In this post, we continue our series on thriving practice secrets by delving into what recent patient studies tell us about how patients view their experiences and how to solve those most common pain points with as little pain as possible.
According to a recent study, half of all patients are frustrated with their provider's patient billing and collections. When asked to rate the worst part of their experience with a provider, most patients took issue with administrative processes beyond the care they received.
One of the broader patient complaints focused on in the study was the lack of modernization in quality digital experiences. The study found that 52% of healthcare consumers consult online review sites when choosing a provider. They indicated that they are willing to switch providers due to poor digital experiences and negative online reviews. 1 in 5 consumers left a provider because of a poor digital experience. Another 1 in 5 have given a negative review of a healthcare provider because of a poor digital experience.
To meet these consumer expectations and improve the patient financial experience, the authors of the study recommend five key moves:
- More congruent experiences with administration, including insurance and co-pay collection
- Online payment options
- Upfront costs estimations
- Payment plans
- Fewer, more consolidated bills for each visit
What more can you do to improve the patient experience, specifically in your small to mid-sized practice? At MacPractice, we believe better patient collections start with having cost-effective point-of-service patient collection tools and strategies to help maintain a healthy revenue stream and cycle management system to collect more revenue once the patient has left. MacPractice has a few additional suggestions of our own:
Optimize Patient Collections
You can optimize patient collections by first collecting co-pays and communicating fees as thoroughly and quickly as possible. The well-trained front office staff is vital to the success of patient collections. The more they understand patient financial responsibility, the clearer they can communicate it to your patients. Tools like the MacPractice integration with TSYS allow them to collect credit card payments or even accept mobile payments right in the MacPractice Ledger. Less redundant data entry means more time to focus on patients.
Use Eligibility Verification
Eligibility verification allows you to access real-time eligibility and benefits information so that you and your patients know what to expect from the start. No one likes unaffordable surprises! Establishing benefit eligibility at the point of service reduces cost, ensures appropriate care, and increases let you know how you can plan to be reimbursed. The sooner you have checked a patient's eligibility for a service or procedure, the more quickly you can improve claim accuracy.
Appointment Reminders can help streamline patient payments, too. No-shows cost your practice a lot of money. Patients are more likely to keep their appointments or reschedule beforehand when they receive a text, email, or phone call reminders. By automating this task with AutoRemind, your practice staff can focus on other critical clerical duties, like answering phones promptly and providing exceptional service to your patients. Patients that have been reminded are more likely to show up to their appointments and come prepared to pay their out-of-pocket costs.
Develop Your Online Reputation
Developing an online reputation management strategy will help you put your best foot forward when it comes to your practice's online image. MacPractice Reputation Marketingputs you in control of your online reputation by delivering feedback and patient reviews in real-time, so you can take control of your status and then promote it online. MacPractice Reputation Plus automatically reaches out to and follows up with your recent patients to generate a feedback snapshot of their most recent visit to your practice. It also aggregates your patient feedback and online reviews into a simple dashboard that shows your practice's overall feedback and online rating score. Patients are routed to your practice's page to leave positive reviews, but negative reviews are given a form allowing you to address a poor experience promptly.
Perhaps the essential part of maintaining a quality patient collections workflow is generating efficient statements for your patients. With MacPractice, you can choose to print your statements or use our eStatements services to automate the process. On top of that, MacPractice works with Transworld to offer you profit recovery and increase your cash flow with proven, more diplomatic patient collections services.
Streamline Your Billing
Practices need a straightforward process to follow when it comes to minimizing lost revenue. A streamlined process starts at the front desk and works itself through to the back office. Beyond patient payments, managing claims properly is key to keeping your practice's financial health running smoothly. Unfortunately, all too many claims contain errors. Rejections are standard and often take weeks to resolve. Streamline your billing for more success.
Outsource Your Billing to MacPractice Business Services
Billing Services can save your practice in many ways, including time, money, and maybe even keep your practice healthy in general. Many small practice owners cite anxiety over getting paid as the number one cause of deciding to sell their practice. Medical billing is complex and changes very quickly. It can be difficult for any small practice to keep up with the demands of running a business and providing excellent patient care. Unfortunately, when billing becomes overwhelming, it is the care we provide our patients that takes the biggest hit. MacPractice Billing Services can make managing your billing so much easier because we have a dedicated team that works tirelessly to get you paid. We can get started in 2-5 business days! Transitioning is fast and straightforward. We can work through the bureaucracy and red tape of insurance payments and collect more quickly. We manage your billing while you gain the freedom to run your business and see patients.