By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works Collective
  • Health
    • Mental Health
    Health
    Healthcare organizations are operating on slimmer profit margins than ever. One report in August showed that they are even lower than the beginning of the…
    Show More
    Top News
    health benefits of taking a vacation to reduce stress
    Relaxing European Destinations to Reduce Stress Risks to Health
    October 11, 2021
    pain management tips
    Managing Pain Differently: Alternative Pain Management Techniques
    January 12, 2022
    5 Ways to Promote Wellness in Your Home
    April 12, 2022
    Latest News
    What To Expect On A Meditation Retreat In Miami
    February 6, 2023
    Botanical Extracts That Should be on Your Health Radar
    February 5, 2023
    Navigating Medical Care as a Wheelchair User
    February 4, 2023
    4 Common Myths and Misunderstandings About Brain Injuries
    February 5, 2023
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
    Policy and Law
    Get the latest updates about Insurance policies and Laws in the Healthcare industry for different geographical locations.
    Show More
    Top News
    Kratom – a Solution for Opioid Addiction?
    February 5, 2021
    English: U.S. President delivers the while sta...
    Obama to Congress: Quality, not Quantity of Care
    February 13, 2013
    Is The Future Of Injectable Drug Delivery In Needle-Free Devices?
    February 16, 2021
    Latest News
    Why Is a Referenced Based Pricing Tool Necessary?
    February 3, 2023
    Simplifying the Genetic Testing Process: How At-Home Kits are Changing the Game
    January 25, 2023
    9 Hospitals That Have Introduced Green Initiatives
    February 1, 2023
    Why a Health Retreat Can Be the Best Medicine
    January 12, 2023
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: 5 Steps to Improving Receipt of Patient Payments
Share
Sign In
Notification Show More
Latest News
meditation retreat
What To Expect On A Meditation Retreat In Miami
Health
Guide To Pursuing a Career in Nursing as a Foreigner in the USA
Guide To Pursuing a Career in Nursing as a Foreigner in the USA
Career
Botanical Extracts
Botanical Extracts That Should be on Your Health Radar
Health
Navigating Medical Care as a Wheelchair User
Navigating Medical Care as a Wheelchair User
Health
common misconseptions about brain injuries
4 Common Myths and Misunderstandings About Brain Injuries
Health
Aa
Health Works CollectiveHealth Works Collective
Aa
Search
Have an existing account? Sign In
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Business > Finance > 5 Steps to Improving Receipt of Patient Payments
BusinessFinanceHospital Administration

5 Steps to Improving Receipt of Patient Payments

Andy Salmen
Last updated: 2014/06/16 at 8:11 AM
Andy Salmen
Share
5 Min Read
SHARE

patient paymentsIncreasingly, the healthcare industry has been shifting toward patient cost-sharing, which includes high deductibles, co-pays, and coinsurance. Consequently, collecting from patients has taken on a higher level of importance than in the past.

patient paymentsIncreasingly, the healthcare industry has been shifting toward patient cost-sharing, which includes high deductibles, co-pays, and coinsurance. Consequently, collecting from patients has taken on a higher level of importance than in the past. According to ACA International, 29 percent of adults have medical debt.  Many of these people have problems paying their medical bills.

Medical professionals, practice managers and other providers understand the importance of patient collections to the financial viability of their practices and organizations. The key is to improve patient collections without the need to take drastic measures or rely on nontraditional payment programs.

More Read

should nurse practitioner forms an LLC

Should Nurse Practitioners Form an LLC?

Maximizing Outcomes Through Effective Patient Engagement Strategies
Robotic Technologies Can Improve Hospital Working Conditions
How to Attract More Clients to your Wellness Business
Why Work With A Healthcare Recruitment Agency & How To Choose One

Here are some strategies and best practices that can help you improve your patient collection efforts.

Create a Collections Policy

Establish a comprehensive account resolution policy, which includes procedures for dealing with the most common types of patient collection scenarios. This includes financial assistance programs, account resolutions and collections. Make sure that the policies are written in easy to understand language that  management, staff  and third parties representing the provider must follow.

