Start improving your collections process today!
Every healthcare organization needs a collections process. Without one, a provider will likely struggle to find financial success. A strong collections process takes care of a lot of tasks such as letting patients what is expected from them and defines the approach of your organization. If you are looking to formulate a collection process or enhance your existing one, consider the following.
Have Defined Terms
It is critical that patients fully understand their obligations from the start about payment procedures. It needs to be explained to them out loud and included on patient paperwork for them refer back to later. They also need to be made when there are any changes in policies or procedures. All too often patients will claim that they weren’t aware of any specific details or assert the payment claims weren’t clearly defined. To help prevent this, ensure that everything is fully communicated to the patient orally and in writing.
Explain All Payment Options
It is in the best interest of a medical organization to explain all possible payment options to patients initially. In other words, explain what forms of payments are accepted (cash, credit cards, check) if there are any payment plans, and what their payments will cover. This should reduce the chances for mishaps down the road.
Verify Patients Addresses
This happens all the time; patients change addresses and do not inform their medical providers. Although this may seem like a minor detail, it’s crucial that this information is always updated. Be sure to check with your patients to ensure addresses are accurate routinely.
Verify Insurance Information Routinely
One of the best ways to avoid denied claims to verify patient insurance information on a regular basis. This is something that could be done at every patient visit. This can even be set up in automatic systems, which would even save you time.
Send Out Reminders
Most people like to be reminded of their payments. Whether it is through letter, email, text message, people generally like being notified in some capacity when it comes to billing.
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