Healthcare Accounts Receivable Management
The healthcare industry is experiencing challenges due to the increase in high deductibles health plans (HDHPS). "....the payment burden has shifted, and consumers are paying a bigger share of their medical bill through higher copayments, coinsurance and deductibles. Many health plans on the market require patients to assume greater financial responsibility for their choices. This advent of high-deductible health plans (HDHPs) has accelerated the problem for physicians to remain profitable. " Intermedix whitepaper 2017
The business - customer (doctor - patient) relationship is more precarious in the healthcare industry. When trying to collect payment, a healthcare provider understands the customer may be a returning customer and the relationship should remain one of trust and communication.
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Healthcare is a business and should manage its accounts receivables accordingly. Take a look at the image on the right. It shows the payment behavior of patients. From this we can assume the following:
- First statement to patient should be VERY clear as to how much they owe,
- Once the bill has "aged" (over 90 days) you are less likely to get paid,
- Final bills work! Make it clear it's the final bill!
- If an account goes to collection, be sure to provide complete and accurate information. The patient will be most motivated at the beginning of the collection process.
Patient Payment Cycle (source... © 2013 insidePatientFinance.com)