A recent InstaMed article highlights innovative solutions for an age-old problem: collecting payments from patients. Practices have been sending hard copy statements to patients via mail for a long time. The article states “on average, it takes more than three statements, costing five to 15 dollars each, for just one patient to pay his or her balance in full (Medical Group Management Association).” Physician groups must get creative in order to reduce the time and costs associated with payment collection.
The first step, according to InstaMed, in lowering this costly overhead is automating patient payments with their credit card information retained on file. “By saving a patient credit/debit card on file during the patient visit, providers can automatically collect the payment as soon as the patient responsibility is identified.” This process will help to save time, drive down costs, and simplify collection processes.
The second recommended solution offered by InstaMed is “collecting payments where patients already visit.” The majority of consumers pay their bills online. “To meet these payment expectations, providers can easily reach patients on websites where they are already accustomed to visiting and paying bills.” As a physician trying to run a successful and profitable practice, it is imperative to develop innovative collection processes to drive efficiencies and optimize revenues.
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