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5 Strategies for Improving Healthcare Patient Collections

Struggling to collect payments from healthcare patients?

These five strategies can help improve your patient collections and boost your bottom line.

Collecting payments from healthcare patients can be a challenge for many healthcare providers. However, implementing effective patient collection strategies can help improve your revenue cycle and ensure that you receive timely payments for the services you provide. Here are five strategies to consider.

Communicate Clearly and Early.

One of the most important strategies for improving healthcare patient collections is clear and early communication. Patients should be informed of their financial responsibilities before receiving any services, including co-pays, deductibles, and out-of-pocket expenses. This can be done through pre-visit communication, such as appointment reminders and pre-registration forms, as well as during the visit itself. Clear and concise explanations of billing and payment options can help patients understand their financial obligations and reduce confusion or frustration later on.

Offer Payment Plans and Options.

Offering payment plans and options can be a great way to improve healthcare patient collections. Patients may be more likely to pay their bills if they have the option to spread out payments over time or choose a payment plan that fits their budget. Consider offering options such as automatic payments, online bill pay, or payment plans with low or no interest. Be sure to communicate these options clearly to patients and make the process as easy and convenient as possible.

Use Technology to Streamline the Process.

Technology can be a game-changer when it comes to improving healthcare patient collections. Consider implementing electronic billing and payment systems, which can make it easier for patients to pay their bills and for your staff to track payments. You can also use automated reminders and notifications to remind patients of upcoming payments or overdue bills. Additionally, consider using a patient portal where patients can view and pay their bills online, as well as access their medical records and communicate with their healthcare providers. By using technology to streamline the process, you can improve patient satisfaction and boost your bottom line.

Train Staff to Handle Collections with Empathy.

Collecting payments from patients can be a sensitive issue, and it’s important to approach it with empathy and understanding. Train your staff to handle collections in a compassionate and respectful manner, and to listen to patients’ concerns and questions. Provide them with scripts and guidelines for handling difficult conversations, and encourage them to offer payment plans or other options to help patients manage their bills. By treating patients with empathy and respect, you can build trust and loyalty, and improve your chances of collecting payments in a timely manner.

Follow Up Consistently and Persistently.

One of the most important strategies for improving healthcare patient collections is to follow up consistently and persistently. This means sending regular reminders to patients about their outstanding balances, and making it easy for them to pay their bills online or over the phone. You can also offer incentives for early payment, such as discounts or waived fees. By staying on top of collections and making it easy for patients to pay, you can improve your cash flow and reduce the risk of bad debt.

About HiLitePay

HiLitePay  is a turn-key Patient Payment Platform. It accelerates self-pay revenue by implementing a repeatable process to communicate with patients through an automated  workflow. Once in place, HiLite Pay takes care of all patient outreach, payments, and live customer support. We know the hardest thing for collecting patient balances is communication, consistency, and errors. HiLitePay  automates patient responsibility communication through scheduled texts, email, and US mail communications, significantly reducing mistakes due to human error.

Starting with initial billing all the way through to collections HiLitePay keeps patients up to date and informed of their balances due. The unique part of HiLitePay  is that we can offer affordable financing solutions for patients who have trouble meeting their financial obligations. From initial billing through to posting payments into your PM, HiLitePay  will improve your collection rates, reduce over 90 A/R and provide a positive financial experience for your patients.