4 tips for improving patient payments

Streamlining the patient payment process by upgrading insurance verification and collection systems can help medical practices increase accuracy, accelerate reimbursement from insurers and boost cash flow. Here are four tips from PNC Financial Services Group for practices looking to improve the payment process to achieve those benefits.

Advertisement

1. Know what you want to achieve. Healthcare providers should ensure they know where their billing systems are breaking down and search for a replacement system that meets their specific needs.

2. Conduct research. The technology selected to improve the payment process should mesh well with existing office management systems. It helps to talk to providers with similar practices who have gone through the same process to gain insight into their experience.

3. Have a work plan. Come up with a timeline including all of the tasks that must be completed and identifying who is responsible for each one.

4. Think about outsourcing. Providers without the time or skills to complete the payment improvement process on their own can work with outside specialists who can analyze practices’ needs and enact solutions.

More articles on healthcare finance:
Providers consider an uncertain market: Will accepting PPACA exchange plans hurt academic medical centers?  
CMS’ 2015 IPPS final rule: 7 things to know
CMS: RAC program will restart this month

 

Advertisement

Next Up in Uncategorized

  • Nashville, Tenn.-based HCA Healthcare, the largest health system in the country, is seeking finance chiefs at six of its hospitals. …

Advertisement

Comments are closed.