Optimizing Patient Collections: A Provider Panel on What Works and What Doesn’t
Optimizing Patient Collections 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.
- Patients = payers
- Patient out of pocket costs have tripled in last 10 years.
- 50% of all patient financial responsibility goes uncollected.
- A recent study by InstaMed found that 73% of providers say it takes a month or more to collect balances due.
- Patient out of pocket costs have tripled in last 10 years according to Trans Union Healthcare.
What does your current patient collections strategy look like?
- Are you collecting at time of service?
- Do you make it a practice to keep the card on file for future DOS?
When did you decide to change your collections policy and why?
- Bad debt write off too high?
- Executive management?
- Industry changes?
|How did your staff response ?||How did your patients response ?|
|1. Angry about change?
2. Questions as to why?
3. Push back if not pure resistance?
|1. Did it really even phase them?
2. Calls back to referral sources questioning new process?
3. Complete abandonment?
Did you highlight specific product mix to adhere to your collections policy or did you go ALL in?
- Recurring rentals
- New patients
- Late payers
What about exceptions? Do you make them, and if yes, how do you manage them?
- Certain payers or referral sources
- Dual payers
- 100% coverage
Aside from keeping a card on file, what other measures are you taking to ensure effective patient collections?
- Online bill pay
- Reminder calls
- Payments in the field
- No new equipment without payment
Do you use monthly statements or invoices sent at each date of service?
If given the option, would you select one over the other and why?
Besides the obvious of quicker payments, what other benefits have you witnessed?
- Unified company policies
- Expectations with patients are clear
The least expensive time to collect is right now…it gets real expensive to collect money tomorrow!”