How to Protect Your Valuable Revenue Stream

How to Protect Your Valuable Revenue Stream

Protecting your healthcare revenue stream is important to ensure that your practice stays profitable and above water. With factors in the healthcare industry today such as an increased patient deductible amount, increased patient copay rates, and rising patient out-of-pocket expenses, it is crucial for healthcare providers to take the initiative to alleviate these issues that can restrain a healthy revenue stream. By taking the following steps into practice, you can prevent losses and keep your practice afloat.

1.Check and verify the patient’s insurance coverage

Before a patient comes in for a service, their insurance coverage should always be checked. The patient’s insurance plan should be checked that it is active and items such as the deductible and co-payment should be verified.

2. Get an accurate estimate of the patient’s payment responsibility

After checking that a patient has insurance and that it is active, make sure to obtain an accurate estimate of what the patient is financially responsible for when they visit. Ensuring that you have the proper estimate will lessen the probability for patients to receive refunds for excessive payment amounts or follow-up bills for remaining expenses.

3. Inform patients on payment collections

It is important to communicate with patients to let them know how their insurance works and to help them understand their coverage and financial responsibility. Educating patients takes the surprise out of the medical bill and gives transparency into the payment.

4. Collect payment from the patient at the time of service

Collecting the patient’s payment at the time they visit for a service can help to alleviate financial risks for the medical provider and ensure timely and consistent flow of cash into the revenue stream.

5. Explain codes to patients

Billing codes can be quite confusing for patients, so making sure they are explained to patients can help them understand what they are paying for.

6. Make the collection process easy

Simplifying the collection process can help to reduce days in A/R and maximize revenue. Patients are more likely to return when the collection process is simple.

The collection process should always be reviewed for optimization. Opportunities such as presenting various payment options is a good way to cater to a patient’s payment preference, making the process simple for them. Practices should also be ready to actively engage with patients on their accounts.

Read the original article from RevCycle Intelligence here.