Improve Your Medical Practice Revenue with Payment Options

1. Improve Your Medical Practice Revenue with Payment Options When considering medical treatment, many patients think about money—that’s just a fact of life. They want to know how much it will cost and if they can pay for it conveniently. Because your medical practice is essentially a business where your patients are your customers, it is crucial for you to give them the right information that can help them make informed decisions. Your medical practice management software can help you with that. Business transactions in the healthcare industry can be unpredictable because of surprise costs and health insurance. This results in a lot of confusion when calculating a patient’s final bill. In some cases, as much as 30 percent of bills each year remain unpaid. Letting your patients know about their payment options is essential to providing better customer service and boosting your revenue. Keep these four key pointers in mind if you want to satisfy your patients’ need to find reliable and cost-effective medical treatment: 1. Set clear expectations regarding payments. Engage your patients financially from their first appointment. It’s important for them to know and understand that your practice is also a business and that you require on-time, regular payments, so you can continue providing your services. As you go over your upcoming appointments in your medical appointment scheduling software, prepare to

2. give a simple and upfront reminder of your payment expectations to encourage patients to be mindful of their bills. REPORT THIS AD 2. Make your online payment options known to them. Patients are likely to fulfill their duty to pay you on time when they know and understand your payments process. Only you know where your payments and billing fit into the workflow of your practice, so help your patients understand that as well. Do you require copays before a visit? Let them know beforehand so they are prepared for that. Moreover, it’s also crucial to be upfront when there are any remaining balances. A good medical practice management software​ solution should be able to help you keep track of payment dues. 3. Help your patients learn and understand your payments process. Rather than simply saying that you accept online payments, show them where and how. That way, they can effectively complete those payments. You can also show them those options as you set reminders with your ​ medical appointment scheduling software​ . It’s likewise crucial to let them know about the different payment options that are available to them. It may be best to offer online payments so your practice can keep up and be ready for the future of healthcare. 4. Reach out to the patients whom you have not seen lately. About 40 percent of patients are likely to skip or defer care because they think they won’t be able to afford it. Put them at ease by letting them know that you can accommodate their financial circumstances by providing a custom payment plan or allowing them to delay their payment for a few weeks or months. That way, patients are more likely to come to you when they need immediate care. Make sure you can manage your revenue and patients more effectively down the line. Apollo can help you with that. It is a medical practice management practice that support your practice’s goals and your objectives to help your patients find healthcare more affordable and accessible.