Providers of all sizes, as well as RCMs, will be challenged in 2020 to drive better results in patient collections. Here are six ways to maximize patient payments. They might require some data science, but Sift makes that accessible.
When healthcare providers leverage their patient payments data to drive their collections strategies, they create new and powerful opportunities to increase the revenue they collect, building patient relationships and using payments data to inform business operations. Here are four new and intelligent ways that healthcare providers are using their patient payments data to be more strategic and to drive better payment outcomes. Here are four innovative ways that healthcare providers are leveraging their patient payments data
Patient payments are often difficult for healthcare providers. Even more so when the expense is unexpected, as in surprise billing. Surprise bills (or balance billing) increase the odds of underpayment or no payment for provider services. Surprise bills are a problem for the patients who unexpectedly get hit with new expenses as well as the providers who are trying to collect earned revenue.
As the volume of patient payments increases, many healthcare providers unknowingly violate regulation around patient targeting (like ECOA). Developing a collections strategy that maximizes patient payments and maintains compliance is critical for healthcare providers of all sizes.