In the healthcare world, managing your organization’s collections strategy is a top priority – after all it defines cash flow and profitability.
The collections process is a complex undertaking that typically involves many factors. This can include case and fee presentation, securing a co-pay or down payment, collecting insurance benefits, managing practice-ide patient responsibility policies, overseeing payment plans, as well as running accounts receivable and delinquencies.
In many cases, past due accounts receivables, which represent outstanding balances on completed patient treatment, can be of particular concern.
Traditionally, practices have managed collections through systems including repeated monthly billing, collection letters and phone calls. This can be a sensitive area to manage and some practices can be reluctant to initiate collection action. As a result, accounts become more delinquent and the risk for a write-off increases.
Automated, digital patient payment portals can manage the collections process more consistently, efficiently and effectively. An online collection strategy can improve the process by providing patients with 24-7 direct access to their accounts with the ease of paying their bills online. Additionally, past due accounts can be digitally managed via secure, automated past due balance email reminders, informing a patient of their outstanding balance.
Recent studies have shown that patient payment portals can contribute to increased practice collection, dramatically boosting overall profitability.
With consumers increasingly embracing online and mobile bill payment, remaining on the sidelines is no longer an option. BillingTree allows healthcare providers to give their patients the convenience of receiving and paying their one-time or recurring bills online, by phone or in person. Contact us today.