3 Key Benefits to Outsourcing Patient Billing
In many medical practices, collecting payments often falls to the bottom of the list and receivables begin to age. Practices are extremely busy and staff is overwhelmed with checking-in patients, answering phones, verifying insurance, monitoring appointment times and taking care of patients. The cost of collecting patient payments in the office is getting more and more expensive, especially once the patients walk out of the door.
When considering how vital payments are to the practice cash flow, it is essential to understand how outsourcing patient billing can help a practice to better collect what is owed.
Never miss a patient payment opportunity again
Getting your medical practice paid in full and on time should be the priority. Outsourcing patient billing provides fast payment posting in real time and reduces days in accounts receivables. The right professional service administers a comprehensive approach that offers more than just sending statements. Successful programs include automated phone calls, establishing payment plans, credit card acceptance and ACH payments.
If your patient’s can’t reach you, you’re not getting paid
It is important to put real human customer service at the forefront of your practice. In-bound calls answered by a dedicated receptionist are a gift to your patients and to your reputation. Outsourcing collections means that your staff is available to spend more time with patients and less time responding to questions related to billing. The right professional service becomes an extension of your practice with the focus on getting you paid while gaining office productivity.
An informed patient is a happier patient
A dedicated patient services representative will have a positive impact on patient satisfaction and accounts receivable. Specifically, a representative will diffuse patient stress and achieve payment resolution. Patients are relieved to learn more about their insurance plan and to better understand their financial responsibility without experiencing long phone holds typical of insurance companies.
Real-time access to patient balances is an important part of the process that ensures proper payment is collected. A patient services rep will have access to EOBs which provide an accurate account of the patient’s responsibility. Patient requests for a transcript of their payment history is easily obtained and provided. Lastly, an interoffice messaging vehicle assists with clarification of past conversations between the office personnel and the patient.
Outsourcing patient billing is a proven strategy to improve your cash flow, free up your staff and better serve your patients. Don’t let money walk out the door. Explore the positive impact a billing program can have on your financial performance, your reputation and your staff.