How to Increase Patient Payment Collections in 2020
Providers everywhere are relying heavily on patient payments to sum up the majority of ...
Running a successful practice involves keeping balance among many different and contrasting components every day. Providers have operational and financial goals while also aiming to provide the highest level of medical care to their patients. The good news is, accomplishing one of these goals does not have to mean sacrificing the other. With the right tools, providers can simultaneously enhance practice revenue and improve patient care.
Telehealth was initially designed to reach patients who struggle to make it into the office for their routine or follow-up visits. It is fit to help patients that live far away from their provider, work during practice hours, or are confined to their home due to a chronic condition easily visit with their physician. Telehealth can improve patient care by making it simpler for patients like these to visit with their providers more regularly, avoiding harsh travel times, interruptions in their busy schedule, or the difficulty of leaving their home. Telehealth can also enhance patient revenue by increasing the number of visits a provider can complete in a day, increasing billable visits, and improving patient engagement by maintaining ongoing care.
For your patients battling multiple chronic conditions, Chronic Care Management offers life-saving solutions. CCM enables better patient care by connecting eligible patients to important services like care coordination, prescription discounts, and community resources. With CCM, the chronically ill achieve more positive outcomes and better symptom management. Eligible patients no longer have to manage the complicated aspects of their care on their own. CCM can also enhance practice revenue by enabling providers to collect on CCM reimbursements, earning up to 85k a year per billing provider. By introducing a new stream of revenue at your practice, CCM can enhance practice revenue and also help your patients.
By encouraging your patient to complete in-office visits, providers can enhance practice revenue. Depending on the needs of a patient, telehealth might best suit them. For your patients who do not feel inclined to use these digital tools, a traditional office visit can be the most effective way to achieve this. Automated appointment reminders, digital scheduling, and other features of a quality practice management software can help eliminate no-show visits and increase the number of completed billable services.
RCM Services enhance practice revenue in a number of different ways. By utilizing high-quality RCM services, providers can drastically increase the number of clean claims, decrease denials, and improve patient payments. An RCM services vendor helps to enhance practice revenue by introducing claims scrubbing, denial management, and dedicated account managers to grow your clean claims up to 99%. RCM services can also enhance practice revenue by offering solutions to manage difficult collections. Together with your RCM service vendor, providers can identify common coding mistakes, compliance errors, and more, optimizing their revenue cycle and positively impacting practice revenue.
The patient portal is the number one tool for patient engagement, patient information, and patient payments. In order to enhance practice revenue, providers must utilize their patient portal to its fullest extent, or find a vendor that offers the tools they need. Patient portal tools that enhance practice revenue include billing software integration, digital payment processing, credit card payment processing, and digital payment reminders. By addressing patient engagement with the patient portal, providers can not only encourage more patient involvement in their medical care but also their medical bills.
To learn more about the tools and services that can enhance practice revenue, click here.