How To Offer A Patient Centric Revenue Cycle
June 10, 2021
Revenue management is the interaction of calculating services, billing, invoicing, and receiving payment, and it’s most often used within a hospital or medical setting. The idea is that the revenue cycle ensures a good flow of income, whether that’s through insurance companies, patients, or a combination of both. Yet there is a problem; because many patients don’t understand or are wary of the revenue cycle, payments can easily be late or non-existent. By turning the entire thing into a more patient-centric system, this problem could well be dealt with. Read on to find out how this could be done.
Up To Date Technology
The world is moving forward at an astonishing pace, and if you are left behind with your technology, that can be an issue when you’re trying to run a business. In the healthcare industry, and many other sectors too, your patients will expect a certain level of professionalism, and when they receive it, they will be more willing to pay their bills. If they don’t receive it, they might hope your out-of-date system will ‘forget’ about what they owe, and they can get out of having to pay.
By offering the most up-to-date technology that would include revenue cycle management software or RCM software as well as online booking tools and online payment portals, you will encourage more people to pay sooner.
Confirm Billing Information
Another reason that some patients may choose not to pay their bills on time, in full, or at all, is that they have been surprised by some of the charges they see when they receive their invoice. Additional costs that they weren’t expecting – and potentially can’t afford – can be extremely troubling, and without any information as to what these charges mean and how they came about, they could withhold payment.
To prevent this from happening and to ensure your patients are happy with the service you provided for them, it’s wise to be as upfront as possible about their bill. Even if you don’t have the time to go through every statement with every patient, giving them the details of someone they can talk to if they are concerned is a good compromise. At least they will know they are not being left in the dark about anything, and finding the information they need – and agreeing with the additional charges because they now understand – will encourage them to pay more quickly.
Don’t Make Bills Complicated
Complicated medical bills with a lot of technical jargon will never be something a patient wants to have to deal with. It is extremely difficult for someone without medical training to truly understand many of the terms used within a medical bill, and again, they may wait until they can get some clarification before they pay anything.
All a patient will really want to know is how much they need to pay and what services they are paying for. Nothing else is important, even if it’s crucial from a medical point of view. If a patient feels confused or even as though they might be being taken advantage of, they won’t pay, and your revenue will be severely affected.