As healthcare costs continue to grow, medical practices are looking for more effective ways to maintain their revenue stream. In recent years, focus has turned to improving upon delayed medical debt collection.
Delayed payment can result in a considerable portion of lost revenue for your medical practice. Additionally, collecting bill payments can often become a time-consuming and stressful task for medical staff.
If you would like to improve your medical debt collection process, consider these 4 best practices -
- Lay the groundwork for successful medical debt collection by educating patients and following best practices for patient communication prior to the time of service.
Providing an estimate and reviewing payment options beforehand will allow for patients to plan ahead and walk in knowing what to expect. Taking a proactive approach to this discussion with your patients will result in a smoother collections process.
- Make bills and all patient communications clear, concise, correct, and patient-friendly.
The way you communicate with patients about their bill should be easy to understand, accurate, and patient-focused. It should also be cost-effective and manageable for staff to utilize. Implementing an automated collection reminder system will enable staff to send collection alerts and overdue balances to patients with the push of a button.
- Be consistent in key aspects of account resolution—from medical debt disputes to payment application.
There are a wide range of situations that could occur when collecting payment from a patient. Establishing clear guidelines for staff to follow will allow for more effective account resolution. Utilizing an automated collection reminder system would also be a beneficial safeguard towards ensuring that all cases are dealt with routinely and systematically throughout the payment cycle.
- Exercise good judgment about the best ways to communicate with patients about medical debt.
All patients have different communication preferences. Communicating with them in a way they prefer will likely result in a smoother payment resolution. A majority of patients today prefer automated communications and easy payment options. Using an automated collection reminder system that allows for multiple communication methods such as text message, phone, or email, will help your medical practice reduce medical debt..