The Keys to Increasing Patient Collections: Patient Communication & Financial Education
Posted on Monday, April 12, 2021
A successful strategy for increasing patient collections must be proactive.
Unfortunately, many patient collection efforts are hindered by reactive methods (e.g., lack of price transparency or out-of-pocket estimates, hard-to-decipher medical bills) that result in uncertainty, stress, and confusion for patients.
When patients are confused about what they owe and why they owe it, they often delay making payments or do not pay their bill at all. Additionally, those with high or unexpected medical bills are more likely to call the hospital’s billing office with questions or complaints. And if they feel they’ve had a poor experience with the billing department, they are less likely to pay their bill in full or in a timely manner.
A Proactive Plan for Increasing Patient Collections
A proactive approach involves two key elements: patient communication and financial education. EligibilityOne employs both in the services we offer.
EligibilityOne’s on-site patient eligibility service increases self-pay conversions and improves patient collections through better patient engagement. Our Patient Advocates meet with patients one-on-one and in-person to assess and help them understand financial assistance opportunities and their options, all while they are still at your facility and before they are billed.
Equipped with mobile screening technology, our Patient Advocates are also able to meet with patients at home, in the field, or at bedside. We also offer Emergency Department staffing and expanded hours compared to most patient eligibility and enrollment services. We have on-site Patient Advocates available at a minimum of 12 hours/day, 6 days/week, helping to ensure your patients find support when they need it.
Furthermore, we want to improve the patient experience with consistent communication which includes follow up with email, SMS text, and phone calls. Rather than waiting for (potentially upset) patients to call you, we reach out to them before they receive a complex bill that leads to anger, frustration, or bad debt for your organization.
Our Patient Advocates provide financial education to patients by counseling them on the financial aspects of their healthcare and their options for funding it. This includes informing them of government and/or charitable programs for which they may qualify, aiding them in the application process for health coverage and/or financial assistance, and helping them understand their health benefits and patient responsibility.
In addition, our Patient Advocates assist patients with resolving their patient accounts (for example, by collecting their ER co-pay and/or any prior balances, or by setting up a patient payment plan). Our pre-arrival workflow solution can also estimate patients’ out-of-pocket costs in order to prepare them for their financial responsibility.
A proactive approach to increasing patient collections involves two key elements: patient communication and financial education.
Increasing Patient Collections with EligibilityOne
EligibilityOne’ services can eliminate patients’ out-of-pocket costs or leave them with a reduced and more manageable portion of their bill to pay. Plus, patients who understand their health benefits and financial options, medical bills, and patient responsibility are much more likely to make their payments.
Proactive patient communication and financial education will lead to greater and faster reimbursement from patients – and improve patient loyalty as well!
An on-site patient eligibility service gives your patients the opportunity to meet face-to-face with an experienced Patient Advocate who can provide personalized education and empower your patients to navigate the financial complexities of their healthcare. And all our services are free to the patient as we are contracted at a performance-based rate with each healthcare facility.
Contact us today to learn more about our proactive approach to increasing patient collections.