Your Practice in Revenue Collection Struggle?

How to Pamper Your Practice in Revenue Collection Struggle?

February 14, 2023

Many of us look at healthcare billing services whenever someone questions the revenue collection. But nobody notices the frustration of these medical billing service providers. From medical billing and coding to account receivable management, this department puts in directional efforts. Though they take the extra load on their shoulders they do every possible thing to collect the payment. Everyone expects healthcare billing services to be quick enough to avoid delays. But such expectations seldom have a real outcome in actuality. Every person in the revenue collection process has to be proactive for a desired collection in less time.

Here in this blog, we have some suggestions for medical billing outsourcing companies. By acting on our strategic plan, they can secure their practices from possible bad debts. Moreover, we assist them in empowering their collection process with our suggestions.

The Three C’s for Medical Claim Collection

After extensive research on detailed statistical data, we recommend all healthcare billing services consider our 3-C’s rule. The three C’s in this rule are:

Communication Choice

Instead of getting full payment for the rendered services, you can divide the payments into several installments. By this approach, you can provide your payers/patients with a relatively convenient option to consider. Simultaneously, the chance of getting a positive response from them may also increase.

Control

Third, a factor to consider is your control of communication. It will directly impact how the discussion will occur and what can be the possible outcome. Therefore, your customer care department in healthcare billing services has to follow some basic things. For example, prior notice about the communication purpose can have a good impact and a professional sense. Likewise, people usually hesitate to discuss their financial matters with any stranger. Thus, emails are a secure e-communication medium for this purpose. According to research, almost 42% of people like email for such a conversation.

Recommended Considerations for Medical Collections

In ideal cases, patients prefer clearing their medical billing to healthcare billing services on time. But in most cases, the revenue payments arrive far beyond the due date. Here we must consider the outdated billing and collection procedures for this delay. Usually, they weigh down and impede the progress of medical practices. So, it's the right time to adapt them to the demands of the patients. Otherwise, not revamping your billing procedures might result in;

● Past-due invoices

● Sluggish revenue cycles

● Erratic cash flow

Mentioned below are three crucial steps for positive impacts on healthcare billing services and their payment collection process.

Emailing Invoices

Currently, we are living in the digital age. So, today we have e-communication mediums for sending invoices in a click to any place in just a few seconds. Instead, we have a traditional snail mailing system established by some old healthcare billing services. Here they not only depend on damageable paper invoices but also send them via postal services. Thereby, the subsequent delays in the collection could be due to one of the following casualties;

● Delivery delays

● Misplaced bills

● Missing right stamp

● And much more

Anyhow, let’s have a look at the mini smartphones we always carry with us at every place. Why not send medical invoices to patients on it? It is far more reliable to receive email or text reminders for bill payments.

Moreover, prefer simpler online payment methods over conventional ones. By doing this, you may make it easier for your patients to make safe online payments and receive digital invoices right away without being concerned about paperwork.

Pre-set Payment Reminders

Relatively it seems a very simple process but at the initial stage of such implementation, you have to deal with it properly. Thus, you can schedule everything from patient appointments to revenue collection reminders in several digital ways. Alongside this, we stress the timing of these collection reminders. These reminders, together with electronic payment alternatives, will raise the likelihood that your practice will be paid on time.

Easy Payment Options

Sometimes, the medical payments issued by healthcare billing services create pressure on the patients. Even though they want to pay their bills on time, their low financial condition forbids them from doing so. So, we suggest all medical billing outsourcing companies provide easy payment options to patients.

Conclusion

Healthcare billing services suffer a lot due to slow medical payment collection rates. However, we have suggested some convenient options and strategies for all medical billing services. These options along with some other procedural changes can perfectly raise the revenue collection rates.

Read more about: What Kinds of Medical Billing Problems Do physicians faced?

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Tags: Healthcare Billing Services Medical Billing outsourcing companies medical billing services