Rising patient financial responsibility and your revenue cycle management

Until just a few years ago, patient payments were not necessarily the highest priority for healthcare organizations attempting to capture more revenue. Today, though, patient financial responsibility has risen enough that patients are now significant payers. And, if you don’t want to leave money on the table, you need to prioritize your patient payment collections.

With the prevalence of high-deductible health plans, gaps in Medicare and Medicaid coverage and other factors, patients’ out-of-pocket expenses are significantly higher than in previous years. As a result, patients may actually be less likely to pay without some encouragement or assistance.

So, how can you navigate this new landscape with its emphasis on patient payments? Here are a few strategies to help.

Patient payment processes impact the overall experience

According to recent data, half of patients surveyed said they did not pay their bills after a poor billing experience.¹ When patients don’t understand what they owe, or if they have a bad experience during the payment process, they are more likely to give up on paying their bill than put themselves through more work and headaches.

At the same time, if you make it simple and convenient for patients to pay, they’re more likely to fulfill their end of the bargain. Presenting patients with easy-to-understand patient statements that show them what they’re paying for can be very effective in helping patients pay what they owe. And, when you make that process even easier with 24/7 access to online payment options, electronic patient statements and direct links to your payment portal you can capture even more patient payments without taking up precious billing staff time.

Enhance billing efficiency with a single platform for all payment options

As patient financial responsibility has risen, billers have had to spend more and more time chasing payments and reducing patient bad debt. This is where a centralized approach to patient payment services can help enhance your business office efficiency and improve the patient payment experience at the same time.

Healthcare organizations spend a significant amount of time and resources sending patient statements and following up on outside balances. With automated patient payment processes and a single platform for all your patient payments, you can save time and energy.

Just because patients have a larger financial responsibility doesn’t mean that you have to spend more time chasing their payments or devote a lot of labor to reducing patient bad debt. Instead, centralize and automate your patient payments, so you can chase less and receive more.

For more information on an end-to-end patient payment platform with enhanced patient statement services, schedule a conversation with one of our patient payments expert today.

Source:

1. How Patient Experience in Billing Offices Impacts Patient Statements, Sarah Heath, Patient Engagement HIT, Accessed April 4, 2020. https://patientengagementhit.com/news/how-patient-experience-in-billing-offices-impacts-patient-payments

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