Medical Billing & Payers | Practice Management
Improving Self-Pay Through Patient Communication
These days, patients are being required to pay more in the form of higher premiums, deductibles and co-payments. This can put medical practices in a tough position: Not only are self-pay balances higher than ever, but collecting puts staff in the often-uncomfortable position of having to ask patients to pay what they owe. In many instances, a long-standing personal relationship or connection with a patient can make for an even trickier situation.
The problem is not insignificant, as studies have shown that up to 50% of self-pay balances go uncollected. So if you are trying to manage a medical practice, that’s money you most certainly need. Yet given how awkward it can be to have to collect these funds—especially from those long-time patients—how do you do it?
We have a few helpful tips for you in a free on-demand webinar on the seven ways to help your practice collect self-pay balances. For instance, we strongly recommend developing and communicating a specific self-pay policy. This helps you deliver a clear message to your patients, and one that stays consistent regardless of the staff member that’s conveying the information.
That’s just one consideration to get more from self-pay collections. Our webinar also explains how medical practices can change workflow, follow-up with patients and use various patient communication tools and services to ensure money owed is money paid.
Until then, what has your experience been when it comes to self-pay? Any tips you can share with colleagues?
In our 8 physician OB/GYN practice we have implemented a successful self-pay model. We ask those patients to pay at least 50% of their deductible and/or allowed amount up front, and the remainder is put on a payment plan that we follow closely. We have realized that payment plans are the way to go during these hard economic times. It gives the patient options and allows us to increase our patient retention. We benefit from the steady cash flow too!
This is a growing challenge for certain specialties and hospital captive “on call” billing as well as current patients that experience loss of insurance or higher deductibles/co-pays. Crystal is on the right track and there is help for automating the payment plan. There are now internet payment platforms that the patient goes to “one time” to set-up the plan with a series of pre-approved monthly drafts from personal checking. This site then automatically debits the funds and does all the uncomfortable follow-up when a payment doesn’t clear. Funds are transferred into your operating account weekly with reporting via online dashboard.
Ray Noftsinger