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    Simple tips to rein in rising consumer collection costs

     

    Securing balances prior to or at the point of service is a crucial first step. Yet many encounters require post-service billing after insurance, hence digital collections tools need to keep providers engaged with their patients in much the same way as early-out collection agencies—but without the outsourcing cost. Another big benefit of using digital collections tools is that providers maintain control over all their patient communications. 

    A variety of digital options exist, including text messaging, push notifications and email. Advances in machine-based learning also allow providers to begin to personalize the patient financial experience. For instance, some patients may prefer to receive one paper copy of a bill, then an email follow-up then a text. Others may pay immediately upon receiving the first bill via email. As providers learn what motivates and triggers the right behavior in each patient, the cost to collect decreases and the patient experience improves. 

     

    Stronger practices, happier patients 

    There is no turning back: Patient payments will remain an essential component of the revenue cycle. That makes cost-efficient, patient-friendly collections a key element of providers’ financial success.  

    Strong industry partners can help practices to understand their patient collection costs and develop beneficial patient communication strategies. Working together, practices can reduce collection costs and enhance the patient experience. 

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