All medical practices need to have clear collections and medical billing processes. In 2018, many hospitals are struggling to collect payments from not only patients, but insurance companies too. It can be argued that this is getting increasingly more difficult because patients now have more flexibility regarding how they pay their medical bills. Insurance companies are requiring more documents than ever before, which is contributing to more medical billing errors. Since medical billing is an extensive process, mistakes are extremely common these days. With all this said, here are a few ways to make the most of your hospital’s collections/billing processes to reduce your total number of denied claims.
Change The Way You Follow Up With Patients
How are you currently reaching out to patients to collects debts? Are you doing it on a monthly basis? If you want to improve your cash flow, you may need to switch and do your follow-ups on a weekly basis instead. You don’t want to harass your patients; however, the frequent and constant communications affords them to at least to consider to negotiate a payment plan or at the very least, pay their bill. . You should only make these calls weekdays during normal business hours.
Establish Your Collections Process
A great way for hospitals to improve their collection’s process is to request/require payment from patients at the time of their service. By collecting as much debt as possible upfront, you helping to speed up the entire process. Other steps that can be taken include checking to see which services patients are eligible for before their appointment and notifying patients in advance when any co-payments are due.
Have Multiple Payment Plan Options
There are many instances where a patient is unable to pay a medical bill upfront completely. For this reason, payment plans are a great way to help patients who need help to pay off larger bills. This will take a lot of the burden and stress off of patients and will still allow you to collect payments over time. Consider having a few payment plans for your patients to choose from.
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