Debt collection in healthcare is a hot topic right now. It is because when a patient is unable to pay their medical bills, they are in debt, which is not good for them. Also, the hospital loses a lot of money as their payment gets delayed, which affects the whole revenue cycle.
That is why most collection agencies and hospitals are working together to find a friendly approach to collect the pending bills which will benefit both of you. Your patients don’t want to owe you money, but the circumstances are making them. Learn about them and help them. No, I am not asking you to treat them for free, because that would mean a loss for your business, and in turn, decreasing the care you provide to your patients.
But you can make it easy for them, how? Let’s find out.
1. The bills should be easy to understand
In a multi-specialty hospital, a patient has multiple bills if they are taking consult form many physicians. Even the bills for pharmacy and tests are different meaning a patient has to go through a bundle of bills to make sense of how much he/she has to pay. It can confuse the patient.
So, simplify your bills and try to provide one or two bills instead of a dozen ones.
2. Offer various payment plans
Make it easy for your patients to pay their bills on time by offering various payment plans. Offer them some plans where they can pay the whole amount in installments. This way they won’t be in debt, and you will keep getting some amount per month, which is better than getting nothing at all.
3. Help make your patient understand the payment option
Regardless of whether your employees are insured or not, you need employees that can help them understand how they can pay and how much they have to pay. Also, if there are patients with medical debt, help them understand how a collection agency will contact you if they are not able to pay on time and so on.
Have representatives who can help uninsured patients find insurance schemes or subsidy that can help them avoid going into debt.
4. Provide them with more options that are affordable for them
You can have a better revenue cycle and a better relationship with your patient if you offer them affordable options. Like patients who are uninsured or whose insurance doesn’t cover an expert’s fee, offer them options like seeing a mid-level doctor or a nurse or talk with the doctor on the phone which is more affordable and cheaper.
5. Let the patient pay using methods that are convenient to them
Help your patients pay their medical bills by providing them with multiple options to pay. Incorporate digital payment methods like wallets- PayPal or Google Pay. It can help a patient who has difficulty getting cash or card to pay an outstanding bill.
If you want to make sure you don’t spend most of your resources collecting debt, it is best to make it easy for the patient to pay. Also, tie-up with a collection agency that can give you tips on how to improve your revenue cycle.
That is why most collection agencies and hospitals are working together to find a friendly approach to collect the pending bills which will benefit both of you. Your patients don’t want to owe you money, but the circumstances are making them. Learn about them and help them. No, I am not asking you to treat them for free, because that would mean a loss for your business, and in turn, decreasing the care you provide to your patients.
But you can make it easy for them, how? Let’s find out.
1. The bills should be easy to understand
In a multi-specialty hospital, a patient has multiple bills if they are taking consult form many physicians. Even the bills for pharmacy and tests are different meaning a patient has to go through a bundle of bills to make sense of how much he/she has to pay. It can confuse the patient.
So, simplify your bills and try to provide one or two bills instead of a dozen ones.
2. Offer various payment plans
Make it easy for your patients to pay their bills on time by offering various payment plans. Offer them some plans where they can pay the whole amount in installments. This way they won’t be in debt, and you will keep getting some amount per month, which is better than getting nothing at all.
3. Help make your patient understand the payment option
Regardless of whether your employees are insured or not, you need employees that can help them understand how they can pay and how much they have to pay. Also, if there are patients with medical debt, help them understand how a collection agency will contact you if they are not able to pay on time and so on.
Have representatives who can help uninsured patients find insurance schemes or subsidy that can help them avoid going into debt.
4. Provide them with more options that are affordable for them
You can have a better revenue cycle and a better relationship with your patient if you offer them affordable options. Like patients who are uninsured or whose insurance doesn’t cover an expert’s fee, offer them options like seeing a mid-level doctor or a nurse or talk with the doctor on the phone which is more affordable and cheaper.
5. Let the patient pay using methods that are convenient to them
Help your patients pay their medical bills by providing them with multiple options to pay. Incorporate digital payment methods like wallets- PayPal or Google Pay. It can help a patient who has difficulty getting cash or card to pay an outstanding bill.
If you want to make sure you don’t spend most of your resources collecting debt, it is best to make it easy for the patient to pay. Also, tie-up with a collection agency that can give you tips on how to improve your revenue cycle.
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