RCM tip of the day: Help patients pay their bills

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Patient payments are increasingly important to a hospital's revenue stream as people take on greater financial responsibility for their care. Amid this trend, organizations should establish programs to help patients pay their medical expenses, said Jay Garmon, product manager of patient responsibility at Waystar.

He gave the example of consistently offering cost estimates to patients before procedures, so they can financially plan for their out-of-pocket costs and seek financial assistance if needed. He also cited online portals, payment plans and credit-card-on-file solutions as avenues for payment that can potentially improve transparency and patient satisfaction. Lastly, he recommended implementing processes to help patients find eligible insurance coverage.

"Acknowledging patients are having trouble with their financial obligations and putting programs in place to help them more easily address them will not only drive funds into the organization but also communicate that the healthcare facility is a caring and collaborative partner in preserving the patient's health," said Mr. Garmon.

If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series. 

 

More articles on healthcare finance:

CMS proposes new Medicare compliance rules: 7 things to know
Waystar, Connance to combine revenue cycle operations
For-profit hospital stock report: Week of Sept. 10-14

 

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