With healthcare costs on the rise and an increasing segment of uninsured consumers, the patient payment landscape is changing rapidly. How can medical offices evolve and optimize collections while keeping patient satisfaction high? Thankfully advancing technologies are making it easy to simplify collection processes to increase revenue.
1) Communicate responsibility
How many times have you purchased a good or service without knowing the cost beforehand? Probably not many. Healthcare should not be any different. By providing cost expectations, care providers can give patients the opportunity to not only understand their fiscal responsibility but to also take a proactive, involved approach. Communication allows patients to determine if the value of the service they are receiving is worth the cost. When finances and choices are transparent, patient satisfaction rises.
2) Collect upfront
It’s said that medical providers collect only 25 percent, on average, of available co-pays and deductibles at the time of service. If the patient departs after the initial visit without making a payment, the likelihood of receiving the co-pay drops significantly. Consumers are used to paying for a product at service at the time of use, so why should medical care be different? Capitalize on patients that are willing to pay at the time of service by collecting upfront. Processing payment during the appointment is a step toward helping the patient to be invested in their care, which increases the chance of gaining future payments.
3) Empower patients
We know that patients are taking a more active role in their care and like to be in control of costs. Knowledge is power, and giving patients the information and tools needed is critical to empowering patients to pay. An effective strategy engages the patient early to learn their payment and communication preferences, then proving the proper options.
4) Build awareness
When adding payment options or considering changes to your payment workflow, increasing awareness is key. Be sure to engage your staff and provide the most accurate information on your website and within advertising tools (such as posters in the waiting room). If time and budget allow, conduct a survey to gain patient feedback. A small sampling of users will give insight into the likelihood that patients will adopt new tools and practices. It’s critical to explain the value in an informative, yet simple to understand the way that will resonate with your audience.
Thinking your practice may not have the staff or means to optimize payment processes? Consider tools from TriZetto Provider Solutions that can enable patients to conveniently pay by utilizing a variety of methods, including easy-to-understand statements. Learn how our partnership can help you streamline your workflow, improve efficiencies, and get paid faster.
As a medical billing expert, EZClaim can help the medical practice improve its revenues since it is a medical billing and scheduling software company. EZClaim provides a best-in-class product, with correspondingly exceptional service and support. Combined, EZClaim helps improve medical billing revenues. To learn more, visit EZClaim’s website, email them, or call them today at 877.650.0904.
Does your team spend countless hours on the phone attempting to collect payments from patients? Do you know how much of your valuable time is spent performing double data entries of those payments just to keep your books balanced? Do you find yourself wishing you had a one-stop-shop for all your patient payment needs? Well, you are in luck. EZClaimPay has the patient portal feature which allows you and your team to not only save time but makes it easier to collect and record payments.
In 2020, EZClaimPay was launched as a solution to the ever-changing environment of payment reconciliation. This was in response to customers’ difficulties with credit card payment processing. EZClaimPay provides for consolidated reconciliation and a single point of contact for support to make accepting credit and debit card payments painless.
If all that is not enough, the patient portal feature allows for the following:
- Medical staff to text and email patients their statements directly.
- Allows patients to make payments on their mobile devices or online.
- Gives patients the ability to save and print their own receipts.
- Patient payments go directly into your EZClaim account.
- 24-hour a day convenience.
EZClaimPay allows for more freedom to allow patients to pay online, reduced billing errors, increases revenue, and a simplified payment process making the EZClaimPay and the patient portal a no-brainer! For more information contact us or call directly at 877.650.0904.
If your New Year’s resolution is to get your practice back into tip-top shape, now is the time to determine your best ‘recipe’ for billing and payment success. In the spirit of the holidays, where award-winning recipes are part of the season, we have included our proven ‘recipe’ for billing and payment success:
– EZClaim billing software
– Patient statements
– Text & email eBills
– Online payments
– Payment plans
– Stored payments
– Automated payments
– Integrated Collection Services
Begin with EZClaim practice management software. Add integrated patient statements, and the ability to text and e-mail eBills. Then, mix in online payments, payment plans, automatic payments, and stored payments. Bake for 30-90 days, and watch your revenue rise! If needed, add a ‘dash’ of Integrated Collection Services to increase your serving amount.
Shape your billing and payment success by adding Pay Services, which will help your practice thrive financially in the new year (More details in this 60-second video). Also, view the Integrated Collection Services Video to learn how you can begin automating and simplifying the patient collections process.
OK, you might have found that a creative use of ‘recipe’, but you probably really want to see the Gingerbread cookie recipe in the photo. So, here it is:
– 1/2 cups softened butter
– 1/4 cup packed brown sugar
– 1/4 cup granulated sugar
– 1 large egg
– 2 teaspoons ground cinnamon
– 1 tablespoon ground ginger
– 2-1/4 cups of flour
– 1/2 cup molasses
– 1 ‘dash’ of love
Cream butter and brown sugar together. Stir in molasses, then the egg. In a separate bowl, mix flour with all the spices. Stir in butter/sugar mix. If dough is too moist, add 2 tablespoons of flour.
Knead dough lightly, then chill for 40 minutes. Shape the dough into desired shapes. Bake at 350F until tops are ‘set’ (abut 8-12 minutes). Cool on a wire rack for at least 2 minutes before indulging! (If you don’t eat them all in one ‘sitting’, store them in an airtight container, at room temperature, for up to one month!).
[ Click here to download this delicious Gingerbread cookie recipe. (Also, we would love to see pics of your decorated cookies. Send them to email@example.com) ].
As we approach the holiday season, EZClaim hopes that you are able to enjoy this time with your families!
EZClaim is a medical billing and scheduling software company that provides a best-in-class product, with correspondingly exceptional service and support. Combined, they help improve medical billing revenues. To learn more, visit EZClaim’s website, e-mail them, or call a representative today at 877.650.0904.