Valentine’s Day is right around the corner and the season of love in the air. It’s the perfect time to show your patients some love, too, and there’s no better place to start than with your revenue cycle processes.
For instance, when it comes to keeping your patients happy, patient estimation tools and price transparency are a perfect match.
Like many growing practices, Southern Bone and Joint Specialists, P.A discovered payment estimates are a great way to improve interactions with patients and ultimately, their satisfaction. A simple, easy-to-use estimation tool that included a real-time eligibility check to determine unmet insurance deductibles and co-insurance amounts brought about great change and price transparency to their practice.
Using historical remittance data, existing fee schedules, or a combination of the two, you too can deliver more accurate estimates for what patients owe – before or at the time of service. With this insight, patients can better plan to pay their bill, and are more likely to pay it sooner. That’s good news for your A/R days, cash flow, and bottom line.
Additionally, the increased transparency and simple process shows patients you care about their needs. It also illustrates your ability and willingness to step up and provide the convenient services they’re demanding in this era of healthcare consumerism.
That’s exactly what Prima CARE, P.C. did, reducing their balance billing process after patients left the office and increasing their time-of-service payments by more than $100,000 in just five short months.
Providing estimates is especially important as patients increasingly consider price shopping and conducting cost comparisons for their healthcare. Organizations that offer modern, digital conveniences and greater insights into the cost of care are showing patients they care; patients who experience this top-notch service are destined to be fond of your practice and its processes – a fondness that will be felt across your office long after Valentine’s Day has passed.
Find more ways to bring the love to your billing process in our on-demand webinar: Make Your Patients Fall in Love with Your Financial Policy.