How to Increase Patient Collection in Medical Practice

Patient collection involves collecting the remaining financial patient responsibility including co-pays, co-insurance, and non-covered charges.

Over the past decade changes in US healthcare have led to higher patient responsibility. An ardent patient collection process helps keep the received cash flow in line with timeline projections.

Patient collection is not always smooth sailing. Delays in payments can adversely affect the collections. Listed below are a few of the common reasons for collection delays:

4 Reasons for Patient Collection Delays:

1. Eligibility and Benefits Determination Mistake:  Studies suggest that more than 25% of the patient collection remains uncollected due to failure to determine the eligibility and benefit determination upfront. A major emphasis should be placed on obtaining the complete and accurate benefits and eligibility of the patients (co-pay, Co Ins, Ded) at the beginning of the treatment to place a lesser burden on the collection process.
2. Untrained Staff – Patients Collection is a backbone for every RCM and it involves a lot of people. A highly trained staff is mandatory to eliminate frontend errors and make the whole billing process efficient. The staff should be adequately trained to determine if the services that are going to be rendered will be covered by the patients’ insurance companies. The staff should be diligent in collecting the eligibility information upfront to avoid payment delays later.
3. Lack of an effective financial policy –  A solid and fixed financial policy does not exist when it comes to self-pay. Comprehending the policy can also lead to challenges and revenue leakages.
4. Poor Monitoring of the claims process – Monitoring each claim through the processes can be tedious and time-consuming. Professional medical billing services firms understand the stages involved in monitoring the claims submitted for processing. They leverage a set process that can help with faster payment collection when you choose to work with them.

5 Ways to Improve Patient Collections in Medical Practice

5 Ways to Improve Patient Collections in Medical Practice:

1. Collect and confirm accurate patient information – Collecting patient information and insurance coverage is vital in the overall revenue cycle. This practice should include every patient call as an opportunity to verify and complete patient demographics, insurance coverage, and billing information. The step can help submit more accurate claims and collect payment faster.
2. Monitor past due balances – Discuss balances every time a patient call. If your medical practice system doesn’t reflect on the balances then consider upgrading the billing platform.
3. Improve patient statement information and messages –  It’s already hard enough to deal with a health situation, and receiving a complex billing statement can add to the stress. Statements must be easy to interpret and offer clear instructions. Simple to understand bills can get paid for faster.
4. Implement flexible payment options –  Every office should accept new options of payment like credit cards, electronic bills, and virtual terminals with a consideration of a card-on-file protocol. Ensure that the payment services are working for you and not against you. Give your patients all possible payment options.
5. Patient Cost estimation – Accurate, timely cost estimation leads to a better patient experience. Correct estimates allow you to secure compensation for your work in advance with minimal collection efforts. A patient cost estimation not only offers patients better transparency but also helps clinics and hospitals get paid much faster.

Atlantic RCM is one of the leading multi-specialty medical billing companies in USA that serves 25+ major medical billing specialties. Our experts work across your practice in billing, collections and account receivables management, to help you succeed.

Get in touch with the leading medical billing outsourcing company to learn more. Call us at (469) 501-1500 or write to us Info@atlanticrcm.com