Patient financial responsibility has increased tremendously over the years, leading to more stringent reimbursement. Out of pocket and deductible costs have risen over twenty percent since 2015, meaning there is greater pressure to collect all the money that a patient owes when they receive services. Even a few dollars can be a key factor in whether or not a procedure is profitable, which is among the reasons why it is imperative that the following common mistakes are avoided.
Few payment options. Reports and surveys increasingly show that many patients do not have the financial means to pay in the event of an unexpected expense, such as a $400 procedure for instance. Solely accepting cash is no longer an option as patients are more likely to pay if they have flexible options that allow them to make payments over a feasible period of time.
Insufficient patient information. To have a firm understanding of what a patient will owe for their care, it is essential to have the vital details regarding their financial information such as their insurance and benefits verification. Failure to do so may result in incorrect amount collections.
Poor training. Even if you have a well-established patient collections policy in place, there is no guarantee your staff will be following its guidelines as they were intended. Consistently provide policy training, including what steps to follow should a problem in patient collections arise, such as a dispute.
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 medical payment systems, please call 877-759-6315.