According to Healthcare Finance, healthcare consumers are now responsible for 30% to 35% of their healthcare bill. Since patient payment and collection practices are consistently becoming more complex, deductibles have also continued to rise. Furthermore, collection costs are much higher for patients as compared to payer collection. Both of these factors have lead to the evolution of patients being the primary payer source. Although patients are now the primary payer source, let's face it, they have a lot going on and paying their bill is not a top priority.
In order to collect sooner from patients, hospitals need to implement the latest in technological recovery solutions. 19% of hospitals currently collect at the point of service, most of which are still relying on the traditional billing statements they mail weeks later. We now live in a world where technology makes it easier to manage, monitor, and collect money that is owed. It's been proven that hospitals and health systems who adapt data-driven workflows that drive financial engagement can more easily collect.
Verify Insurance Coverage
Once you've adapted data-driven workflow technology you'll be able to better manage and check scheduled patients for insurance eligibility, authorizations, and benefits. This information provides you with a foundation upon which you can better engage patients in their payment decisions.
Deliver Cost Estimates
After performing a service, the chances of collecting money from patients becomes more costly and less likely. The longer an account stays unpaid, the less value the collection. Every 30-60 days the value of collection drops anywhere between 25 and 40 percent. This means that providing every patient with a payment estimation prior to service or discharge is critical.
Prepare for Different Types of Patients
In the healthcare world, there are three types of patients; those who can pay, those who need help paying, and those who cannot (or refuse) to pay. It's inevitable that you will face each of these types of patients at some point in your billing journey so properly preparing for these individuals will better prepare your organization.
Data-driven workflows and accounts receivable management through a cloud-based solution empowers your staff to work more closely with patients and offer better payment options. For more information on collecting from self-pay patients, join us for our special webinar event on 11/30 at 2:00 pm EST. For more information, click the button below.