Healthcare payments are a nightmare for patients. The paperwork is typically filed with information and terms that they do not fully understand. There is a lot of confusion regarding co-payments, co-insurance, and deductibles. In order to receive timely payments, it is important that patients are clear on what they owe, why they owe it, who they owe it to, and when the bill needs to be paid.
Patients need to understand their financial responsibilities. There is a way to increase timely payments in the healthcare industry. Healthcare providers can streamline billing processes and make it easier for patients to comprehend. The following information will help you accomplish this.
Provide A Variety Of Payment Options To Increase Timely Healthcare Payments
People appreciate having choices when it comes to paying for goods and services. This includes making healthcare payments. It makes them feel in charge of the situation. When patients are provided with a variety of payment options, it greatly increases the probability that they will pay on time. While some patients prefer paying their medical bills with credit cards, others prefer to using debit cards.
There are patients that pay bills with electronic ACH accounts, and others that continue to use paper checks. Although most patients now prefer to pay bills online using their computers, smartphones, or tablets – a few remain that would prefer to pay in person. It is important to work with a payment-processing specialist that provides your organization with a suite of processing services.
Eliminate Billing Confusion To Increase Timely Healthcare Payments
Patients receive a lot of information either through the mail or in electronic format. Bills are often confused for statements that do not require payment or any further action. For example, insurance companies are required to send patients Explanation of Benefit letters after visits to their healthcare providers. All medical bills should be clearly labeled with the amount due, due date, and purpose for the bill.
Patients with health insurance are typically responsible for paying the health care provider a co-pay amount. In this case, the medical bill should clearly state that. All medical bills should include direct language in order to avoid confusion. Some examples of direct language are “Patient Responsibility”, “You Owe”, and “Amount Due From The Patient” to name a few.
It is important to work with a payment-processing specialist that has the ability to customize bills to increase timely healthcare payments. Payment processing systems should include the ability to send electronic bills and alerts directly to patients. Streamlining the process helps to remove the confusion of who is owed, how much is owed, and when the bill is due.
Payment Savvy specializes in providing the healthcare industry with the best payment processing solutions available on the market today.
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