Self-pay patients are on the rise as a result of more health plans with high deductibles and lower monthly premiums. Sadly, it can be tough for medical practices to get full payment from patients, which results in a decline in revenue.
There are many common reasons for patients not to make payments. Some reasons include forgetting about payments or not understanding how much they need to pay.
If payment is made easier for patients, medical practices would be more likely to receive payments in a timely manner and bring in revenue. Here are ways that payment can be made easier for patients.
Embrace New Technologies
Pre-service initiatives, as well as new technology, can be beneficial for patients and medical practices alike. What’s great is that medical offices can do a lot to make payments simpler for patients even before those patients get to the facility.
You can verify patients’ insurance and get as much other information as you can before they visit your facility. That way, there will be less hassle by the time they show up for their meeting.
When information is gathered ahead of time, more patients can pass through your medical facility each day, which will result in higher revenue for your medical practice.
Many patients also just like the idea of doing payments through an online portal, especially if they can access their medical records in the same area. When patients can pay their medical bills online, it gives them the freedom to pay at times that are best for them.
Get Payment Plans and Incentives Made
When patients are rewarded for making their payments in a timely manner, it can result in more payments and higher profits for your medical practice. Sometimes, all it takes is a little more incentive to get payments made. For example, you could give a patient a discount if they pay their medical bills on time.
With that said, large copays and deductibles can sometimes be too much for patients to pay. This is where payment plans can be a big help. With the right payment plan, patients get more flexibility with when they make payments and how much they pay at a time. The more flexibility patients get, the easier it will be for them to pay their providers.
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