Patient Collection Management: Help Patients and Boost Your Bottom Line
The financial responsibility of patients has grown. Many are finding their out-of-pocket expenses rising on health plans with more deductibles and cost-sharing arrangements. Inpatients and outpatients now have seen a 12% jump in their out-of-pocket costs.
As patients face financial challenges, so do health care facilities that may not be able to collect as much revenue. From payment delays to a drop in collection rates, managing patient collections has never been more crucial than it is today.
Your hospital or clinic should make patient collection management a priority. Effective collection keeps your medical practice in business, allowing you to hire and pay skilled physicians and medical staff. It also enables your practice to continue to deliver exceptional patient care.
Why Invest in a Patient Collection Management Solution?
Reliable patient collection management solutions, such as a patient health portal, will allow your health care practice to monitor collections. With a system in place, hospitals, clinics, and other health care facilities can minimize bad debt, accelerate cash flow, and correctly identify patients requiring financial aid.
Your health care facility may also avoid the following common collection mistakes:
- Limited Payment Options – The lack of payment options can be a barrier to patient collection. A medical practice that accepts only cash and check, for instance, are shutting out patients who may only be able to pay with a debit or credit card. A patient collection solution allows your practice to accept various modes of payment.
- Lack of Follow Through – Delays in payment follow-ups increase the likelihood of non-payment. A patient collection management solution enables your health care facility to stay on top of payment collection. Health care staff, for instance, can send the bill electronically and remind patients of their outstanding balance via email.
- Incomplete or Inaccurate Patient Information – Problems in patient data, particularly in financial and insurance information, may mean collecting the wrong amount on the patient. A patient collection system allows your medical practice to collect and record accurate data from patients.
- Confusing or Complex Patient Billing Statements – Billing confusion may affect patient collection. If patients don’t fully understand the bill, they may delay payment. An effective patient collection management system makes billing statements easy to understand for the patient.
PMN’s patient collection services will work with your front office staff to ensure your patients are properly informed of their financial responsibilities and all payments for your services are collected in a timely fashion.
Patient e-Statement & Collection
Monthly patient e-statements can be generated and sent to your patients with returned envelopes for more effective collection and monitoring purposes.
Patient Inquiries & Support
Our Staff are available to address your patients’ billing inquiries and will help your staff in collecting outstanding patient payments.
Patient Collection Solution
PMN will work with your practice management team to formulate a reasonable payment plan for patients with high balances or those facing financial difficulties.
Online Patient Portal
Online Patient Portal is available to be set-up to facilitate patient payment collection process. Patients can also:
- View their current balance
- Make payment online
- Schedule an appointment
- Check their upcoming appointment
- Request a medication refill
- Review their medical record
- Message their doctor