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Tips To Maximize Collections At The Point Of Service

Point of service collections has become more complex ever since revenue coming directly from patients due to the proliferation of high deductible health plans is growing. These changes in healthcare have made front-end collections more complex resulting in reduction in collection. To successfully manage the increased pressure on patient collections requires a different approach for many organizations. Else, Patient due amounts can make up roughly a third of your practice A/R. Now chances have decreased by 50% that you’ll be paid full. Now on average only one-third of patient dollars are properly collected up front.

To successfully manage the increased pressure on patient collections requires a different approach for many organizations, one that focuses on people, processes, technology, and partnerships to ensure providers achieve as close to 100% of net collections as possible.

You must implement a process for maximizing collections otherwise more patients would be leaving without resolving their patient due amount. This process will ultimately increase your medical revenue and will also reduce time in A/R.

Follow this tips to at your practice to improve your collections process –

As patients’ financial obligations increase, the physician’s ability to collect from patients will become increasingly important. Inability to collect bills receivable can adversely affect the medical revenue cycle of the practice. Some other solutions include improvement of the point-of-service collection processes, properly trained office staff, written financial policies, and the use of technology to facilitate online payments. Patients should fully understand their financial responsibilities and options available to them for payment of services rendered.

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