Making your customer invoicing and billing experience as simple, convenient, and efficient as possible improves the likelihood that you’ll get paid. Especially in the healthcare industry where medical debt is paramount. This can make all the difference between collecting or never hearing from a patient again.
1. Use the latest technology to process invoices.
Managing your customer invoicing process with the latest technology that stays up-to-date with all the rules and regulations surrounding healthcare invoices will help you determine trends in denials and acceptances. Since different insurance plans have billing rules that often change, medical billing software that automatically updates the rules allows you to efficiently process invoices. Technology can also automate tedious billing tasks like payment reminders, individual claims filing, and more. This allows you to focus on the bigger tasks that matter more. Your customers will appreciate the reminders and considerations of all the rules when they receive their bill.
2. Verify patient insurance information at every visit.
Having all of your patients’ up-to-date insurance information on hand is crucial to billing the right insurance provider and seeing the money come in after any patient leaves your care. Contacting the wrong insurance provider will result in filing delays. And you’ll need to wait even longer to file and rebill a new provider after the fact. Keeping copies of your patients’ insurance cards on file as well as their social security numbers is integral to tracking them down if they have outstanding payments to make. Additionally, any collections agency you work with will need this information from you, too. Your customers are more likely to pay if they’re billed on time and hear from their insurance in a timely fashion after they are taken care of.
3. Adhere to the “Three strikes and you’re out” rule.
As a general rule of thumb, it’s best to remind your patients about payment three times before putting the medical debt case in a collections pile. Ensuring timely follow up is also essential to see the success that you need. Your customers will appreciate the margin of three timely reminders to start paying their debt. If you clearly state that the second reminder is a “past due” reminder and that the third reminder means “collection time,” they’re more likely to pay before they strike out.
4. Inform patients of what to expect.
Establish clear terms with your patients upfront so they know exactly what their treatment(s) cost, what their debt is, when it’s due, and how they can pay it. Reminding patients of their obligations to pay their bills ensures they can’t claim that they weren’t informed after the fact. It also sets you off on a good foot with your customers, establishing what is expected of them, who is responsible for what, and how the payment will be made. Contracts are a good idea to protect your physicians and ensure you collect what is yours to collect.
5. Outsource difficult collections to a healthcare collection agency.
Once a customer strikes out and doesn’t pay after three reminders, it’s time to collect their outstanding medical bills. Save time, money, and good patient-provider relationships with your difficult collections by outsourcing them to a healthcare collection agency that specializes in maximizing your collections while preserving your patient-provider relationships. It’s best to leave the difficult jobs to the professionals who are expertly trained to tackle them.
The customer invoicing process is something that should be handled with your patient-provider relationships in mind. For more than 120 years, Frost-Arnett has upheld three core business philosophies: Consumer Respect, Superior Recovery, and Customer Service. These three philosophies have propelled Frost Arnett to the top of the healthcare collection industry. Give us a call at (855) 287-7043.