Flexibility Helps Your Facility Capture More Revenue

Posted by Dawn Lunde on Thu, May 25, 2017 @ 08:31 AM

Capturing payment details through pre-authorization allows providers to ensure they receive payment.
Capturing payment details through pre-authorization allows providers to ensure they receive payment.

Healthcare facilities spent several decades accepting just cash and checks. Next came debit and credits cards where it was a big change, but so popular it became a standard. Now, the market for healthcare payments is far different than it was in the past.

Facilities can no longer accept only a couple forms of payment and expect to collect most or all of their revenue. Patient expectations have changed over time, and many want to see the same payment options made available to them regardless of industry. How can providers work with the evolution in the payments world and continue to successfully manage their revenue cycle? One key element is flexibility.

Flexibility and an Open Approach

A cornerstone of flexibility is having the technical resources available to accept payments through a variety of methods and formats. Patient payments won't all come by credit or debit cards, despite their popularity, nor will they all arrive at the point-of-service when care is provided. Your facility has to move toward an advanced payment solution that accommodates a variety of patient preferences and needs while continuing to securely capture revenue. There are plenty of options available for providers that want to create a better payment relationship with patients and make it easy for them to settle their medical bills. Consider these options:

Pre-authorization and Scheduling Patient Payment Plans

"Put these powerful options in play for a  robust and successful strategy."

Healthcare revenue cycle management generally becomes more difficult as the percentage of patients who don't pay at the time of service increases. Capturing revenue after the fact is simply more difficult. Patients encounter other financial obligations and may prioritize their payments differently.

Providers can combat this trend by making a compromise and using pre-authorized credit cards, debit cards and bank accounts to capture revenue through a formal payment plan. By itself, pre-authorization allows facilities to capture a significant portion of what's owed before the patient even steps foot into the facility. When it's combined with a patient payment plan, it adds another flexible option to the mix.

It's important to remember your main priority is to capture 100 percent of patient pay revenue at the time of service. This is one of many instances where the advice provided by NTC Healthcare, to put policies in writing and regularly inform patients of their financial responsibilities, is worth reviewing. Patient education is a critical factor in capturing revenue.

However, some patients may truly lack the funds to pay their bills in full all at once. If there's no way to collect payment on the same day patients receive care, entering into a payment plan is a powerful alternative. With a mutually agreed-upon amount withdrawn on a regular schedule, neither the patient nor your facility will suffer from any surprises. Additionally, your facility won't have to worry about spending employee time on tracking down overdue payments or collecting the next installment.

Online Payments

There are a number of reasons for providers to give their patients a self-service tool for paying their bills. From paying the rest of the bill for a pre-authorized transaction to the simple convenience of paying outside of regular businesses hours. Our own clients see an average of 44 percent of payments arrive outside that time. The simple addition can be adding another layer to your patient payment strategy, providing another avenue to capture revenue and maintain financial stability.

Your facility shouldn't suffer from patient payment issues simply because it doesn't have the right tools to collect that revenue. Put these powerful options in play for a robust and successful strategy.

Tags: Patient Payments

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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

     

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