According to the statistic, Upgrading your current patient collection has become quite essential for all practices. In order to reduce the recurrent premiums, organizations now prefer high-deductible plans. A survey conducted by MGMA reveals that 25% of the total revenue generated by practices originates from the patients. Not collecting the payments timely can damage the revenue of your practice. For the sake of streamlining the workflow as well as increase collections, practices need to construct a serviceable patient payment & collection strategies.
Furthermore, here are the top 3 mistakes to be avoided while attempting payment collection.
1. Fewer options for payment and the lack of financial policies.
Create a new, flexible patient-friendly option for payment. Allow different modes of payments like cash or credit/Debit card payments.Draft a financial policy that supports your practice. Go For 'Payments Before Service' approach to abstain from any payment confusions.
2. Poor Staff Training
Most practices make the mistake of hiring their staff without providing any training. Investing in your front desk staff is very important. Train them to make collections, resolving payment issues, track down patient history etc. The staff should be able to handle the patient's requests and guide then when needed. The staff should be up-to-date with the payer payments and be taught to collect payments before services.
3. Not Being Up-To-Date:
This includes the delay in follow-ups and updating of patient information. Patients should receive their bills on the patient portal as soon as they leave your practice. Timely reminders should be sent either through emails or phone calls. Furthermore, practices should store the up-to-the-minute information of their patients for better outcomes.