Are you finding it challenging to collect unpaid deductibles from patients, especially during deductible season? Don't worry; we've got you covered! Here's a simple guide on how to reduce patient AR (Accounts Receivable) in your medical practice:
Verify Benefits Thoroughly: Start by conducting comprehensive benefits verification for each patient. This means checking their insurance coverage for various medical services well before their visit. You can use provider portals or contact insurance carriers directly to obtain accurate benefits reports. Having updated data allows you to communicate patients' financial responsibilities clearly, building trust and loyalty.
Update Insurance Information: Make it a habit to update insurance information for every patient at their first visit of the year, especially during deductible season (January through March). This ensures that billing information is current and reduces errors. Don't forget to check for secondary insurance coverage as well.
Collect Co-pay and deductibles Upfront: Streamline payment collection by training your front desk staff to collect co-payments or unpaid deductibles efficiently at the time of the visit. Organize payment processes and clarify patient financial responsibilities to make the payment experience stress-free.
Offer Multiple Payment Options: Provide diverse payment options such as credit cards, digital wallets, phone payments, and paper checks to expedite payment processing. Include payment links in invoices for easy transactions, enhancing transparency and convenience for patients.
Send Detailed Patient Statements: Send detailed patient statements as soon as insurance finalizes the claim and leaves patient responsibility. Whether through email, text, or mail, ensure patients are aware of their balances. Collect any unpaid balances on follow-up visits promptly.
Enhance Patient Education: Improve patient education and communication regarding insurance coverage and medical bills. Address patients' questions and concerns empathetically, providing timely and accurate information. This not only improves their experience but also speeds up payment processing.
By implementing these strategies, you can optimize revenue cycles, improve cash flow, and build stronger relationships with your patients. .
Need assistance in reducing patient AR? eServMD Inc. offers accurate patient eligibility verification and timely patient statement services. Contact us today for a free AR analysis.
