One of my favorite Thanksgiving traditions is hearing my friends and family share the things for which they are thankful. That…and sitting down after a good meal and enjoying some great football.
And while patients wouldn’t put provider payment options at the top of their gratitude list, healthcare organizations can make processes simpler by offering updates that are sure to have patients saying “thank you” during billing.
Here are five Thanksgiving-friendly tips for making patient payments hassle-free.
- Embrace sharing. In other words, give patients upfront insight into the cost of their care and what portion of the bill they are responsible for. Patient estimation tools that work from a combination of uploaded fee schedules and historical remittance data offer the most up-to-date and accurate window into the amount patients owe for your services. Learn how our latest client achieved success through the use of care estimates in our recent blog post.
- Hands off. Make billing easier with automation. Patients today prefer technology options that make it easy to pay their balances. Busy practices are meeting that need with capabilities such as online bill pay, automated payment plans and pre-authorized payments via a credit card kept on file. As an example, learn how Piedmont Urgent Care by WellStreet reduced bad debt by 75% and improved patient satisfaction with its “no-touch” patient payments process.
- Save the trees. Most practices still send paper statements – nearly 77%, according to the Digital Payment Progress Report conducted by MGMA and Waystar. But electronic billing is one of the easiest and fastest ways to shorten the collection cycle. Patients will thank you for the streamlined approach – and your commitment to the environment.
- Be more helpful. The front-office or patient access team can be engaged to give patients all the info they need to understand your range of convenient payment options – and they’ll feel like they’re a bigger part of the team, rather than only being responsible for check-ins and scheduling. For more ways to bring the front-office into the new era of patient payments, check out Six Steps to Energize the Front Line Process.
- Return to the table. At Thanksgiving, there’s nothing like a second helping of stuffing. Likewise, improving your revenue cycle isn’t a “one and done” deal. Revisiting your approach periodically to make sure your solutions, tools, processes and teams are delivering the best results, is always a good plan. Get insight on how to do that with our guide: Tackling the 4 P’s: Strategies for Ensuring Billing and Front-Desk Success.