Practices rely on patient pay to increase revenue and maintain the necessary standard of care. According to the Medical Group Management Association, practices, on average, collect $15.77 for every $100 they charge. That’s less than sixteen cents received for every dollar billed.
Organizations are finding that enhancing patient satisfaction has been shown to positively affect patient pay and retention. If improving revenue flow with patient pay is what keeps a practice’s door open, how can the front office staff keep this flow steady?
Boost Patient Pay with These Tips
Your staff can work to enhance the revenue that your practice is receiving by employing the following tips into your day to day operation.
Educate Staff and Patients on Options
An educated staff is a powerful front-facing force for your practice. Staff interacting with patients should be able to adequately and successfully answer questions pertaining to their area of responsibility. A knowledgeable staff exudes professionalism and can reduce stress in patients as they seek medical care. By creating a transparent and engaging practice, patients will feel valued and respected, improving patient satisfaction and increasing the likelihood of receiving patient payment in full.
Set Payment Dates Before the Patient Leaves
The best way to ensure patient pay is received in full is to collect payment before a patient leaves the office. Unfortunately, this is not always an option for a patient’s finances. Collecting a percentage of the balance before the patient leaves is a proven way to improve your overall collection efforts. To provide a greater sense of transparency to your clients about your expectations, no client should leave without a set of dates that payments are expected in addition to the amount due and any interest that your practice will be charging in the ensuing time frame.
Enhance Payment Types and Offer Patient Financing
Providing patients with a variety of payment options will greatly improve a patient’s ability to afford treatment. Decades ago a large amount of patient pay came in the form of chickens and home cooked meals. Times have changed. Patients may not have the money on hand to afford treatments. Allowing patients to pay with cash, check, credit and financing plans will give them the best opportunity to increase the amount of revenue your practice can receive.
Flexibility is one of the most important aspects that any practice can employ. Patient pay increases when a practice is flexible and attentive to an individual patient’s needs. Acknowledging that a patient can only provide a set amount of money every month due to their finances not only establishes you as a caring and reputable practice, it also provides comfort for your patients, cultivates patient satisfaction, breeds patient retention, improves patient outcomes and guarantees a loyal client that will tell anyone who needs services to visit your practice.
Patient pay is an important aspect of any practice. Focusing on patient’s needs and wants while offering a variety of payment options and financing plans will augment your commitment to providing the best healthcare possible. It will also give your clients the opportunity to pay what they can afford with flexible, budget-friendly options.
By employing these steps, you will be well on your way to improving the amount of revenue that your practice receives from patient payments.