73% of providers report that it takes one month or longer to collect from patients (TransUnion Healthcare)
How long does it take for you to receive a payment from a patient? What are you doing to change that?
With patients assuming increasing responsibility for the cost of their healthcare services, it’s important to consider their needs and wants.
By listening to your patients and rethinking your collection payment process, you can set yourself up for a more patient-centered financial experience that results in greater satisfaction and stronger revenue performance.
What are patients looking for?
- Education: According to Beckers Hospital Review, 62% of patients are confused by their medical bills. Laying out all of the services into one bill makes it easier for the patients to breakdown the costs and understand what they are paying for.
- Options: Some patients would rather speak to an individual and pay over the phone, others would place a credit card on file for automated payments. Providing multiple ways for patients to pay allows them to choose the most convenient option for them, resulting in higher satisfaction and a quicker payment.
- Automation: 52% of patients surveyed in the “Patient Payment Check-Up” would rather be billed electronically, yet almost 90% of surveyed providers still mail patient statements. By offering electronic statements, patients are able to receive their bills quicker and make payments easier.
If you’re looking for a fast and seamless payment process, Finance System, Inc. can help.
Our Accelerate! Self-Pay program delivers fast service and clear communication to help your customers understand their financial responsibility and pay their bills. We then take over all functions typically completed by an in-house collections staff including:
- Insurance follow-up
- Advanced Scoring Models or Propensity to Pay Scoring
- Customized mailing statements
- Effective phone calls, text, email or Effective Omnichannel Communications
Ready to see healthier financials?
Contact us today to learn more about our services and schedule your FREE consultation!