3 Tips for Implementing Billing Services That Patients (& CFOs) Love
You don’t have to feel caught between being an exceptional healthcare provider and a collections agency. In fact, there are innovative ways that will free you to do what you do best while offering those in your care relief when it comes to paying their bill. This improves the overall patient experience and, frankly, improves top-line revenue.
When it comes to implementing a successful healthcare billing process, many providers struggle because the reality is that consumer priorities have changed. As you likely know, provider loyalty is no longer a driving force for many.
Imagine: patient churn as a function of price, not care! Almost as important as the health solutions you offer, consumers prefer financial transparency, streamlined medical billing systems, and affordable monthly payments.
In fact, our recent survey shows this. Two in five consumers would switch providers to access more affordable payment options. In an age where Americans pay 3.4 trillion dollars in healthcare each year, flexible medical billing services, unhampered by credit scores or unaffordable interest rates, are crucial.
No surprise here; your revenue cycle management is likely strained MoM and YoY. Keeping track of payment terms, altering these terms when a patient’s financial circumstance changes, and working with new patients to set up payment plans are tough on resources when many health systems are short-staffed.
What if everything could be streamlined at the touch of a button? Imagine the relief on your office staff. Imagine if you could leverage a new criteria for patient retention.
Healthcare costs are rising 12% across all care settings. To retain business, hospitals must offer affordable payment options—whether on their own or in conjunction with a modernized patient billing partner.
3 Tips for Developing An Effective Patient Financing Strategy
We live in an age where customer service is truly everything. With so many options available, it’s imperative that the billing touchpoint on the customer journey offer nothing less than an exceptional patient experience. In fact, payment is what will remain fresh in patients’ minds. So why not make this moment as exceptional as your level of care?
1. Provide self-service options for account management and payment.
Patients can manage their own accounts, for the most part. You don’t need a billing agency to chase them. Empower your patients by offering them the opportunity to self-enroll in payment plans at any point in the patient journey. They can then make payments to this account online. This will significantly lower the administrative load while placing power in patients’ hands.
There’s already a very successful precedent.
Consider a leading health system with a net patient revenue of $5.8 Billion. This health system is laser focused on patient financial experience priorities. Within their system, patients are empowered to change the terms of their repayment agreements. For instance, patients can transition from a zero-interest plan to a low-interest plan with lower monthly payments, if the need arises. This approach helps patients when their zero-interest monthly payment amount becomes difficult to handle.
By adopting this tactic, patients at this health system can control their own financial experience—which produces a lifelong positive impression. In addition, hospital staff doesn’t have to accept, record, and manage payments – not to mention alleviating time spent communicating with any patient’s insurance company.
2. Consider a patient financing partner.
The health system mentioned above, previously managed payment plans internally. But those plans were only available to patients who needed financing plans of six months or less. However, the revenue cycle team was soon faced with administrative challenges.
Managing and tracking payments while integrating new accounts was time-consuming. That’s why the health system chose to partner with AccessOne to manage a range of long-term patient financing options available to all patients.
Now, patients are actively engaged with their own financial plans. They’re more satisfied with their care experience and have reduced financial stress. The health system has benefited, too. Their net collection rate has increased, which means they’re capturing a larger portion of self-pay revenue than ever before.
3. A More Modern, Less Stressful Approach
Administrative costs comprise 25% of healthcare spending. One way to reduce these costs is to combine all hospital and physician accounts into a single payment plan. This technique lessens the time and money spent on payment plan processing—while improving patient financial satisfaction.
Seeking out more ways to provide flexible payment options is crucial. By exploring options such as self-service, partnerships, and flexible plans, hospitals can eliminate administrative headaches. These organizations also become better positioned to meet patients’ needs.
With 24/7 support, AI-driven technology, and non-discriminatory payment plans, AccessOne’s medical billing services help both patients and healthcare providers. With increased collection rates and improved patient experiences, your team is free to focus on top-notch patient care.