There’s no question that the healthcare environment today is value-based, and efficiency is considered a guiding principle. To succeed, healthcare organizations must continue looking for more innovative and efficient methods to deliver higher levels of care, reduced costs, and better health outcomes while enhancing the overall patient experience.
An important part of achieving these goals is having an efficient medical billing process in place. However, this isn’t something that happens automatically. The good news is, there are some steps you can take to improve your efforts, including the use of Chargemaster software.
Stop the Billing Process
One of the best ways for you to improve medical billing is to stop sending bills altogether. Post-visit billing and collections result in excessive administrative work and waste your staff’s time. This is time they could spend on higher-value tasks. It usually takes a minimum of three billing statements, which cost between $5 and $15 each, to collect a patient’s full balance.
Also, billing statements cost the medical practice because it can impact patient retention rates and patient experience. The payment process is usually the last and most influential point of contact between providers and patients. Make sure you create an efficient, convenient, and positive experience that ensures patients’ comfort while ensuring your organization collects funds successfully.
Collect Money Upfront
Requesting payment at the time services are provided will help save your staff time on billing paperwork. It also helps your patients understand the financial responsibility they have. However, there are some providers who wait to collect, which can lead to inefficient billing along with poor revenue cycle management.
According to some data, providers usually collect just 12% of an outstanding balance when service is provided. This makes it more difficult to collect the remaining balance in the future, even if patients are coming back for additional visits.
Make Sure Collection Efforts Are Respectful
Using a transparent collection policy helps improve the entire medical billing process. It also helps protect the reputation of your organization, patient relationships, and brand.
When it comes to medical billing, there are more than a few things you can do to improve your process and ensure you get the results desired. If you want to ensure that your patients have a positive experience and that you receive the payments your practice requires to continue operating, use the tips above. This will pay off and provide you with the desired results.