Most of the practices are always
behind the insurance collection, drilling down and trying to zero out the
insurance receivable balance. Well that is really great because major portion
of the payment is from insurance. Still we should not forget other side of
collections especially patient. If any practice has a good practice towards
patient collection they can consistently improve some percentage on monthly
collections.
Policy for patient balance:
You practice need to have a well
written policy for self pay and patient out pocket expenses, also keep your
policy short & simple. Also make sure your patient review your policy.
Use the Technology:
We can use the technology, like
patient can able to pay through online, check, cash, Money order giving access
to the patient to make payment through all the mode, also portal where can
access any time and see the balance he owes and past/future appointment etc.,
and patient getting automated alert regarding his balance and what will happen
if he is not responding for the message.
Sending Statements:
Send a patient statement as soon as possible,
patient need to get a statement at least once in a month. With clear explanation
for patient balance; along with your company policy, stating if patient is
responding 2 or 3 statement his balance will be moved to collection agency.
Try to collect on the spot:
Try to collect the patient balance
on first attempt or on the spot, the likelihood of receiving payment for your
service will sharply decline over time. On the time of appointment itself your practice
should be in a position to predict patient out of pocket expenses or they can
access insurance website to get all those details.
Follow up with your patients:
Once statements send to the patient
your practice need to contact the patients again they can use automated
services low cost calling services. As mentioned earlier the likelihood of receiving
payment for your service will sharply decline over time.
Collection agency:
The final stage is moving the
patient balance to collection agency, before move the balance to collection you
need to be noticed to patient that your practice is going to move the balance to
collection agency
This information is very interesting and relevant to medical billing collection agency. People must be known this valuable post and get informed. Share some more
ReplyDeleteMost of the patients have their health insurance. Getting payment on time is not an easy task in case of health insurance as it dealing with insurance companies takes too much time and efforts. Outsourcing Medical Billing Services and Claim Management to experts of billing and coding is better way that helps in getting payment faster.
ReplyDeleteMedical billing is a technical task where we have to code the billing process with respect to the coding guidelines.
ReplyDeleteSo it would be useful to get ideas from a medical billing company such that we can get the right coding details from right persons
i would also like to add about outsourcing medical billing services.
ReplyDeleteThe medical billing process is an interaction between a health care provider and the insurance company.medical billing if not handled properly then it could impact the success of our business.there are lot of advantages for outsourcing medical billing.really it can save time,money and the burden of focusing each aspect of medical office.
to know more
Medical billing services
Medical companies will take care of improving patient health claims.The main objective of medical coding outsourcing companies is to increase revenues opportunities and will provide proper claim services for patients.They provide appropriate coding on Patient medical history, diagnosis and treatment.
ReplyDelete