For example, the clause covering financial assistance procedures should describe how financial assistance should be applied, supporting documentation, eligibility requirements for programs, and  other  information. In addition the policy should be communicated and made available to all your patients.

Verify Patient Information

Make sure that you confirm the patient’s information when he or she checks in for an appointment. This includes phone numbers mailing address email or other preferred method of contact expressed by the patient. Avoid asking the patient if the information has changed. Instead, print out the information and ask the person to verify each item and make changes as necessary.

Keep an updated copy of the patient’s insurance card–front and back, as well as up-to-date co-payment amounts.

Reminders about Patient Responsibility

When making appointments or when making reminders calls make sure that you include a message that co-payments or coinsurance must be paid at the time of the visit. Inform the patient of the exact dollar amount they need to pay, which makes it more probable that the patient will be prepared to pay that amount when they check in. Encourage the patient to ask questions and receive answers about how the payment is being applied.

Post co-payment and coinsurance polices in waiting rooms and patient examination spaces.

Financial Assistance and Payment Options

Even for health care professionals, the financial aspects of patient care can be convoluted and confusing. There are complex payment structures, a multitude of government programs, countless payers and complicated forms to fill out.

Provide patients with the assistance necessary to wade through the healthcare reimburse and payment bureaucracy. Furthermore, successful organizations screen patients for eligibility for third-party coverage and financial assistance programs on an on-going basis. Make sure that your patients know that financial assistance is available to help them apply for these programs.

Obvious payment options include cash, check and credit/debit cards. If you have not already done so, you should add health savings accounts attached to credit cards as a payment option. Consider making payment arrangements for patients who have high co-pays or deductibles.

Balance Resolution

Before sending a billing statement to the patient, confirm that you have an accurate and complete patient balance. Identify insurers, government programs and third-party sources. Pursue payments from these sources to the fullest extent possible and accurately apply them to the account.  The statement you send to the patient should be in plain language.

Aggressively educating and communicating with payments about their financial responsibilities can ensure that a larger percentage of payments will pay their obligations in a timely manner.

Image via David Goehring

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Andy Salmen June 16, 2014
Share this Article
Facebook Twitter Copy Link Print
Share
Previous Article The Leaked NY Times Report and Digital Marketing for Medical Devices Are Closely Related
Next Article Image The Geographic Divide: How Federalism Has Formalized Health Disparities

Stay Connected

1.5k Followers Like
4.5k Followers Follow
2.8k Followers Pin
136k Subscribers Subscribe

Latest News

meditation retreat
What To Expect On A Meditation Retreat In Miami
Health February 6, 2023
Guide To Pursuing a Career in Nursing as a Foreigner in the USA
Guide To Pursuing a Career in Nursing as a Foreigner in the USA
Career February 5, 2023
Botanical Extracts
Botanical Extracts That Should be on Your Health Radar
Health February 5, 2023
Navigating Medical Care as a Wheelchair User
Navigating Medical Care as a Wheelchair User
Health February 4, 2023

You Might also Like

green hospitals
Hospital Administration

9 Hospitals That Have Introduced Green Initiatives

January 20, 2023
saving money in healthcare
BusinessGlobal HealthcareHospital Administration

Best Money-Saving Tips for Health Managers

January 12, 2023
HR staff must deal with divisive views in healthcare
BusinessGlobal HealthcareHospital AdministrationPolicy & Law

HR Must Navigate Polarizing Views in Healthcare Workplaces

January 4, 2023
cybersecurity options for hospitals
BusinessHospital Administration

Should Hospitals Use SASE or Traditional Network Security?

January 4, 2023
//

We influence million of users and is the most authentic source of information on healthcare business and technology news.

Quick Links

  • About
  • Contact
  • Privacy
Subscribe

Subscribe to our newsletter to get our newest articles instantly!

Follow US

© 2008-2023 HealthWorks Collective. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?