The collection of payments from patients is one of the most difficult tasks in practice management. To ensure the sustainability of your practice’s finances, you need to make a coordinated effort to collect copayments and coinsurance, deductibles, as well as amounts for services that are not paid for by insurance. Patients will be able to receive higher collections if you take payment when the service is rendered. A recent report by medical billing solutions services that collection rates for insured patients could be between 50 and 70 percent once the patient has walked out of the building. Some methods to increase the collection of patients during the moment of service are as below:
Medical Billing Solutions
Strategies to Maximize Patient Collection
Collection of Co-Payments
The co-payment you pay for an office visit is typically simple to identify. It’s usually found on the patient’s insurance card or is available once your staff confirms the insurance of the patient. Because most patients know that they are due upon service. You must make a small effort to collect copayments for each patient. While co-pays may be an insignificant amount, 100% collection can yield a significant amount.
Collection of Deductibles
Coinsurance and deductions are harder to calculate especially when a variety of services are offered. Certain services, for instance, the preventive ones, might not be covered under coinsurance, or even deductibles. Some services might be covered by unclear reimbursement rules similar to those that apply to different procedures.
Certain services may not be covered. However, it’s more beneficial to provide the best estimate and try to collect the amount upon completion of service. If you begin to document information on insurance coverages, you will be able to give accurate estimates of procedures codes as well as coinsurance applicable or deductibles.
Offer Payment Plans
Options and payment plans are a great way to get patients to pay. It is recommended to develop a financial policy that establishes the dollar thresholds as well as time frames. It is essential to transmit your financial statements electronically. They must include an online payment option for the balance. A digital method of payment also increases the possibility of customers making a few payments instead of the other.
Offering payments via mobile or online is an excellent way to ensure that the cost is paid. It is also possible to look at the relationship that you have with your patient. If this has had your client for more than 10 or 15 years and he hasn’t ever had a financial account There should be some consideration of the past history of the patient.
Eligibility and Benefits Verification
Benefits verification and eligibility is a simple step to ensure the highest patient participation when you provide the service. Be sure to gather all the essential details about the patient and their insurance to verify benefits. Keep a copy of your health insurance document (secondary payer if you have one) front and back as well as an identification card.
With the help of insurance and patient details, conduct eligibility and benefits verification on each visit. It is recommended to verify eligibility at least two days before the visit. The benefits report will reveal co-payment, coinsurance, and the amount deductible. It also will tell you whether the insurance pays for planned services or not. The front desk staff who are with benefit reports will be better positioned to assist patients with any concerns and collect the maximum amount of patient accountability.
The verification of eligibility and benefits is an essential step in the process of collecting payments from patients. It is essential to have a well-trained staff for eligibility as well as benefit verification at every visit. If you’re not equipped with the staff to carry out the eligibility and benefit verification We can help you.
Medcare Medical Billing Services (MSO) is a renowned medical billing service that provides a comprehensive solution for revenue cycles. We are able to share benefits reports with you a couple of days before the visit of the patient. With the benefits report, you can inform patients about any patient-related responsibility, be it co-payments, co-insurance, or non-paid deductibles. Therefore, they’ll be fully ready at the time of their visit to make sure they pay for their obligations. For more information on our billing and coding solutions you can contact us via email@example.com + 800 640 6409