To improve the revenue cycle, health care providers should focus on increasing the satisfaction of patients during the payment process and reducing the period between care delivery and collection. With the increase of deductibles and co-pays, patients are aware that office visits and hospital stays are going to cost them more out of pocket. Hospitals and health care providers can help patients prepare for the financial obligations of office visits with more convenient payment options.
Instead of waiting long periods of time for billing and accounts receivable to catch up with patients, offer them the ability to pay for services at the time they are rendered. Point-of-service collections give patients the ability to pay for services before or immediately after their visit. This decreases the stress of waiting to find out what the bill be. With payment solutions that occur at the point of service, patients can also better prepare for future health costs with the provider.
C-suite executives at hospitals and office managers at smaller providers want bad debt to drop and many would certainly embrace a more streamlined payment solution process. According to Becker's Hospital Review, there are five things hospitals can do improve their POS payments:
- Garner the support for a POS system from a CFO or upper-level executive.
- Use available technology to confirm information such the patient's address, insurance provider and medical history at the POS.
- Steer high-deductible patients toward payment plans and qualify them quickly.
- Inform patients of the different ways they can pay, including credit, check or payment plan before services have been provided
- Incorporate online registration models through the hospital's website.
POS payments also help hospitals reduce health care costs in the long run by reducing invoicing and ultimately decreasing bad debt. The quicker hospitals and health care providers can attempt to collect patient payments, the more likely they are to secure them. Taking advantage of POS collections will not only improve RCM for your office or hospital but will also improve patient satisfaction.