Patient payments are a significant and growing share of total revenue for health care providers and facilities. For that reason, it's critical to maximize the ability of patients to pay their bills and to organize payment and collection efforts to make them as efficient as possible. Providers that have effective, revenue-oriented policies in place and use advanced payment solutions are in a better position to realize consistent, positive results. Here are a few suggestions to help make patient payments at your facility high-performing and consistent.
Engage With Revenue-Collecting Employees and Maximize Their Effectiveness
In its report titled "Developing a Culture of Revenue Cycle Excellence," the Patient Friendly Billing Project encouraged leaders at practices and facilities to engage staff who hold payment and collection responsibilities and provide access to necessary tools and resources. Making sure responsibilities and expected outcomes are clear is the foundation of such an effort, but it doesn't stop there. Health care providers must encourage enthusiasm among staff by providing the necessary platforms for collection and offering access to relevant training and education. They must also simplify the payment process for patients, removing road blocks that can drive down collection rates.
"Collections are far easier when patients have simple options to pay in the office and from home."
Put the Right Electronic Payment Systems in Place
Collections are far easier when patients have simple options to both pay in the office and do so from home. A modern point of service system allows facilities to accept debit and credit cards, making sure patients always have an option to settle their bill in person at the end of a visit. An online payment portal extends easy, automated payments to patients' homes and mobile devices. With so many options to complete payments in place, it's much easier to increase revenue. In fact, facilities using our advanced payment solutions have realized revenue increases between 27 percent and 258 percent.
Acknowledge and Appreciate Success
The right tools, training, people, guidance and analysis can come together to create markedly increased revenue for health care providers and facilities. It's important for leaders to track the performance of revenue collection and highlight successes. This type of positive reinforcement makes employees feel valued and encourages them to put in the same high level of work in the future. The Patient Friendly Billing Project suggests organizing things like in-office meals or group trips to events as a way to both boost camaraderie and emphasize the success of revenue collection efforts.