Many healthcare facilities suffer from time-consuming and error-prone manual collection processes involving generating and mailing paper statements. These old-school methods are costly and labor-intensive. They also cause late payments because the statements must be printed, sent out by mail, and then (hopefully) read by the payer. This slow patient balance collection can negatively affect your bottom line. Sluggish and late collections can ultimately cause your private practice to become financially unfeasible.
The importance of quick and accurate patient balance collection
These days, the success of a practice is not merely determined by high-quality patient care. It’s also important to consider the financial aspect of running a practice to prevent failure. Slow and delayed patient collections are the reasons why some clinics fail financially. Try not to let this happen to you.
Delayed medical billings and collections are attributed to complex payment systems and unclear information on insurance coverage and patient volume. Timely patient collection ensures steady revenue and a reduced risk of financial failure.
4 ways to make a patient balance collection faster
Looking to maximize revenue and boost balance collection? Consider these simple ways to speed up balance collection and improve patient financial services:
1. Simplify the payment system.
Find a way to make your patient balance collection process easy. You can achieve this by implementing convenient payment systems and accepting multiple payment methods.
2. Don't delay payment clearing.
After the patient’s services are marked complete, be sure to clear the pending bills; they are personally responsible for on-site. That should eliminate the need to follow up with payment clearance. Moreover, it ensures timely medical billings and collections.
3. Talk about payment issues as soon as you can.
Discuss financial issues with your patients early to clarify crucial information, such as patient insurance coverage, deductibles, cost-sharing, and payment terms.
4. Digitize and automate the process.
One of the ways to improve patient balance collection is by digitizing the patient’s financial journey and your billing & payment processes. Doing this can improve your productivity and allows you to focus on patient care instead of worrying about your finances.
Conclusion
Better patient financial services can improve collections and your revenue. Digitizing your patient’s financial journey also helps speed up the process.
AnodynePay is the solution you need for faster patient balance collection. It digitizes your patients' financial journey with text-based payment reminders, e-statements, and online bill payments. It also provides a patient portal to simplify medical bill management.
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It is not only about being at the right place at the right time but doing the right things with your time!
"If you want to be more productive, you need to become a master of your minutes.
" _Crystal Paine_Time Management is a process of planning, controlling, and tracking your own spending hours on any specific work.
Effectively managing your time increases your efficiency allowing you to do more in less time, prevents stress, and leads to success in all spheres of life.Key Benefits of Time Management:The top Key benefits of time management include:On-time Delivery of workAchieving your goals fasterBetter quality of your deliverablesImprove your Work/Life balanceMore productivity and efficiency.Reduce stress and anxietyMore opportunities and career growthHere are a few quick tips to benefit from effective time management.
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