Proven Ways to Streamline Your Patient Billings
Billing is an elementary part of our lives. Every service that we enjoy each day comes with a fee that we need to pay and thus, we need billing to be done and the healthcare industry is not an exception here. Regardless of whether we are going out for our own checkup or our friends and relatives, to a hospital, clinic, or practice, billing is something that we cannot miss out on against the services that we get.
As it is for the patients and their acquaintances, patient billing also forms a significant part of a hospital, clinic, practice, or healthcare unit. Along with the registration of the patients, checkups, and diagnosing procedures, the billing is the part, which calls for a good amount of time and careful attention. The billing section is often the most neglected section in the whole industry and this deserves to be highlighted to the utmost.
How patient billing and payments contribute to the patient experience!
As we all know that the patients are the central part of the healthcare industry around whom the entire industry and all its staff and functions revolve. Serving the patients well is the motto of the whole industry. Here, billing plays a significant part, which directly influences the patient experience in general.
Money matters deserve utmost attention, which is why the billing processes have always needed skilled, multi-tasking workers who are confident with the numbers and the latest technology that drives them and their tasks. Besides, with the latest advancements of technology and the arrival of cutting-edge patient payment solutions, the receptionist, staff, or the practice manager who is appointed to manage the billing section, should also stay alert, updated, and flexible to change.
Here's how improved patient billing and patient payments contribute to bettering the patient experience:
Reduces Wait Time
Most of us always proceed to a billing counter while we have a sufficient amount of time on our hands because it always takes away most of our time, with all the processes that are carried out there. This has become a lot less than a nightmare than it used to be earlier with the latest software and the reliable health payment solutions that you can avail of now. Reducing wait time is an immediate result of improving the billing methods!
Reduces efforts
Billing demands a lot of effort along with the time that it takes, especially something as critical as medical billing. Billing in the healthcare industry is deemed to be complicated so much so that it needs a significant amount of effort to be put forth. However, we can easily avoid all the draining efforts by implementing useful software and systems that help in collecting patient payments efficiently.
Minimizes Errors
Along with the time and the efforts medical billing manually is also prone to numerous errors that might creep in the way of the billing processes. However, we need to keep in mind that even the smallest of mistakes in the billing section cause a lot of hassles. These troubles not only involve monetary loss and ensues proper repayment but also often emerge to be more damaging than that where it leaves a blotch on the brand reputation as well. This is where the new-age healthcare payment solutions score significantly!
Enhances Workflow Management
Workflow in a healthcare unit needs to be fast and organized that can tackle the pace at which the patients are pouring in. Adapting to the latest billing payment software and solutions will not only remove all the hassles in the flow of work but will further help in adding a boost to the whole system.
Helps in Optimum Distribution of Tasks
A healthcare practice or clinic occupies doctors, nurses, healthcare personnel, receptionists, and a number of other persons who are in charge of all the other functions that are carried out in a healthcare center. Now, if the billing section takes away more staff and all the skilled labor, then the other processes will certainly suffer. Therefore, with an aim to avoid such a scenario more and more practices are putting advanced billing solutions to practice.
Boost Revenue
Implementing improved software in the billing section of the healthcare industry to aid the staff and practice managers leads to improving the patient experience, enhancing brand value, and multiplying revenue. Yes, the processing of payments and billing also leads to boosting revenues.
Around 25% - 30% of the revenues of medical practices are lost due to under-pricing, missed charges, lack of proper follow-up, and other errors in the billing processes, as per recent studies. Yes, you also might be losing out on your revenues or run the risk of encountering the same issues. However, this can be well prevented by the new systems and technologies that are revolutionizing the billing processes.
Up until now, was a glimpse into some of the major benefits that you can enjoy by improving the patients' billings of your practice, which will lead to enhancing the patients' experience.
Yes, you can enjoy all of the above and more if only you decide to streamline your patient billing but how would you do that? This happens to be one of the most important questions of people who are associated with healthcare practices, clinics, and healthcare units in general.
