Slow revenue turnover can be a big problem for clinical practices of all sizes. The world of medical billing is complex, expensive, and slow. So, how can you improve patient revenues and ensure you get paid on time? That’s where our medical billing services become a lifesaver!
Keep reading to learn the best ways to improve your patient revenues.
Paper isn’t just slow and inconvenient. It’s expensive! It’s been estimated by some sources that the U.S. medical industry spends more than $300 billion per year on paper alone.
So try to minimize your reliance on paper, especially when it comes to billing patients for medical services. Paper bills are fine in some situations, but because of the inherent slowness of mailing, filing, and clearing a check, your revenues are going to suffer.
Paperless billing services allow you to avoid this issue. Patients can choose to have bills sent directly to their email, They can pay with an online eCheck, ACH deposit, credit card, or a debit card. This makes it easier for patients to pay, which means they’re more likely to pay on time. This is our number one suggestion to improve patient revenue.
Collect Money From Patients Up-Front
We all know how difficult it can be to collect the proper amount of money from a patient up-front, especially when working with a variety of different insurance companies. Is the procedure elective or non-elective? Is it in-network? Has insurance verified it? What’s the copay?
Despite the fact that you may not know exactly how much your patient has to pay, you should still collect money at the point of service. There are plenty of specialized tools you can use to calculate deductibles, copays, and other patient financial responsibilities either before or during clinical service.
Using these tools, create a rough estimate and collect it from the patient. If you don’t collect this payment prior to the delivering service, it’s estimated you have a 40% chance of collecting the self-pay amount from the healthcare provider, which is not ideal.
Keep Credit Cards On File
One of the best ways to improve your patient revenue is to keep a credit card on file. Despite the fact that credit cards are the preferred method of payment for patients in a wide variety of demographics, most hospitals and care facilities do not keep card data for patients on-file. It’s estimated that only 20% of healthcare providers do so.
The easier and simpler it is for a patient to pay their co-pay or initial admission costs, the more likely they will be able to do so. If you already have information about a patient, their insurance, and their credit card, all you have to do is print up an invoice, get them to sign and authorize it, and get paid. It’s just that simple.
Now that you know the best ways to improve your patient revenues, it’s time to put them into practice. Contact us today for a free assessment of your practice’s revenue cycle. Your bottom line will thank you later.