Now that you have provided care, there are a few more steps involved in the revenue cycle before receiving payment and the majority of these steps are in the patient’s hands. However, there are steps you can take and solutions made available that will help influence and ensure patients make payment on their statement(s) quickly and reduce your days sales outstanding (DSO).
Below are five guidelines that will help guide you towards how to effectively manage patient financial responsibility after care has been administered.
- Ensure the accuracy and proficiency of your medical billing process, whether it remains an insourced function or you’re inclined to outsource its responsibility.
- Source a print and fulfillment provider that can manage transactional data from your PM to compose a well formatted and easily read patient statement. Always insist on customization of the document, to include the use of color on the statement to engage the patient and influence behavior.
- Source a patient statement provider that can use actionable data in the statement file to trigger automated campaigns that keep the patient engaged during the repayment process. The longer a patient balance remains unpaid, the less the likelihood there is of collecting. At less than 30 days, chances of a collection are over 97 percent. However, after 60 days, your chance of collecting drops to 60 percent. Action driven solutions, like past-due letters, email or text reminders, and automated phone calls should all be employed in a plan or campaign to influence the patient to remit payment in a timely manner.
- Source an A/R management solution that provides visibility to aging accounts and affords your organization with the ability to identify and prioritize past due accounts.
- Offer the patient a variety of payment alternatives to increase the likelihood of payment within a term. A “one solutions fits all” mentality regarding payment alternatives could artificially create account aging. Research payment providers that are aligned with the demographics of the patient you serve. There are some fine payment portal, IVR, payment plan, and smart device payment applications available to assist your organization influence timely and responsible patient payment.