In nearly any form, the word “statement” is about being heard, and being heard can happen in many ways. Consider your three-year-old daughter after you just reprimanded her. She’s refusing to look you in the eye, and it’s abundantly clear she’s making a statement. Loudly, yet without saying a word.
Similarly, consider your patient payment strategy. Electronic statements (eStatements) and paper statements both contain the same patient billing information, but say something quite different:
eStatements say, “Pay attention to me and please pay your bill. It’s super easy to do, just click on the link below?”
Paper statements say, “Here I am with a bunch of other mail; just stick me on the kitchen desk. Oh, by the way, you owe something, but go ahead and answer that text rather than opening the envelope. I’ll be here later.”
And now you may be saying, “Sure, I agree eStatements could be more cost-effective for our organization and more convenient for our patients; but we don’t have the technology to provide them. And they aren’t essential given that we have paper statements.”
Actually, in today’s patient payment environment, the opposite is quickly becoming true: A patient payment strategy that automates processes, encourages time-of-service payments and includes eStatements is essential. A recent survey found a majority of respondents (57%) do not have an eStatements strategy, yet 75 percent using this technology would recommend it to a peer.
The challenge with post-service patient collections is that the more time passes, the harder it is to collect. eStatements can help you overcome this challenge by making it easier for patients to pay and for you to get paid.
Learn more about developing the right patient payment strategy. Download the white paper by MGMA and Navicure, New Collections Workflows Raise Challenges for Physicians & Staff, today!