STOP LOSING REVENUE – Part 2
Patient Financial Engagement
On the previous post “There is a new payer in town” we listed 6 reasons why the patient responsibility portion of the revenue stream is now a large percentage of the overall revenue and therefore must be prioritized and managed like any other major payer.
Now let’s look at this fascinating transformation and why it is important that every private practice, rehab facility, hospital, etc. take charge to avoid being left behind.
One of the biggest reasons collecting from patients is so difficult is because not many patients understand insurance coverage during and after the visit, and a well informed patient is more likely to pay promptly.
Set these goals to capture more revenue from your patients at a faster pace:
- Create a digital billing experience for patients
- Increase financial interaction between patient and provider thru automation
- Transition from standard paper statements to efficient electronic statements
- Reduce costs and shorten patient billing cycle
Tips and Techniques to accomplish goals above:
- Take an end-to-end education process of the patient financial responsibility
- Use new and secured technology to engage the patient during benefits verification and collection of copay prior to the visit
- Engage the patient with automation about remaining balances thru multi-channel communications
- Patient views bills digitally from anywhere with live support to help them understand their financial responsibility and answer any questions
Stay tuned for more posts on improving your patient responsibility revenue stream.