With each passing year, high-deductible health plans are becoming more widely accepted throughout the industry, and many medical practitioners are seeing a shift in revenue towards patients rather than insurers. At the same time, a recent study indicated that the top collection challenge of more than 80% of physician practices with less than five practitioners was slow payment responses of patients with high-deductible plans.
For medical professionals, this has led to an increased need for flexibility in payment options to ensure that patients can take care of their outstanding balances. According to industry experts, the more payment options that are available, the higher the chances that physicians will be able to increase their revenue as bills get taken care of.
Because of the convenience and ease-of-access offered by services such as Amazon, more and more patients are becoming accustomed to the ability to simply access a link and click a button in order to pay. In many cases, the effective support of mobile devices is a central focus of many emerging payment platforms.
Because of the interconnectivity that recent technology allows, the way people pay for goods and services across a wide variety of industries has become both more convenient, and more diverse. Digital wallets, electronic statements, and text-based reminders of balances owed are all becoming integral parts of various systems, including in the medical industry. At the same time, the demand for a wider variety of options for addressing amounts owed is increasing as well.
The reality is that most patients don’t want to be owing money in the first place, so adopting a patient-friendly approach to collection efforts can be beneficial for both the physician and the patients themselves. By making payment options more flexible, and more easily accessible, patients are more likely to voluntarily address their outstanding balances.
At Southwest Recovery, our team of professionals understands how important consistent revenue streams can be as part of running a business and continuing to offer patients the quality care and service they need. To help our clients streamline their payment process and increase overall revenue streams, we’ve put together a few options for increased flexibility that can help various practices see an enhanced return from their patients.
A common problem faced by practices across the country is a decline in payments when multiple billing statements are required for a single patient visit or a series of related services. To address this, more and more practices are working to consolidate charges into a single billing statement for presentation to clients. The result is that more revenue is being returned to the practice as patients feel less confused and less frustrated by their amount owed.
Through consolidation and simplification, practices can present patients with a straightforward amount that they feel more comfortable paying, rather a series of separate bills which can create confusion, or in some cases, lead to rejection and hostility.
For some practices, revenue streams have increased by offering patients a choice in their treatment options. For individuals with low priority or less severe health concerns, the choice to interact with a mid-level provider such as a nurse practitioner or physician’s assistant can be an effective way to maximize returns for the practice.
With the development of recent technology, practices are even beginning to offer phone and video-based consultations with patients at affordable rates. This type of technology-based access has led to increased patient interest and higher consistency in revenue streams for many involved practices in various locations.
As the popularity of online services such as PayPal continues to increase, more and more healthcare services are seeing an increase in revenue through the adoption of digital payment options that include these types of services. Rather than forcing patients to settle their balances through traditional methods, the option to address these concerns through digital platforms can be a great way to increase popularity and promote healthier returns.
At Southwest Recovery Services, our team of professionals has years of industry experience and an understanding of the unique challenges practices face when attempting to settle patient balances. By taking advantage of the services we offer to address a variety of financial concerns, practices in various fields have been able to enjoy increased profitability and higher levels of patient retention.
To find out more about the ways in which increased flexibility can lead to higher returns on patient balances, or to take advantage of the other services we offer, be sure to contact our team right away!
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