Why are Patient Payment Collections Such a Priority?

Subscribers of RevCycleIntelligence.com were given the magic formula regarding collecting payments from patients according to a study by Avality Research.

Patients are struggling to pay high (and higher) deductibles, which ultimately delay receivables and hurt the revenue cycle. However, providers must be diligent.

“Ninety percent of physician practices and facilities surveyed agree collecting patient financial responsibility before the patient steps foot out of the office or hospital is important to the well-being of a business, while 85% called it a difficult task.”

Revenues improve and bad debt declines when emphasis is placed on collecting at point of service, leading to an industry-wide emphasis on streamlining that process.

There are many additional techniques for collecting and processing payments after the patient encounter is completed. One important consideration is the formatting and layout of the invoice/bill. An appealing invoice adds value to the payment process (just like nice bank statements), while efficient and accurate check payment processes eliminate errors and speed clearing.

Automation of paper payments helps the transition from paper to electronic, and one thing is for sure — solutions like the Healthcare Payment Automation Center know how to apply automation technologies…