Are you missing out on revenue? Studies from analyst firms that focus on the state of American medicine today show that many doctors are simply letting money flood through the cracks in the form of unpaid patient bills. This has to do with many different factors, but in many cases, a considerable part of the problem is how patients are billed, how they pay for medical services, and the healthcare provider's financial policy and follow through.
Health care, unlike other services, is not something that recipients usually pay for "up front" - that's because providers have to submit most bills to insurance companies first, to see how they pay. But more and more doctors are realizing that just because insurers are the first payers, that's no reason that money has to get "lost in the mix." Sure, some patients will always be unwilling or unable to pay, but better revenue collection processes will make it much easier for your patients to give you the money you deserve for provided services, and when many doctors actually look at what currently exists in their financial offices, they realize that, for many patients, barriers to payment are driving these high rates of default on medical bills.
Tips to Enhance Revenue Results
Analysts who have identified these problems often provide a range of solutions. Some of these have to do with how patients perceive their bills, and other have to do with staff motivation. Here are some of the common pieces of advice to maximize revenue.
Options at the Desk - present patients with payment options prior to billing the insurer. One option is a card on file that's already set up to pay patient responsibility amounts. Some patients may also need to utilize a deposit type of system if the office can see that patient responsibility will exceed a reasonable amount, for example, if the patient is pursuing high-dollar care services without an insurer.
Good Clear Communications - Let patients know what their deductible, co-pay and co-insurance amounts will be, not after the fact, but at sign-in, and ask for payment each and every time. Post highly visible customer friendly, easy to understand reminders.
Handling Objections - Give staff the tools to make these issues clear to patients.
Staff Incentives - Develop motivating programs that will reward those staffers who work proactively to help your office make more money by collecting outstanding dollars.
Front and Back Office - Ensure that your front and back office teams collaborate and create solutions together to gain additional revenue. All too often, these areas work independently of each other without concern for cause and effect.
All of this can help make your office a more profitable enterprise and pad the incomes of everyone who is working together to make a practice or clinic a responsible, caring part of a local community. If you think there's a chance that your office could be working smarter, it's critical to take a close look and do some long-term planning, so that you can successfully navigate tomorrow's health care industry and keep providing quality care to your patients.
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