More often than not, they’re confusing, financially straining and ultimately unavoidable. Plus, with all of the recent changes in the healthcare system, dealing with insurance has never been more complex.
However, by improving the bill-paying experience and making it easier for your patients to pay off their medical debt, your hospital can elevate the overall patient experience and improve retention. These three steps can help you streamline your collections process and ultimately boost your revenue cycle.
1. Give clear instructions
At patient discharge, make sure that all administrators are fully trained on the billing and collections process so that they are able to answer any questions that a patient may have. It may also be a good idea to have a variety of resource materials available, like brochures that can address common issues like “What to do if you can’t afford your bill” or “What to do if your insurance won’t pay.” The more information you can provide up-front, the easier it will be for patients to pay their bills in a timely manner.
2. Optimize for the digital age
Allowing patients to view and manage their bills online is critical in this age of technology. And while many hospitals have already launched digital patient portals, many aren’t performing at their highest potential.
Why? Because many patients don’t even know they exist. In one survey, it was found that 40 percent of patients don’t know if their primary care physicians have a patient portal system. It’s important for hospitals to convey the value of using these portals to their patients, and vigorously spread the word about their existence.
Employees should walk patients through the portal’s capabilities while they’re in your care, so that when they return home, they’re able to navigate through the system with ease.
3. Implement a Medical Payment Plan Program
It’s estimated that one-third of Americans have trouble paying their medical bills, according to the Kaiser Family Foundation. With so many patients struggling to afford their bills, it’s no wonder your hospital is having a hard time collecting. One solution to this ever-increasing problem is to offer a medical payment plan (MPP). An MPP gives your patients the financial flexibility they need to pay off their medical debt in a timeframe that works best for them.
Remember, the easier you make it for your patients to pay their bills, the faster your hospital will get paid. Plus, this dedication to your patients’ well being can really go a long way towards improving patient satisfaction, and ultimately retention. It’s a win for your busy patients who don’t have the time or money to decipher confusing bills, and it’s a win for your hospital’s bottom line!
Terry Niles, Executive Vice President at Budco Financial, has over twenty years experience in the finance industry. She advises health care CFOs and finance teams on how to manage their revenue cycle and improve patient satisfaction by offering flexible payment options that benefit both hospital and patient. She has demonstrated proficiency in achieving sustained revenue growth and enhancing operational efficiency.
The views, opinions and positions expressed within these guest posts are those of the author alone and do not represent those of Becker’s Hospital Review/Becker’s Healthcare. The accuracy, completeness and validity of any statements made within this article are not guaranteed. We accept no liability for any errors, omissions or representations. The copyright of this content belongs to the author and any liability with regards to infringement of intellectual property rights remains with them.
