice.

4
Improving Patient Collections Post Pandemic
Outsource Your Medical Billing Outsource your
medical billing and coding process to a medical
billing company like Medisys Data Solutions will
improve cash flow and collection for your
business. By partnering with a qualified Revenue
Cycle Management (RCM) company, you can focus on
patient care while billing company will handle
technicality of billing and coding operations. As
per medical specialty of your practice, billing
and coding experts will work on your account for
various RCM operations like eligibility
verification, charge entry, payment posting,
denial management, and AR collection. You can
also achieve better customer satisfaction by
focusing only on patient care while billing
company will handle all complexities of billing
and coding. If you are interested in learning
more about our complete RCM solutions, contact us
at info_at_medisysdata.com/ 302-261-9187
5
(No Transcript)