The Best Strategies To Improve Patient Collections

1. THE BEST STRATEGIES TO IMPROVE PATIENT COLLECTIONS www.capminds.com

2. Why improving patient collection important? • With the rise in high-deductible plans, patients are facing bigger medical bills ones they aren’t always prepared to pay. When patients don’t pay you, your practice is at risk • So improving your patient payment collection should remain as your top priority in your financial plan.

3. 7 proven ways to improve patient collections in your practice

4. 1. Collect patient contact and insurance information accurately • When a patient calls your practice to make an appointment for the first time, the front desk office staff is responsible to collect the complete patient information. • If you are using any patient portal software or online appointment scheduling tools, then make sure that they have the necessary fields to collect and update patient information.

5. 2. Make use of the Patient portal to collect payments • If you want your patients to pay bills on time, the best way is to make your payment process easily accessible. • Allowing patients to pay online with a credit card is one way to do so. • But collecting payments via patient portals will help you to make the collection process faster and help to satisfy meaningful use.

6. 3. Identify any outstanding balances are there • Before or during the time of providing care, first, verify the coverage with payers and clarify payer rules. • This will help you to identify any changes that have occurred in any patient collection process, what portion of charges for the expected treatment will be covered, and patient responsibility for payment.

7. 4. Implement the right payment policy • The right way to collect patient balances is to require patients to cover copays during the time of check-in. • Create a medical office payment policy to ensure patients are aware of this requirement.

8. 5. Offer payment plans • Payment plans can be a better choice if your patient population is motivated to pay but just can’t pay the whole bill upfront. • Offering flexible payment options will help your practice increase payment collections and give patients peace of mind knowing they can pay for the treatments they need.

9. 6. Accept multiple payment methods • Increase your patient collections by offering a variety of payment methods. The payment methods should include cash, credit/debit card, visual checks from their checking or savings account.

10. ‘’According to 2019 rankings, 79.1% of people are using smartphones in the U.S and 47% of U.S smartphone users are saying that they couldn’t live without their mobile devices’’

11. 7. Go with the best medical billing software • Medical billing software can help you to streamline your patient collections process by tracking the payment details including past due bills, automating late fees, and identifying patients who are behind.

12. How CapMinds help you to improve your patient collections? ` CapMindsMedical billing services offer a simplified solution that focuses on essential billing services including insurance verification, certified medical coding, claim submission, denial management, patient billing, and reporting and more advanced services to protect your cash flow and help to improve your patient collections.

13. Read More About Improving Patient Collection @ CapMinds Medical Billing Blog

14. CapMinds Medical BillingServices Contact us CapMinds Technologies 42240 Mason Ridge Ct, Brambleton, VA 20148 +1 571.213.3245 info@capminds.com https://www.capminds.com