Guide to Increase your Practice Collection in 2023Custom Packaging
The future success of the healthcare industry relies heavily on its ability to generate income. Each time a patient seeks an appointment with a doctor, it presents an opportunity for practice collection. The billing process commences when a patient registers their requirement, whether in person or by phone. Nowadays, most customers rely on their smartphones to search for healthcare services. However, recent statistics indicate that 84% of consumers experience dissatisfaction due to poor mobile experiences.
Front office personnel in the healthcare industry must exercise caution from the beginning. They are responsible for assisting callers and providing accurate information tailored to their needs. Any disconnect between the actual capabilities of a doctor and the patient’s expectations can significantly frustrate the patient.
What is practice collection in the healthcare industry?
Practice collection in the healthcare industry refers to collecting outstanding patient payments for medical services. Also, It involves managing and pursuing unpaid bills, implementing payment plans, sending reminders, and, if necessary, involving a medical billing company to recover the outstanding bills.
Having competent staff for the front office works
These individuals serve as the foundation of the organization’s revenue cycle management, as patients often have their initial interaction with the front desk staff. Further, the patient’s satisfaction with these interactions significantly determines their willingness to proceed with their healthcare journey.
A Consistent Approach to Financial Planning
To ensure the financial well-being of hospitals and other medical service providers, adopting a monetary planning approach and implementing suitable strategies is important. In addition, a hospital’s financial system and policy should prioritize transparency, clarity, and a commitment to ethical practices.
Maintaining confidentiality and avoiding unfair trade practices is vital in emergency and primary care services. Typically, it is customary for hospitals to collect operation charges and medical consultation fees from patients before their scheduled appointments. Also, this adherence to financial policy is a standard practice observed by medical professionals.
The front office executive is responsible for collecting all necessary patient documents before they consult with the doctor. In this regard, previous prescriptions and health insurance payment receipts provide valuable information about the patient’s medical history.
Current call center statistics indicate that healthcare, pharma, and biotech companies experience an average abandonment rate of 13%.
This means that approximately 13% of patient phone calls never reach the front office staff, highlighting the need for improvement in medical practices to reduce this figure.
Outsource your practice collection to a reliable medical billing company
By leveraging outsourced medical billing services, your practice can establish a well-defined set of steps for medical billing collection, guaranteeing optimal effectiveness and efficiency. When healthcare practices outsource medical billing services in Illinois, it facilitates a steady cash flow and expedites the collection process. In addition, medical practices can also excel in following up with patients regarding overdue accounts and providing support with denied claims.
The advantages of outsourcing patient collections to a trustworthy company encompass the following:
- Enhance practice collection
- Increase patient satisfaction
- Alleviate burden and workload
Checking health insurance beforehand
A Medicare service provider must prioritize having competent desk staff who possess extensive knowledge of the health insurance process to address the pressing need. However, these staff members are responsible for verifying the authenticity of documents and ensuring that patients have complied with health insurance requirements. Currently, PBS statistics reveal that 44 million Americans lack insurance coverage. Therefore, the staff must persuade uninsured individuals to obtain insurance and offer their guidance for a nominal fee.
Payment Receipt Message
After a patient pays the consultation fees, the front office staff must send a gratitude message confirming the receipt of payment promptly. The primary objective is to ensure that the patient feels satisfied and content after each transaction with the medical service provider. When the hospital prioritizes the well-being and efficiency of its patients, they, in turn, develop a sense of loyalty and consider the hospital their trusted emergency solution provider.
Immunizations and Vaccines
A healthcare organization requires competent staff members prepared to conduct various tests and other diagnoses within the facility. Therefore, it is essential to provide patients with timely medical reports. Undoubtedly, this provision dramatically benefits patients as they can have their medical tests on-site without the need to visit an external diagnostic center.
Revise the Lag Time
The duration of lag days can significantly impact the practice collection in the organization. Lag days refer to the days between providing medical services and entering charges. For outpatient services, the lag time should ideally be 24 hours or less, while for inpatient services, it should be two days or less. Therefore, billing software needs to possess the capability to calculate and manage such timeframes.
Your practice is likely incurring unnecessary expenses and experiencing lower revenues than it could achieve. There is a significant opportunity for a 20% increase in practice collection. However, taking proactive measures to improve your financial performance becomes increasingly crucial in the face of growing managed care influence in your market. You will be better equipped to handle risks and capitalize on risk-sharing opportunities by efficiently managing your resources.