Revenue Cycle Practices to Reduce Bad Debt in Healthcare?
This year, they reported that 59% of hospital executives blamed insurance reform for the high levels of bad debt.
In that same survey, only half of those executives felt they’ll only recover about 10% of that astronomical amount.
So what can be done about it?
Cost Transparency and Understanding Coverage
It’s not uncommon for patients to have some confusion about their insurance. Hospital visits can be overwhelming and stressful, and it’s possible for someone to accidentally share their secondary coverage and not their primary.
These situations are causing hospitals to do the digging (sometimes through automated coverage detection systems) in order to avoid collection issues.
Provide No-Interest Financing and Self-Service Options
Make Your Communication and Payment Process Frictionless
Frictionless sounds great, but when it comes to your revenue cycle, what does that mean? It’s simple – think about it as a consumer and not a debt collector. What would you want? A provider with healthcare communication software?
Are you a consumer that likes self-service payment options?
The ability to make a payment 24/7?
The means to make payments via email link, payment portal or text (using Intelligent SMS messages)?
A virtual negotiator that takes the stress out of a collection call?
Payment calls that don’t require long wait times, repeating information or frustrating experiences?
This can all be achieved in your contact center today.