Making it easier for patients to fulfill their financial obligations can help ensure a steady cash flow.
Many health systems are toeing the line between breaking even and operating in the red. With uncooperative payers and low reimbursement rates, revenue cycle leaders need to shift some of their efforts toward patient collections.
Since patients are responsible for more of their healthcare costs, offering different payment methods that are accessible, easy to use, and complementary to their care experience is crucial for providers hoping to maintain a continuous cash flow.
Digital Expansion
The rise of telehealth during the pandemic increased the need for digital expansion—including an efficient patient portal.
A health system’s patient portal gives patients more control over the care they receive, making it the ideal place to implement efforts to increase patient collections. Patients appreciate the convenience of being able to communicate with providers, review test results, and pay medical bills online.
It can also speed up the payment process.
When the Allegheny Health Network sought to improve billing coordination and patient communication, executives invested in a financial engagement platform that included a patient portal. In addition to being able to coordinate and manage their care, patients were also able to pay their bills or choose a payment plan.
RevTech Implementation
Revenue cycle technology solutions are often lauded for taking the administrative burden off of staff, but they can also help with pre-collection.
After implementing an accounts received platform, the BoulderCentre for Orthopedics & Spine saw a significant increase in pre-collections—so much so that they began looking into additional solutions.
“I’d like to see it as an adjunct to our practice, not to replace people,” Sherri Lewis, director of revenue cycle, said. “I’d like consistency with it if it could be that way.”
Payment Methods
Payment methods can affect how quickly bills are paid. The popularity and user-friendliness of cash sharing apps has convinced some providers to adopt them, with 54% of providers surveyed for one report saying they’d already begun to do so. Within that same survey, those who hadn’t stated they planned to do so in the future.
When Lake Washington Physical Therapy adopted electronic billing and mobile payment solutions, the number of accounts receivable decreased by 47% within the first month.
“PatientPay and our billing services have helped us get a best-in-class payment per visit, which is really important,” Ben Wobker, founder and CEO, told HealthLeaders. “We don’t have to see as many people because we’re getting what we actually are billing.
Jasmyne Ray is the revenue cycle editor at HealthLeaders.
KEY TAKEAWAYS
An efficient patient portal enables patients to manage more of their care experience.
There are rev tech solutions that can be implemented in different tasks like pre-collections.
Providers have started favoring cash sharing apps like Venmo because of their ease of use and accessibility.