Accuracy and speed are two things that every medical practice strives for. However, healthcare reform these days makes achieving these goals more difficult than ever. The value-based compensation model is time-consuming. Meanwhile, billing regulations and rules are constantly fluctuating. When practices fall behind, the result is serious billing errors, reduced revenue, and dissatisfied patients. The question many practices are asking is whether there’s a health payment solution that can eliminate these issues. Can practices accelerate collections performance and avoid billing errors? The answer is yes. With these four expert tips, practices can see a boost in their reimbursements.
Capturing Self-Pay Revenue That Practices Would Otherwise Write Off
Sadly, many patients struggle to understand the way in which medical insurance coverage works. Only 4 percent of people surveyed recently were able to identify four commonly seen medical insurance terms. These included:
- Out-Of-Pocket Maximum
When patients don’t understand these basic terms, it’s no wonder that collecting revenue is so hard. This is why our top expert tip is to identify the patient’s proper coverage as early as possible. By checking on patient coverage at the first encounter, it’s possible to avoid writing off debt later because of misunderstandings.
Using Data to Identify Ways in Which Practices Can Improve Healthcare Billing
Today’s modern technology offers a host of benefits. One is the ability to make decisions about healthcare billing management using data. Business analytical tools allow users to assess elements of their systems that are working and require changes. As a result, practices can see how they are performing and identify areas for improvement. Through this reviewing of data, they can set realistic expectations and make accurate decisions.
Initializing Automated Patient Billing
If staff members are still spending hours working on patient billing, it’s time to switch to an automated billing system. By streamlining the process of drawing up invoices, practices can save staff time and reduce expenses. This allows a practice to spend money on key areas, And, its staff members can focus on other tasks.
Streamlining of Collections with An Online Health Payment Solution
Making bills easy to pay could not be more important for practices that want to recoup maximum revenue. Online healthcare payment solutions are a convenient and simple way to streamline procedures. By offering online payment portals, patients have more options to pay their bills. Patients are having to pay larger proportions of their medical bills than ever before. This has led to many problems for practices that are having to chase down nonpayers. With the latest payment solutions, patients can make payments at a time and place that suit them. They can access the portal from their PCs, smartphones or tablets to make payments. They can also use their preferred payment cards or even ACH payments. This level of flexibility makes it easier to elicit payments from patients.
How Can BillingTree Help?
BillingTree offers a host of outstanding healthcare payment options for practices of all sizes. By enabling patients to use their preferred payment methods through an online portal, BillingTree streamlines processes. As a result, patients have a better experience and practices receive more money. This will also reduce costs and slash the time and effort expended on billing and chasing down payments. All this is great news for both providers of healthcare services and patients alike.
Receiving medical payments on time is a vital element of any healthcare organization’s cash flow. By optimizing its health payment solution, the practice can boost reimbursement. As a result, healthcare organizations can continue to stay afloat even in these tough, changing times.