Optimizing Patient Collections: A Provider Panel on What Works and What Doesn’t

We all know how important it is to aim for 100% reimbursement to be successful, which is why collecting from patients up front is an even bigger priority.

Now, take it a step further.

• Do you know how to effectively and efficiently secure those payment methods for future use?
• How do your patients respond when asked to keep a card on file?
• Are you even doing these things today?

Many providers struggle to find a happy medium when it comes to speaking to their patients about financial responsibility and actually collecting. we will explore the top ways to optimize your patient collections strategy without costing valuable time and labor resources.

It’s crucial that you obtain every dollar for every visit in a timely fashion. Collecting payments is easier when you have some expert assistance backing you up.

Here are six tips your practice can implement to avoid revenue loss due to the rise in high-deductible health plans and patient’s resulting financial responsibility.

1. Gather patients’ insurance and contact information before their appointments.
2. Verify insurance eligibility and identify any amounts due from prior patient visits.
3. Collect copays and other balances at the front desk when patients check in.
4. Offer multiple payment methods.
5. Offer payment plans and track them.
6. Make follow-up part of the collections routine.

To Conclude:

Collecting more patient payments with less delay should be your new goal, keeping in mind that your practice is a business and that your patient is the consumer. While you are in the healthcare field to help others, you also have a duty to your staff to collect what is owed, making payroll and keeping the doors open.

In the past, most reimbursements were carried out through a business-to-business relationship between providers and insurers, leaving patients largely out of the loop. But now and in the future, reimbursements are a business-to-consumer relationship that is forged between providers and the patients themselves.

There are a lot of moving parts to consider when it comes to getting timelier payments from more of your patients. You may have additional questions or concerns about payment collection that you’d like to address immediately.

The least expensive time to collect is right now…it gets real expensive to collect money tomorrow!”

Schedule a conversation with a WWS experts.