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POSTS BY TAG | Billing Services

Increasing medical practice revenue


Last month, we took a look at three ways to increase medical practice revenue. Today, we’re going to look at a few more!

We’re nearly three-quarters of the way through 2021, and though we’ve been able to adapt to many of the ways the COVID-19 pandemic has altered the medical landscape, we are not out of the woods yet, and neither is your practice revenue

PATIENT OUTREACH:

A recent study found that one in five adults delayed seeking medical care due to the pandemic. There are multiple factors that could have contributed to this: apprehension from being exposed to the virus, financial challenges, and difficulties in accessing care.

You may have patients who, despite potentially having conditions that need treatment, are anxious about resuming their usual medical care due to fears about their safety or even concerns over the availability of appointments.

Establishing an open line of communication with your patients, along with keeping them informed of their care options, will help reassure patients that they are your top priority. Make patients aware of any available appointment openings, how they can utilize telehealth, as well as the precautionary measures your practice is currently taking to keep them safe. Give them the opportunity to reach out to your staff to discuss their current financial situation, and what they can expect if they choose to resume care. A great patient experience can lead to stronger patient retention as well as a higher likelihood of on-time payments. 

CLAIMS INVESTIGATION:

As discussed in our previous blog, you don’t want to sit on unpaid claims from insurance carriers. Remember to diligently follow up on any denials, and make sure bills are submitted by your billing team daily. A faster turnaround leads to faster payment!

Much of your revenue is going to come from insurance payments, so it’s essential to ensure that you and your team are staying on top of it. Experts recommend having staff members take ownership over outreach with insurance carriers they have experience working with so that it’s easier to delegate claims investigation and ensure that the workflow is organized efficiently. Don’t just have them re-submit a rejected claim to an automated system. You’ll want to confirm what the carrier needs from you to ensure that this time, your submission will be accepted.

The last thing you’d want is a rejection to be accepted by your practice at face value and to have that total forwarded to your patient. Studies have shown that unreasonably high bills can cause patients to distrust their medical professionals, even if the practice had nothing to do with allocating the bill itself. Practices benefit more from large insurance sums than from expecting their patients to cover the total alone, plus it prevents patients from feeling that the practice isn’t looking out for their best interests. 

ONLINE COLLECTION

Modern patients want modern solutions. Your average American already uses their phone to order rides and meals, as well as to pay their bills. They want convenience, so why not make paying their copays and medical bills just as easy? 

Although older patients may be more comfortable paying an individual directly or even sending a check, younger generations are more accustomed to making all of their payments online. Giving patients the ability to make payments more quickly, and in a format that they trust, provides a faster and more instant payment turnaround for your practice.

A payment platform also gives patients the ability to confirm their current balance with their own eyes and provides immediate verification that their payment has been processed. Setting up payment plans then becomes simpler and easily automated. Instead of navigating through transferred calls and mailed paperwork, patients have the control to handle their medical finances the same way they handle all their other expenses.

pMD’s billing service has found ways to streamline and enhance the billing and payment workflow, giving providers and patients more control over their respective processes. Contact us today and learn how we can help you improve practice revenue!

To find out more about pMD's suite of products, which includes our charge capture and MIPS registrybilling servicestelehealthsecure messagingclinical communication, and care navigation software and services, please contact pMD.
Patient making payment using smartphone


Finances and the revenue cycle can be a high source of stress for providers, who let’s be honest, would much rather focus on patient care. However, effectively managing a practice's revenue is crucial to actually being able to continue to provide that care. One of the most unpredictable phases of the revenue cycle is collecting patient responsibility, which often results from the high variance in payment methods as well as hesitation to pay due to a lack of understanding of insurance systems. Simply put, many patients don’t know what they owe and why.

Why Is Collecting Patient Payments So Hard?


According to the American Association of Family Physicians, only 14% of adults understand key components of their insurance plans. This confusion and uncertainty can often make it difficult to determine a patient’s financial responsibility at the time of a visit, leading to even more frustration when they get a bill in the mail months later that they don’t understand. Estimation tools and insurance cards can help ease this uncertainty or to point a practice in the right direction, but ultimately most patients end up in the dark when it comes to what they will owe in the end. 

Patients Want a Better Healthcare Payment Experience


Traditionally, many practices end up providing services for free, collecting a small insurance co-pay, or sometimes not even that, and then opting to bill the patient later, after collecting from insurance first. The problem is the process of settling with and collecting from insurance companies can take days, weeks, or even months and by that time patients are far less likely to pay for bills they receive long after services rendered. In fact, more than 60% of patients surveyed by InstaMed reported they would “consider switching providers for a better healthcare payment experience,” which includes upfront patient responsibility, eligibility, and the ability to pay with their preferred payment methods. 

Real Time Eligibility & Patient Responsibility Estimate Tools Help


With this in mind, it’s hard to believe less than 25% of physician practices have an eligibility and estimation tool in place to assist their practices in maximizing revenue, according to Healthcare Finance News.  By providing real-time patient responsibility estimates, providers can increase patient confidence and are more likely to collect the full amount they are owed for their services. Without an eligibility solution in place, practices could potentially be missing out on between 30-50% of their patient revenue. 

Adapting to The Next Generation of Patients


Speed and transparency make a huge difference when it comes to collecting patient payments. Giving your patients the tools to make the process as simple as possible is key to not only collecting but collecting quickly with high patient satisfaction. Many practices still rely on mailed statements and/or in-person payments, such as cash, check, or credit card, which can be a major hindrance, especially when it comes to younger generations. 

Gen Z, which are those born between 1995 and 2012, is expected to account for an estimated 61 million new employees in the global workforce in the next decade. Why is this important? Well, the majority of Gen Z have never lived without the internet, smartphones, and immediate access to information and products. With an influx of Gen Z patients, the expectation is that practices make it easy to receive and pay for care. If it’s not, they may seek care elsewhere. 

Make Paying Medical Bills Fast & Easy for Patients


It’s much easier to collect payments when the patient is standing in front of you, but even if they’re not, the quicker a practice requests payment, the more likely patients are to pay it. Recent trends in expected payment options have shown nearly 50% of patients would prefer to pay their medical bills using contactless or paperless payment options. Practices using paper statements introduce significant lag into their collection systems by relying on mail carriers and printing/packing services. Recent improvements in payment processors and the technology they offer have made it possible to send statements and payment requests in real-time to speed up collections and boost patient satisfaction and confidence. 

Everything Should Be in One Place


The last part of the equation is making sure everyone in the practice is on the same page regarding patients’ financial status. The fewer systems involved, the less room for error and inefficiency. From patient intake to collecting payments, it’s important to be able to do everything in one place without having to log into multiple systems to piece together information.

Find Out How pMD Medical Billing & RCM Services Can Help


If you are interested in learning more about pMD’s billing and revenue cycle management services, please contact us here or give us a call at 800-587-4989 x2. We’d love to hear from you!

 

To find out more about pMD's suite of products, which includes our charge capture and MIPS registry, billing services, telehealthsecure messagingclinical communication, and care navigation software and services, please contact pMD.

Related Articles:
* Medical Billing & Payment System Improvements Boost Patient Satisfaction
* Reduce Claim Denials with Real-Time Eligibility