Providing Financing Options is One Step on the Road to Successful Fee Collection
Collecting fees is an ongoing battle in the healthcare industry that isn’t likely to subside. As long as people are underinsured, or incur large medical bills that become cumbersome even with the best insurance, there will be a need for analyzing how your office collects fees. Bringing financing options into your business strategy can be a major help in collecting fees that otherwise could take months to capture.
First and foremost, your front office staff should be experts at insurance policies and informing patients exactly what they will be responsible for with each and every procedure. There will be some unknowns as insurance companies might dispute some claims, but for the most part, it should be clear what is covered and what will need to come out of the patients’ pocket. One strategy is to have at least one specialist in the office that can assist others if there are gray areas that need expertise.
Your staff must also have the sensitivity training that gives them the tools to discuss payment with patients. Talking money with patients requires tact and professionalism, but also a sense of directness that lets the patient know they are responsible for a portion of the payment for their treatment.
Appointments made in advance give your office an opportunity to communicate with the patient before their visit. For instance, your office can gather information about their insurance or lack thereof, and tell the patient how your office operates and what’s expected as far as payments are concerned.
One way to reduce the chances of your patients getting behind on payments is to require some payment on the day of the appointment, before they leave the office. Some providers will require payment before treatment is rendered.
Standard procedure today is giving every patient a call two days before they are to come in, giving them confirmation of the appointment and going over the billing procedure. Keeping tabs on current contact information is also important, so this call should also include a reminder for them to bring in their driver’s license or identification card, insurance card, etc.
For people looking to spend as little as possible on their insurance, they get a reprieve by paying low monthly payments for their cut-rate insurance plans only to find when they go to the doctor that they have to pay more than they thought they would for services that might be completely covered through better insurance. This is a situation where financing options would help your patients be able to take care of the extra costs.
Consumers today find financing options in just about every transaction they commit to. When you partner with The HELPcard, you give your patients a reason to come back to you more often and get the treatment they need for a healthier life. Furthermore, you’ll spend less time chasing down late payments and see more profits. Contact us today and we’ll tell you how our solutions work for professionals just like you.