Follow the retail leaderJust as in the retail environment, technology can eliminate wasted time and money by cutting down manual processes, improve patient experiences and increase the likelihood that payments are made on time.
- Automated, real-time systems can verify insurance eligibility, confirm authorization for care and determine patient co-pay and deductible responsibility.
- Point-of-service (POS) collections can accept co-pays upfront and are increasingly employed to reduce bad debt. POS collections, as a percentage of net patient revenues, more than doubled between 2010 and 2014.
- Payment software applications can set up recurring monthly payments billed to patients’ credit cards.
- Reducing error in registration information
- Collecting co-pays upfront
- Collecting outstanding payments prior to the patient’s current visit
- Freeing up front-line staff to focus on patient care vs. paperwork
Maximize your potentialAsk yourself these questions about your current payments process:
- Does it provide a seamless experience for consumers and employees?
- Is it effective in collecting payments?
- If not, where are the gaps?
- What can you do to fill the gaps?