There’s a fine line that medical institutions have to walk between servicing patients and getting paid for services. From navigating insurance claims to making sure you can receive payment, getting paid for the important work your practice does comes with difficult challenges. Timely payments are vital for healthcare practices’ success and expansion of care in the future. Maximizing collections from patient billing services is about improving your fundamentals and getting the small things right. Here’s how.

Effective Collections Without Alienating Patients

Part of the problem of running any medical facility is making sure you get paid without upsetting patients or setting unrealistic expectations. While each patient expects something different, there are specific tools you can use to make your intentions clear. Moreover, using these methods can help patients understand that they are more than just their account number on a spreadsheet.

Use Clear Communication & Be Empathetic

Patients want to know what they are being charged for. This has often led to patients becoming frustrated and asking for an itemized medical bill. Clearly communicating what patients are being billed for can help clear up confusion. However, paying medical bills is often difficult for many households. It’s critical to train staff to approach collections with empathy and understanding. Using payment plans, providing flexibility, and being understanding can help patients feel heard and more likely to pay their bills.

Offer Financial Counseling

Providing financial counseling services can help patients understand their bills and explore payment options. Your administration team can do financial counseling or it can be outsourced to a medical billing provider working on your behalf. Using financial counseling can also help your patients avoid late payments. 

Stay On Top of Your Accounts

This may seem like a no-brainer but hear us out. If a patient calls up to your practice wanting to know their balance, and you can’t give them a straight answer, that’s going to frustrate them. Not only will it make your practice look incompetent, but it’ll also cause anxiety in your patients. Don’t let this be you. Have your bookkeeping and patient account balances in order so you can better serve your patients.

Best Methods for Maximizing Collection from Patient Billing Services

These are some of the best methods for maximizing collection from patient billing services whether they be in-house or outsourced.

Establish Robust Documentation as Well as Established Roles

One of the critical points for any medical institution is the ability to track and manage patient information for quick and easy access. This means having a dedicated documentation storage system for your team, whether that be EMR software or EHR. You’ll also want to record patient details like:

• Their name
• Insurance information
• Payment information
• Contact information
• Mailing address
• Medical history
• Any other relevant information

Having this information can make it easy to reach out for payment in their preferred method. Specific roles in billing improve accountability and efficiency. For example, assigning staff to tasks like insurance claims, or following up on bills streamlines operations. Having a specific role for this task and having specific guidelines for staff to follow for patient information is vital for maximizing collections.

Try to Collect Payment Upfront / Have a Payment Policy

Collecting payments upfront, either partially or fully, significantly reduces the risk of non-payment and improves cash flow. This may be in the form of co-pays or other payment methods. Hospitals should adopt a payment policy that clearly outlines patient financial obligations, available payment options, and due dates. These payment options should be easily viewed either by mail, email, online patient portal, or text. Patients will know what to expect and how best to pay their bills.

Verify Insurance Information and Eligibility

Verifying a patient’s insurance before they receive care can greatly maximize collections from patient billing services. This is a vital step for preventing details as well as checking for things like changes in coverage, policy limits, and eligibility. Using the right software can make this process smooth and easy for your staff, no matter if you are outsourcing or not.

Accept Multiple Types of Payments

Providing patients with multiple payment methods, including credit and debit cards, checks, online payment portals, and mobile payment options, makes it easier for them to pay. Specifically, this helps with co-pays and ongoing treatment that may require multiple visits.

Establish A Follow-up Process

Getting in contact with patients when a bill is due is half the battle. Having a dedicated process can help ensure your practice gets paid. This process should include contact methods like reminders through phone calls, emails, or mail notices. Using multiple communication methods can help patients respond quicker and establish a record of trying to reach a patient. Automated reminders and messaging systems can be a great way to save time and establish a process. Remember, effective communication also means speaking plainly and keeping it confidential for the medical field.

Make Transparency a Key Feature

When it comes to building trust with your patients, transparency is key. If they find a bunch of nonsensical fees or hidden fees on their bill. They are much more likely to not use you in the future! Clear communication about costs ensures patients are aware of their financial obligations and can plan accordingly. Itemized bills explaining charges are the best way to go for providing clarity. 

Consider Using a Medical Billing Company

Outsourcing can offer many benefits. For starters, they can implement many of these systems and tools for you. Whether that be proper billing software, crafting policy, or some other activity. Outsourcing can reduce administrative burdens on in-house staff and handle most if not all billing-related activities for you. They are masters at navigating the medical billing industry and working with insurance companies.

Want to Work with a Medical Billing Company

Considering using a medical billing company to maximize collections from patient billing? Don’t worry, we’ve got you covered! We help companies find high-quality medical billing companies every day. Just fill out our 1–2-minute form and we’ll contact you to verify your information and needs. From there, up to 5 suppliers will reach out to you with quotes. This process is free and simple to use!