POS collections improve RCM, patient satisfaction

Posted by Greg Selner on Mon, Dec 09, 2013 @ 11:00 AM

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.

Tags: Patient Payments, Revenue Cycle Management, Payment Processing

New Call-to-action

Subscribe to Our Blog

Testimonials

  • "We have so much more information available to us with SBP than with our previous service. It's offering our patients more flexibility, and happier patients are much more pleasant for our Billing Office to deal with."

    - Kurt A.
    Revenue Cycle Manager
    National Imaging Center
  • "The staff at Secure Bill Pay have been an excellent revenue cycle partner in assisting us with setting up our processes, helping us review and analyze our results and identify opportunities at our various locations. They partner with us to identify new solutions and services as we have grown. The reliability for payment processing has been very good and our requests for Customer Support are handled very timely and thoroughly."
    - Kathleen J.
    Central Business Office Manager
    Multi-Hospital & Clinic Health System
  • "Our volume of patient credit/debit card payments increased by 44% in the first month of the service compared to that same month a year prior (with the same patient volume). We attribute that to now having online bill pay and better ability to collect at the POS for all of our locations [where we had not been before], even the outreach sites!"
    - Terry M.
    Practice Administrator
    Orthopedic Spine Surgery Group
  • “I’ve been shocked with the success of the online bill paying program... Patients come to us in acute health care situations. Bill paying is not their highest priority. We didn’t expect so many patients to use Secure Bill Pay so quickly, but the statistics speak for themselves.”
    - Beth M.
    VP Revenue Cycle
    Large University Health System
  • "Before Secure Bill Pay, online bill pay only accounted for one percent of our payments. After just six months of using Secure Bill Pay’s no-login solution, that number reached 10 percent."
    - Jen R.
    Finance Manager
    Large Ophthalmology Practice
  • “The nice part about Secure Bill Pay is the breadth of tools available to manage the entire patient pay process. But the best part is the outcomes we’ve seen, including year-over-year double-digit increases in patient pay revenue that are not wholly due to industry or volume changes.”

    "The integration with our PM/EMR software is simply icing on the cake."

    - Steve M.
    Director of Business Services
    Large Integrated Health System
  • "Senior Management is thrilled with the numbers coming through due to our implementation of Secure Bill Pay."
    - Kim W.
    Business Office Supervisor
    Inpatient & Outpatient Psychiatric Facility
  • "The system was received with open arms at each clinic. All had a few questions at first, but as you said, it was simple to get comfortable."
    - Sue C.
    Practice Manager
    Large Nephrology Practice
  • "Secure Bill Pay has streamlined our credit card process. It has been beneficial from a processing end to a storage and search of record end. Certainly saves us time!"
    - Jackie F.
    Business Office Manager
    Dematology Practice
  • "It is easy to talk about a product and service we are totally happy with!"
    - Cheryl M.
    Practice Manager
    Mid-size Ophthalmology Practice
  • "We're impressed. Thank you for not being afraid of any question we may ask and answering it in a straightforward manner. This gives us more confidence."
    - Grant E.
    Revenue Cycle Manager
    Large Dermatology Clinic
  • "Secure Bill Pay  is a much more efficient option for collecting patient payments... It is a forward thinking approach for healthcare revenue. Dynamics have switched where we all need to think and act like a business versus a service."

    - Julie H.
    Director of Business Services
    Large Physician Group

     

Browse by Topic