Improve Your Medical Practice Revenue With Payment Options

Improve Medical Practice RevenueEducating patients about their payment options can improve your medical practice revenue.

Imagine for a moment that you are planning to buy a car. Before you even enter a car lot, you do some research on the type of car you need, the features you are looking for, and how much you are able to spend. You might even get an opinion from a friend or check out reviews online.

After you have gathered all the information you need, you feel you are ready to start shopping—and confident that you might even get some new keys by the end of the day.

This is very similar to how most business transactions work: They have a need, they research the best ways to meet their need, and they make a purchase.

However, the healthcare industry doesn’t follow this formula. Your medical practice is a business just like any other, but your customers—aka, patients—often seek out your services not knowing exactly what they will be “buying” from you, nor how much they will be paying. Add in health insurance and surprise bills and you have a confusing hodgepodge of information that calculates the patient’s final bill, which they likely will not see for several weeks.

The current system is inefficient, and it is part of the reason that up to 30% of patient bills go unpaid every year.

Changing the Patient’s Financial Experience
Many practices have improved their revenue flow by simply treating their patients more like customers. In other words, they educate them on the financial side of things, as well as how to manage their health.

In a recent NexTrust webinar, three-quarters of poll respondents (doctors and practice managers) said that they speak to patients about their payment options. Thirty-one percent said that they currently use electronic communications, and only 8% use printed materials (flyers, signs, etc.).

While speaking to patients is a good start, getting payment information in writing is crucial to driving this information home. Patients already have a lot to remember regarding their care. A simple handout on how and when to make their payments can make it much easier for patients to manage their payment responsibility.

Most providers—over 90%—educate patients about how to pay on their statements. It certainly doesn’t hurt to communicate this information this way, but don’t rely on it exclusively. Most people skim the statement to see how much they owe and most miss important instructions.

So, as you educate patients on their payment options, keep these four key areas in mind to improve your medical practice revenue:

1) Set Clear Expectations about Payments
The first step in financially engaging your patients is to remind them you are a business, and that you require regular, on-time payments to keep your doors open. Patients often don’t see their doctors as business owners. A simple statement upfront about your payment expectations encourages patients to be more proactive about paying their bills on time.

2) Educate Patients about Your Payments Process
When patients understand your payments process, they are empowered to be more proactive in participating in it. You know where billing and payments fit into your practice workflow, so make sure patients understand that, too. If you require copays to be paid before a visit, communicate that beforehand so they can be prepared. In addition to that, also communicate clearly about when any remaining balances are due.

3) Push Your Online Payment Options
The best thing you can do to increase payments is to educate patients about their online payment options. Don’t just say “We accept payments online” and leave it at that. Show them where to go to complete payments. Also tell them about the variety of payment options available to them.

For example, EZClaim customers have several online payment options:
• Guest Pay: Patients can quickly pay their balance without having to set up an account
• MyProviderLink.com: If the patient wants access to more features (such as the ability to check their balance without having to call the office or to set up automatic payments), they can register for an account through BillFlash’s payment portal
• LinkPay: The practice sends a payment link to the patient before their visit, so they can pay what they owe before the visit starts
• PlanPay: Split up larger bills into smaller monthly payments

Online payments are the future of healthcare. So, make sure your online payment options are front and center whenever you bill patients. This could include a note in their statement directing them to pay online, handing out instruction cards on how to pay online, and posting signs throughout your office directing patients to your payment portal.

4) Reach Out to Patients You Haven’t Seen Lately
Forty percent of patients defer or skip care because they don’t think they can afford it. Make sure you get the word out to your entire patient base that you can accommodate any patient’s financial circumstances, whether that means setting up a payment plan or delaying payment for a few months. If patients know they have affordable payment options, they will be more likely to seek you out when they need help, rather than going somewhere else or deferring care entirely.

 

Empowering Patients to Take Ownership Over Their Healthcare Bills
Most patients want to pay their medical bills promptly and in full, but being in the dark about what they are being charged for and what their payment options are makes that difficult. The patient financial experience matters, and when you educate your patients on their online payment options and are transparent about costs, they usually respond positively, and you will improve your medical practice revenue.

Learn more about the pay services available to EZClaim customers by visiting their partner’s website, BillFlash.com, or by e-mailing sales@billflash.com.

To learn more about EZClaim’s medical billing software solution, visit their website at EZClaim.com.

[ Written by Angela Carter with BillFlash ]

Getting Paid for Telehealth Visits

Telemedicine was already growing in popularity prior to the onset of the Coronavirus pandemic. So, as the adoption rate increases, EZClaim clients may have questions about sending telemedicine charges and getting paid for Telehealth visits.

Telehealth challenges can range from issues with technology to getting paid. With Telehealth becoming the norm for many doctor-patient visits, it is important to have a thoughtful approach in place regarding collecting patient payments. To stay in business, you have to get paid for the work you are doing. So, establishing a process for Telehealth consultations is vital to your business, and it should be a top priority to build a successful program from beginning to end.

The answers to the following questions will help set the baseline for how to collect patient payments for
Telehealth visits:

  • What is my process for charging for copays?
  • How and when do I collect outstanding balances?

For example, if you collect a payment before an in-person visit, you should collect a payment before a Telehealth visit, too. There is no need to re-create your process completely. Just change what is needed to match your current in-office routine.

Sending Charges Before a Telehealth Visit

A simple way to send pre-visit charges to patients is to provide them with a link that takes them directly to the payment site. EZClaim’s medical billing solution is integrated with BillFlash LinkPay, which enables customers to provide a payment for the upcoming visit. So, before the Telehealth session begins, the practice simply sends a link to their patient via an e-mail or text, making the appointment confirmation and the payment processing part of the check-in process. After the payment transaction is complete, it will immediately show up on the practice’s BillFlash report. LinkPay is designed to be easy to use, and doesn’t require patients to remember a login or a chart number.

Here’s how EZClaim enables the process through BillFlash:

  1. Prior to Telehealth visit, the patient is sent a link to pay through LinkPay, and another link to join the Telehealth call
  2. Patient pays the required amount through LinkPay, which is immediately confirmed and processed
  3. Patient joins the Telehealth session
  4. Results and follow-up are completed electronically
  5. Insurance billing is completed
  6. Patient receives paper statement or eBill notification for any remaining balance
  7. Patient is directed to pay the remaining balance online at MyProviderLink.com

Automate What Can Be Automated

With so many changes taking place in healthcare, a great way to help protect the financial stability of your practice is to automate what can be automated. This saves your staff time, and decreases your cost of doing business.

One way to do this is to set up automatic payment plans for patients, particularly for those who have been hit hard by the economic impact of COVID-19. A payment plan is a good way of keeping the revenue flowing in, and it shows your patients that your are compassionate and willing to help them through these unprecedented times.

BillFlash also securely stores payment information, so patients will not need to re-enter their information every time they pay a new bill.

As you continue to adjust to Telehealth going forward, BillFlash can simplify patient billing and payments significantly and help getting paid for Telehealth visits.

So, for a LIMITED TIME (during May 2020), EZClaim customers can try BillFlash statement and eBill services for FREE for 30 days. Click on this link for more details about BillFlash or try it out for the next month.

For additional information, call BillFlash at 435-940-9123, or contact EZclaim’s support team at 877.650.0904 or support@ezclaim.com.

[Contributed by James Easley VP, Marketing NexTrust Inc.]