Revamping the patient billings seems like a significantly difficult task. However, one can easily overcome the initial difficulties if he/she is aware of the basics and is reinforced with some essential tips to roll out the initial problems, thereby improving the billing.
Easy and Effective Ways to Streamline the Patient Billings
According to the reports of a large Southeastern health system, it has experienced a decline of around $77 million in the total revenues collected from the patients in the present year to that of the previous one. This is why updating and making the patient billing process effective is paramount for the healthcare industry.
If you are also fed up with the billing worries and want to revamp and revolutionize the whole process, you are not far away from doing that. This is because we are here to provide you with some effective ways that will stand as a boon to your billing solutions.
So, without further ado, let's check out some smart ways to bring in the difference to your billing processes:
Identify the Loopholes
The old ways of billing and its associated processes are plagued with numerous ancient practices that consume a lot of time and are fallible too. Thus, there is an urgent need for healthcare clinics and practices to review their billing system and identify the loopholes in them.
Replace the Age-old Systems with New and Improved Healthcare Payment Solutions
As soon as you identify the errors in the previous ways of billing, you need to immediately replace them with the advanced healthcare payment solutions that will bring in the speed needed to lead in the present era.
Diversify Payment Options
Compared to the ancient ways of paying with cash or cheque, payment options are now easy and diversified. This calls every industry and every office in them to offer a range of payment options for the benefit of the patients.
Communicate the Patient Billing Process Upfront
The billing processes are often long and complicated and need much explanation at times. All of these issues can be avoided if you communicate the payment billing processes upfront and be transparent in it!
The Explanation of Benefits (EOBs) and medical bills are a big concern for the patients, where it has been seen that around 74% of the consumers are confused with the same. Improving the billing processes with the new-age systems, neat and well-defined bills and clarification for all the confusion is really necessary to uplift the brand image!
Implement the Use of Online Patient Portals
One of the easiest ways that significantly improve the billing processes is the use of online patient portals. Yes, you can simply create an online patient portal through your electronic health record (EHR) system. Such a portal will not only ensure easy and hassle-free payments on time but also satisfy the growing list of patient queries in the form of FAQs.
Have Easy Payment Plans Handy
Payment plans for the patients always need to be at hand. Setting up easy payment plans that the patients can opt for will significantly help them find the payment process convenient and thereby, helping them have a good overall experience.
Monitor and Integrate the Patients' Insurance Information
The insurance plans of the patients and all the related information need effective monitoring and this is the step where most of the practices witness a certain amount of delay. However, if you implement proper patient management and payment software and integrate the insurance information all in one place, then it reduces the worries at most!
Reevaluate the Outstanding Balances
The outstanding balance creates quite a problem at times. In case a patient has an outstanding balance, then that needs to be either cleared or integrated with the present sum after a proper evaluation. Monitoring the outstanding balances, integrating them while keeping everyone on the same page is quite a challenge, but something that the advanced software takes in on easily!
Remove all the Payment Hassles with Smart Online Healthcare Payment Solutions by GrowPractice!
GrowPractice is a leading name in the healthcare industry, recognized for the new-age medical office and practice management software and solutions that help in bringing a smart and effective system online. With the cutting-edge software systems that we provide, the patients will find it easier and much more convenient to pay as they wish on the go. We extend SMS payment links via which the patients can pay online and be monitored at the same time. Furthermore, we strive to minimize the costs of payments and eliminate the use of paper from the whole process, thereby proving to be a sustainable solution. Besides, with our integrated system, you would not have to follow up the patients every now and then because that would be monitored and proceeded with automatically. Also, you won't even have to incur more losses in revenue with our foolproof system and its ensuing reminders.
GrowPractice's online patient payments and practice management solutions have been notably adding $60,000+ revenue per provider and have witnessed more than a 20% increase in the rates of collection among the other benefits!
So, what are you waiting for? Experience our unmatched practice, patient, payment, and billing management solutions and witness a new era of growth!
