There is no doubt that the challenges associated with patient collecting are becoming more serious day by day. Patients and their healthcare providers are always encouraged to adopt and utilize modern behaviors and mindsets. However, the rising costs in most areas of healthcare are a shock for the patients.
The regular hikes in healthcare is making them face three major challenges: higher deductibles, greater patient payments, and larger premiums. Meanwhile, healthcare providers are waiting for a patient collections responsibility change to collect co-payments and dispatch patient statements. At the moment, about 30 percent of revenue is collected from patients, where that from the insurance companies remains low. It appears that this has created huge change in the management of the revenue cycle. Healthcare providers are making a total re-organization in their strategy for collections. They are also seeking new processes, technology, and solutions in order to ensure revenue by way of patient collections.
While all these responsibilities remain relevant, the billing companies have got a much higher duty which is to assist provider clients as they are burdened with the heavy lifting associated with collections. While this can be a win-win situation for both parties, it is the healthcare providers who make the most benefits from this. However, if this has to work with perfection, it is necessary that proven methodologies are employed. Moreover, optimizing services and strengthening collection capabilities are two areas that require quick improvements.
In order to achieve the goals, it is essential to accelerate patient payment technology. Once this is improved, gathering collections for provider clients will become easy.
Management Of Clients From Central Virtual Location
The ability to manage clients from a central virtual location is much needed. For both billing companies and providers, time is the most essential thing. They are ready to incorporate their efforts with additional and sophisticated options. When the medical billing companies use a modern solution that allow all clients to login to the interface via a single interface, the efforts become more result oriented. This saves time for the entire team.
To start with, you need to set up a unique merchant account for each of the client you are hiring. The first step is to allow for direct settlement of funds into the bank account of your client. With this, it is easy to improve efficiency, security, and speed. As there are several opportunities for security breaches while the exchange of patient credit card information between the billing company and the provider takes place, a more secure patient payment technology is to be evolved to reduce the risk.
At present, the existing technologies are used to help the staff enter a patient’s financial information into their unique portal for the provider client. The reason for that – they facilitate quick depositing of payments, and help protect patient data at the same time. This makes both the patients and the healthcare providers feel more confident about the level of privacy and security in use.
Transparency In The Pricing Through Estimates
One of the best ways to ensure price transparency is through offering estimates. There are a lot of factors that affect the price transparency level in the healthcare sector. Increased level of transparency is a must-have factor in the healthcare system.
Most of the medical billing companies encourage this. They talk to their physician practice clients and help them implement their desired technology. This helps provide an estimated cost of the care being rendered out. Furthermore, healthcare practices can earn higher collections and ensure greater patient satisfaction by way of implementing higher transparency level.
Payment Through Card-On-File Solutions
The increased level of transparency with merchants helps people to share their credit card details with them. In the same way, patients and clients should also feel comfortable to share their payment details with their medical billing and coding companies. A card-on-file solution is a much-required thing here. The main advantage with this is that it is incorporated with a care estimation tool, which enables the billing firms to charge exactly what the estimation is up to.
This entails two-fold benefits: first, the seamlessness on the care estimation and card-on-file solution will downsize the administrative work for all the staff, and second, patients will be able to achieve greater peace of mind.
Online Payments Via Patient Portal
It is known everywhere in the healthcare sector that post-service payments are extremely cumbersome to collect. Although there are various tools designed for the same, these are not used up to their potential. However, if payments were collected through online tools, it would be possible to avoid any staff intervention in it. This is a great advantage for both billing companies and their clients.
An ideal solution to solve the issue with collecting online payments is to encourage billing companies to come up with more transparent options. They should ensure that the online tools they use contain the provider’s name and logo. This sort of customization is done in order to build patients’ confidence in the portal, which in turn will ensure that they will use it again.