Patient collectibles have gone up as much as 30 percent over the last few years. Higher patient deductibles and increasing copays are partly to blame. Your revenue cycle management is influenced greatly by how private payments are handled. A systematic way to address patient collections helps you stay on top of the financial stream. Here are three strategies to help.
Financial Policies for Patients
Does your revenue cycle management process have a policy for patients? Consider reviewing or revising your financial policy for patients. It should basically describe what is expected of them regarding paying for your services. Start with stressing your facility expects to be paid for services and add details from there, such as:
- Copays are due at the time services are offered or visits are rescheduled
- Staff may ask for outstanding balances at the time of service
- Extra collection costs will be paid by the patient
Patients are asked to sign financial policies and given a copy. Make a copy of the policy available publically on the website as well.
Training Staff
Front desk staff should be fully trained to collect copayments. This is the most effective collection method. Trained staff members can use prepared scripts to secure payments. Keeping card information on file can also help avoid some excuses for patients not being able to pay. This can improve your revenue cycle management and efforts.
Tracing Accounts Receivable
Tracking accounts daily helps improve collection percentages. Knowing what is expected from patients on the daily schedule and generating a report on the payments received or not received can help focus collection efforts. It also helps staff track patient activity on accounts and note reasons balances were not collected in full.
If your clinic or health care facility needs help with revenue cycle management, visit the website to explore your options.
