In today’s world where business is largely done via computers and mobile devices, many healthcare professionals still rely on increasingly antiquated methods when it comes to their medical billing. Yes, we’re talking paper. This begs the simple question: why?
A HIMSS Analytics and Waystar survey shows that patient collections and paper-based billing are still used by more than seventy percent of healthcare leaders. However, the same survey reveals that over one-half of the patients surveyed would prefer if these could be taken care of electronically. What’s more, patients stated a better likelihood of paying their medical bills if they had the flexibility to pay them online.
A California-based practice took the paperless plunge by going completely electronic. Patients are able to book their appointments, check-in, access their medical records, and request a refill of their prescription all electronically. While the streamlining is certainly a plus, the decision to go fully electronic also resulted in benefits to the bottom line.
When the practice was relying on paper, various situations arose. For example, the practice would attempt to collect funds from a patient when they came in for a follow up only for that follow up to never happen. It was also sending out paper statements to patients that were largely millennials which, in their eyes, may be considered an outdated technology. After going all electronic, the practice saw an increase in income during the first month which only continued in the following months.
While this is one example, adopting electronic billing and collections may be worth considering.
This update is by Medical Accounts Systems, a full-service healthcare revenue cycle management company providing a number of services including insurance follow up and managed care disputes, physician reimbursement, extended business office services, and more. For additional information on our services or for any questions you may have on topics such as health insurance collections, please call 877-759-6315.