By getting patients to take on some of the financial responsibility for the use of services, copays are the insurance companies’ way of discouraging unnecessary medical treatments.
Procuring copays, however, isn’t always easy. And the truth is, during this time of declining reimbursement rates, most practices can’t afford to waive such a significant share of the revenue.
Fortunately, you’re not alone in the mission to collect copays. Technology can greatly aid in the effort. Today, we review three key technologies that can keep your patients from skipping out on the bill.
Patient Portals
The rise of our digital culture has created consumers who not only expect businesses to have an online presence, but also to provide the ability to conduct financial transactions online. The health industry is no exception.
Patient portals are one way to meet patients’ electronic payment needs.
The best portals allow patients to pay their medical bills online from the comfort of their homes. They’re a secure way for practices to safely send patients statements and reminders. This will steer you clear of violating HIPAA standards.
Practice Management Software
Practice management software that organizes patient data into an intuitive dashboard can provide you with a complete picture of your patients’ financial standing.
The patient dashboard should display patient demographics, insurance information, history with your practice, and account details including outstanding balances.
PM software should also verify insurance eligibility prior to a patient’s visit. This will let you inform the patient of their copay amount before they ever get to your office.
By being proactive about patient copays, you increase the chance of patients coming prepared to pay during their visit.
Promise of Payment Log
Use Microsoft Office’s Excel application to create a Promise of Payment log for patients who chose not to pay at the time of service. It should contain their name, phone number, email, the amount owed, and the date they promised to send payment.
This will help keep your pending payments accessible, legible, and better organized. Therefore, no failure of payment will go by unnoticed.
On a final note, make sure your practice is equipped to accept credit cards. Credit card machines are a great tool for collecting patient payments. Most patients have credit cards, and they don’t even have to be present to use them.
For instance, when a patient forgets to bring their wallet or checkbook to the clinical encounter, they can simply call you from home with their account number. It’s convenient for the patient and ensures your practice gets fully reimbursed.
Because copayments can be up to 20% of medical reimbursement, it’s absolutely critical for your practice to do whatever it takes to get paid accordingly. Leverage these three technologies to make sure you don’t miss out.
