Three Upgrades to Increase Patient Payment

Описание: Many healthcare entities are familiar with the struggles of collecting patient-owed balances. The pandemic only worsened the challenges with receiving payment from patients. Medical practices need to update and optimize their revenue cycle management processes. The best way to do this is to remove barriers that prolong the collection process.

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SMS payment reminders can save your revenue cycle. Patients often don’t pay their medical bills due to the hassle and confusion of the payment process. Sometimes the instructions are not clear so the bill just goes into the recycling bin. Other times, the patient payment portal is so annoying that the patient neglects paying.

Providing multiple payment channels is a simple way to combat these issues. Payment reminders through SMS are preferred over other customer service channels. Additionally, 90% of text messages are read within three minutes.

Design and color to clarify and guide patient payment is a popular solution. In 2019, 70% of patients reported feeling confused about their medical invoices. When this happens, a patient usually seeks clarification. In turn, this lengthens the amount of time it takes for the patient to pay the bill. It also adds to the cost of resources from the billing practices.

Highlighting important dates and numbers helps communicate the bill when received. Itemized lists help patients understand the final amount. Why is formatting and color useful? 43% of people reported they were more likely to submit payment on time after receiving a color invoice. 31% were more likely to pay in full.

The last upgrade you can make to increase patient payments involves outsourcing. Shameless plug time: Etactics can help with outsourcing patient payments! Anyways… Outsourcing statement services is a cost-effective strategy. It allows healthcare providers to offer better solutions while reducing their own resources. More healthcare systems are outsourcing their billing needs, so you don’t want your competitors to offer better billing services to their patients.

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