Patient billing and collection processes go hand in hand, and at the end of the day the patient collection process is the most important portion of a healthcare organization’s revenue generation. The sheer significance of the billing process demands a simple and clear process that both patients and healthcare employees can easily follow.
Unfortunately, decades of data has shown us that “simple”, “patient friendly” and “efficient” aren’t words that accurately describe many providers’ current healthcare collections process. There are a number of factors that have contributed to the current state of medical billing, and today we’re walking through some of the biggest healthcare collections challenges that providers face.
Challenge #1: Lack of Transparency
Price transparency is a major problem in the healthcare sector, and possibly the biggest barrier to successful collections. If the patient is not made aware of the prices and billing process before treatment, there could be frustration and stress for everyone involved. Additionally, it may take months before you receive the payment that you are due after providing a service or treatment.
One of the main goals of our billing processes here at Wellpay is to maintain clarity within our easy-to-understand bills. Our patients get proper estimates of the cost he or she must bear. This proper knowledge and awareness of cost - prior to treatment - allows patients to plan for their expenses and inquire about their insurance coverage.
Challenge #2: Lack Of Clarity In The Billing Process
The patient billing process should be simple and far less time-consuming for patients and providers alike. This can be achieved if we provide patients with a clear breakdown of what they owe, why they owe it, and how they can pay it off. It is extremely important that we provide proper explanations and justifications for the costs listed on patient bills.
Providing a simple, concise bill isn’t enough though! Once all queries regarding the bill amount are solved, the patient must pay the bill that is due. Here at Wellpay, we make bill payments simple and quick! With our digital payment options, getting a medical bill paid or scheduled for recurring payment only takes a minute or so.
Challenge #3: Financial Strain
Many healthcare institutions face billing issues due to a patient’s inability to pay the full, outstanding bill. This is one of the biggest reasons why clarity is important in the billing process. Sometimes, it takes many weeks for a medical bill to make it through all of the insurance pathways required for a final bill to be sent to the patient. If there is a discrepancy between what was expected and the bill that the patient is ultimately faced with, you may have a hard time collecting the payment.
Flexible payment plans are, therefore, incredibly important for maintaining patients and building client rapport.
Challenge #4: Time Constraints For Payment
Taking into account the busy lives of your patients, Wellpay sends gentle reminders for due payments via emails or text messages. For patients who are unable to pay (or are forgetful even after these reminders!), autopay is the best option. This can make recurring payments for frequent services hassle-free!
Medical billing is one of the toughest sides of healthcare, but with a platform like Wellpay in place you’ll be better equipped to bypass many of the traditional challenges that have hindered successful collections at your practice.
If you’re interested in learning more about how we can help streamline the medical billing process and increase collections at your practice, sign up for a free trial today or schedule a call with someone from our team!