When patients were paying a $20 copay on a $4,000 bill, it wasn’t a huge revenue hit to the hospital if the amount went uncollected. Now that patients are responsible for 10% or 20% of their entire bill, “it’s crucial to capture as much revenue at or before the point of service,” says Gregory Snow, vice president of Provider Portfolio Strategy at Availity, a Jacksonville, FL, healthcare technology company.
The right technology can “sidestep avoidable financial disasters,” Snow offers.
“A healthy revenue cycle in the age of consumerism begins with patient access management.” Here are three things patient access must do well:
- Help patients understand what they owe.
“Industry best practice is to verify 98% of patient eligibility and benefits prior to every visit,” Snow says. Before a clinical encounter, patient access should assess a patient’s insurance eligibility and financial responsibility, and determine their ability to pay what they owe.
“Make pre-appointment checks part of your standard workflow, coupled with a liability estimator,” Snow advises. “Know how much to collect from the patient.”
- Make it easy to pay.
“A small technology investment can reduce your reliance on paper statements and bill collectors, and help you get paid faster,” Snow says.
Some hospitals offer online payment options, including patient portals that allow automated monthly debits for payment plans.
“These will reduce your reliance on a patient initiating a payment each month,” Snow notes.
- Set patient expectations.
“Consistent communication is helpful in encouraging patients to keep current with payments,” Snow says.
Text messages and emails are available in some financial clearance tools. Still, some of these conversations aren’t easy.
“Is the front desk prepared to tell patients they are limited to one yearly procedure, a limit they’ve already met,” Snow asks.
When faced with delivering tough information, offering multiple payment options is critical.
“The reality is that if patient payments are not captured upfront, they probably won’t be captured at all,” Snow warns.
SOURCE
- Gregory Snow, Provider Portfolio Strategy, Availity, Jacksonville, FL. Phone: (570) 394-7209. Email: [email protected].
Here are three things patient access must do well.
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