The Best Strategies To Improve Patient Collections

1
THE BEST STRATEGIES TO IMPROVE PATIENT COLLECTIONS
www.capminds.com
2
Why improving patient collection important?

• With the rise in high-deductible plans, patients
  are facing bigger medical bills ones they arent
  always prepared to pay. When patients dont pay
  you, your practice is at risk
• So improving your patient payment collection
  should remain as your top priority in your
  financial plan.

3
7 proven ways to improve patient collections in
your practice
4
1. Collect patient contact and insurance
information accurately

• When a patient calls your practice to make an
  appointment for the first time, the front desk
  office staff is responsible to collect the
  complete patient information.
• If you are using any patient portal software or
  online appointment scheduling tools, then make
  sure that they have the necessary fields to
  collect and update patient information.

5
2. Make use of the Patient portal to collect
payments

• If you want your patients to pay bills on time,
  the best way is to make your payment process
  easily accessible.
• Allowing patients to pay online with a credit
  card is one way to do so.
• But collecting payments via patient portals will
  help you to make the collection process faster
  and help to satisfy meaningful use.

6
3. Identify any outstanding balances are there

• Before or during the time of providing care,
  first, verify the coverage with payers and
  clarify payer rules.
• This will help you to identify any changes that
  have occurred in any patient collection process,
  what portion of charges for the expected
  treatment will be covered, and patient
  responsibility for payment.

7
4. Implement the right payment policy

• The right way to collect patient balances is to
  require patients to cover copays during the time
  of check-in.
• Create a medical office payment policy to ensure
  patients are aware of this requirement.

8
5. Offer payment plans

• Payment plans can be a better choice if your
  patient population is motivated to pay but just
  cant pay the whole bill upfront.
• Offering flexible payment options will help your
  practice increase payment collections and give
  patients peace of mind knowing they can pay for
  the treatments they need.

9
6. Accept multiple payment methods

• Increase your patient collections by offering a
  variety of payment methods. The payment methods
  should include cash, credit/debit card, visual
  checks from their checking or savings account.

10

• According to 2019 rankings, 79.1 of people are
  using smartphones in the U.S and 47 of U.S
  smartphone users are saying that they couldnt
  live without their mobile devices

11
7. Go with the best medical billing software

• Medical billing software can help you to
  streamline your patient collections process by
  tracking the payment details including past due
  bills, automating late fees, and identifying
  patients who are behind.

12
How CapMinds help you to improve your patient
collections?

• CapMinds Medical billing services offer a
  simplified solution that focuses on essential
  billing services including insurance
  verification, certified medical coding, claim
  submission, denial management, patient billing,
  and reporting and more advanced services to
  protect your cash flow and help to improve your
  patient collections.

13

• Read More About Improving Patient Collection
• _at_
• CapMinds Medical Billing Blog

14
CapMinds Medical Billing Services

• Contact us
• CapMinds Technologies
• 42240 Mason Ridge Ct, Brambleton, VA 20148
• 1 571.213.3245
• info_at_capminds.com
• https//www.capminds.com