These days, patients find themselves having to carry a greater patient financial responsibility due to the hiking medical aid scheme rates and dwindling benefits. As a result, this has amplified collection issues in private practices around the country.
To make your patient revenue cycle effective you can consider the following:
1. Modernize the payment process
Modernizing the payment process means you’re giving your patients secure, convenient payment options. Going paperless is a huge incentive for patients to make their payments. It also contributes to greater patient satisfaction and a perceived higher quality of care. Furthermore, it allows you to send patient statements such as invoices, updates, and newsletters electronically.
Going paperless benefits, you too! Through it, you can gain increased clarity and quick delivery through electronic statements. eStatements help patients better understand their financial responsibility. Modern payment methods foster faster collaboration between patients and organizations which ultimately leads to timelier and larger payments. Data Spot-on handles all electronic statements and correspondence with you patients.
2. Multiple payment options
Because patients are becoming increasingly responsible for larger payments, your practice should be prepared for increasing patient collections. To get paid, you need to make it easier for patients to make payments. A good way to do this is to offer multiple payment options at the point-of-service and pre-service.
3. Pre-service cost estimates
It is also advised that your practice offer financial estimates pre-service. Patients are more likely to meet their healthcare financial obligations if they receive a cost estimate. Data Spot-on provide cost estimates to patients as a pre service.