When you are shopping for a new product or service, your goal is to get the best value for your investment, right? Well, your patients have the same goal. As their out-of-pocket costs increase, they are beginning to spend more time shopping for providers. As with any other service, patients will be more likely to continue to return to your practice if they feel like they are receiving real value for their dollars. They are not likely to continue to spend money with your healthcare organization if they are not satisfied with the service, or feel like just another number.
Collecting from patients at the time of service is crucial to the financial well-being of your medical practice or hospital; however, this simple step is often forgotten or not enforced. Whether your medical facility is implementing a new time of service policy or trying to enforce an existing one, it will take some getting used to, both for patients and staff. With some adjustment time and healthcare collections training for employees, your healthcare organization should see a positive change in the health of its accounts receivables.
When your accounts receivable staff is spending too much time on the back end collecting money that should have been paid up-front, it is time to consider looking into revenue cycle management training. Receiving money from patients at, or before, the time of service is the most effective way to ensure co-pays, co-insurances and other visit fees are collected in full, while making the most efficient use of staff resources.