Healthcare practices rely on prompt payment for provided services to maintain financial health of their business. Point of service collections refer to the process of collecting credit card or cash payments at the time of service, rather than going through a billing cycle, which can take months. Below we’ll go over some of the ways that healthcare practices can use point of service collections efficiently in order to cut the billing cycle, improve cash flow, and get paid more quickly while providing a positive experience for patients.
Train Staff to Discuss Payment Options in a Way That is Polite and Professional
Staff members who interact with patients should be trained to discuss payment options and expectations in a polite and professional manner. They should be prepared to explain services as they relate to a patient’s bill and answer any questions the patient may have about the billing process. This helps the patient feel comfortable paying their bills without confusion, surprise, or frustration regarding the cost of care. Transparency and approachability also help to build positive relationships with patients.
Offer Multiple Payment Options
Accepting multiple forms of payment increases your chances of receiving payment more promptly. Offering flexibility with methods of payment, including credit cards, checks, debit cards, cash, and virtual payments like Apple and Google Pay makes payment more convenient for patients. You can also consider offering payment plans or financing options for patients who cannot afford to pay in full at the time of service. Offering payment options that fit a patient’s financial situation can help ensure timely payment and build trust with patients.
Be Proactive and Transparent About Payment Expectations
By providing pricing transparency and establishing financial responsibilities, you help to create a more successful patient/provider relationship. This information can be provided over the phone, during the appointment scheduling process, or through the practice’s website. Staff should be prepared to provide a price estimate upfront, discuss the various payment options available to patients, and emphasize that point-of-service payment is preferred.
Use Technology to Streamline Payments
Medical billing software with an integrated payment processing platform that allows for point of service payments is essential in collecting up-front payments from patients. Look for one that offers point of service collections as a default. You could also implement a patient portal where patients can view and pay their bills online. This will help streamline point of service collections, reduce administrative burdens, and improve collection rates.
