Revenue cycle management is critical in today's healthcare environment. The healthcare industry is now driven by consumer responsibility, which means providers must do their due diligence in terms of creating patient statements that make sense.
The more unclear patient statements are, the less likely people are to pay. Conversely, the more transparent bills become, the more likely medical facilities are to receive payment in a timely and cost-effective manner.
As healthcare providers muddle through the muddy waters of recent changes, the following examples below provide insight on how organizations are finding success when it comes to bill collection:
1. Be Patient-Focused
Hospitals are no longer invoicing medical experts; they're billing everyday people who do not necessarily understand the ins and outs of medical jargon. It bodes well for providers to simplify the billing process by translating invoices into layman's terms. This enables people to better understand their financial responsibility.
2. Don't Summarize Costs
Line-item detail may be overwhelming to some, but most people would prefer to see detail over a single number that lacks supporting documentation. By providing detailed cost information along with a breakdown of procedures performed in each statement, people will be able to better understand each procedures total cost and their payment balance due.
3. Educate Staff & Patients
Medical billers and front desk team members should be trained to explain bills to patients when they have questions. It's also important to educate patients upfront so they understand their payment obligations before they are handed a bill. If people feel like they're not getting the information they need, they're less likely to pay.
Medical billing is an ever-changing industry. To ensure collection from your patients, look for ways to make your patient statements as transparent as possible. With clarity comes less confusion, and in the end, everybody wins.