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Discover how effective RCM strategies can transform your medical practice's billing processes. Read the full article to explore best practices for optimizing revenue and minimizing errors. https://lnkd.in/g_ib-AP4 Learn more at altrustservices.com and read the full article to take control of your practice's financial health today! #MedicalBilling #RCM #HealthcareFinance #PracticeManagement #MedicalPractice #AltrustServices

This year, 68% of patients say they have had a negative billing experience with a past or present provider. The biggest complaint? Incorrect or confusing charges, a difficult and unorganized process and limited self-service options. Check out the Becker's Healthcare article below for more insights on patient billing preferences gathered from the 2023 Patient Payment Technology Report: https://hubs.li/Q027KgHF0 #medicalbilling #patientpayment #BridgeMed

How do you balance patient satisfaction with payment collection? ✏️ Balancing patient satisfaction with payment collection can be a complex task, but it is essential for the overall success of a healthcare practice. Here are a few strategies that can help: 1. Clear Communication: Ensure that patients understand their financial responsibilities from the beginning. Clearly communicate your payment policies, including fees, insurance coverage, and any potential out-of-pocket expenses. This transparency helps manage expectations and reduces surprises, increasing patient satisfaction. 2. Flexible Payment Options: Offer a variety of payment options to accommodate different patient preferences. This can include accepting cash, credit cards, checks, and online payment platforms. Additionally, consider implementing payment plans or financing options for patients who may require more flexibility. 3. Proactive Insurance Verification: Verify patients' insurance coverage before their appointments whenever possible. This allows you to inform them of any potential out-of-pocket expenses and helps avoid misunderstandings later. By being proactive, you can address payment concerns upfront and increase patient satisfaction. 4. Empathy and Compassion: Recognize that financial situations can vary among patients. Train your staff to approach payment discussions with empathy and compassion. By showing understanding and working with patients to find feasible solutions, you can maintain patient satisfaction while still prioritizing payment collection. 5. Streamline Billing Processes: Simplify your billing processes to minimize confusion and errors. Use clear, itemized statements that patients can easily understand. Consider implementing electronic billing systems that allow patients to view and pay their bills online, which can improve convenience and prompt payment. Remember, maintaining patient satisfaction and ensuring payment collection are not mutually exclusive. By implementing these strategies, you can strike a balance that benefits both your patients and your practice. #management #medical #officemanagement #balancing

As healthcare consumerism grows, online payments are one of the conveniences that patients are getting from other businesses and expecting to get from healthcare. Discover four ways that an integrated, more efficient payments process can transform your business in our blog: https://ow.ly/4gpK50Sj0I2 #PatientCare #PatientExperience #HealthcareManagement

Collecting payments from self-paying patients has become increasingly challenging. Yet, contrary to common belief, most patients are willing to pay. The hitch? Traditional billing methods fall short on transparency, flexibility, and accessibility. Dive into our blog to uncover how third-party financing and digital payments are reshaping healthcare billing, effectively meeting patient needs and financial commitments. Explore how these modern solutions can elevate both patient satisfaction and your organization's revenue collection strategies. Read Now: Self-Pay Collections: A New Proactive Approach #PatientBilling #PatientFinancialExperience #InnovationInHealthcare #DigitalPayments #ThirdPartyFinancing

In today’s healthcare landscape, efficient and secure medical payment processing is essential for both growing and established practices. Discover how adopting modern payment solutions can transform your practice: 1. Financial Advantages: Streamline operations, reduce costs, and improve cash flow. 2. Operational Improvements: Enhance patient check-in, data security, and payment reconciliation. 3. Patient Satisfaction & Loyalty: Build trust with secure, transparent, and convenient payment options. Read more about the benefits of modern payment processing and how it can optimize your practice’s financial performance and patient experience in our latest blog. #Healthcare #MedicalPayments #PatientSatisfaction #OperationalEfficiency #FinancialHealth #ModernHealthcare

As healthcare evolves, so does the way we manage payments. Are you ready for the future? 🌐📱✨ Read our blog to uncover how cutting-edge payment technologies are revolutionizing patient care and satisfaction in 2024.

Accelerate Your Revenue Cycle: Tame A/R with Patient-Centric Collections! Speedy cash flow is king or queen in today's dynamic healthcare landscape. Rising costs, consumer-driven choices, and complex billing add layers to the collections puzzle. But fear not! Technology, coupled with empathetic human interactions, can unlock the key to faster payments and happier Patients. Here's your secret weapon: Text-to-Pay Magic: Forget forgotten wallets and missed calls! Let Patients settle bills instantly via secure text links – a method so convenient that 32% pay within 5 minutes of a reminder! (source: HealthLeaders Media). Texting isn't just fast; it's preferred: 59% of Patients choose it over phone calls or email for payment reminders (source: Medical Economics). Plus, offering text speed dial to Billing Specialists for questions and personalized plans ensures no one feels lost in the process. Automate Reminders: Nudge outstanding balances gently with trigger-based texts. Pre-Registration and Collections teams can also manually push on-demand notifications, ensuring no overdue payment slips through the cracks. But remember, a human touch is always available: Patients are 30% more likely to pay when text offers a direct connection to support. (source: Rectangle Health) Frictionless Portals: Text links seamlessly launch secure portals or familiar apps like Apple Pay and PayPal, making payments a breeze. And the best part? 85% of Patients complete their payments within the portal, further streamlining the process and boosting your collection rates. (source: Healthcare IT News) Remember: 1. Convenience is vital: Cater to busy schedules with text and portal options, but remember the human touch. 2. Compassion matters: Be understanding and offer personalized support. A balance of tech and empathy is vital. 3. Tech empowers: Automate notifications and leverage familiar tools but ensure there's always a path to human assistance. Implementing these Patient-Centric strategies will revolutionize your A/R, leaving you with happier Patients, a healthier revenue cycle, and more time to focus on what matters most: delivering exceptional care. #healthcare #revenuecycle #collections #patientengagement #innovation https://lnkd.in/eHtGNERX.

The February 21st cyberattack against Change Healthcare continues to impact healthcare providers across the country. As a result of the attack, thousands of healthcare providers have been unable to receive electronic remittance advice (ERAs) from Change Healthcare or its affiliates, which has disrupted payment processing for healthcare organizations nationwide. MediStreams has developed an emergency solution to assist affected providers. Leveraging decades of expertise in remittance processing, we now offer a specialized service enabling providers to convert Explanation of Benefits (EOBs) received as PDFs from healthcare payer portals into 835/ERA files for immediate posting. In light of the urgency, we have built a streamlined implementation process that can be completed within a few days. For more information, contact us any time at [email protected] https://lnkd.in/eJeGtTAS #healthcare #rcm #revenuecycle #revenuecyclemanagement #cyberattacks #changehealthcare #eob #pdf #era #solution #healthcareprovider

8 Patient Payment Plan you Can't Afford to Miss! 💰 Did you know patient payment plans could be a game-changer for your practice's financial health? Let's learn into why you should care! Are you a healthcare provider looking to optimize your revenue streams? Consider these 5 benefits of implementing patient payment plans: 1️⃣ Improved Cash Flow 2️⃣ Increased Patient Satisfaction 3️⃣ Reduced Bad Debt 4️⃣ Enhanced Patient Retention 5️⃣ Streamlined Administrative Processes Payment Plans: - Choose a secure billing software that tracks payments. - Inform patients about payment plan options. - Use newsletters, postcards, or posters for communication. - Offer monthly, weekly, or payday-aligned payments. - Accept mobile payment options like text-to-pay. - Allow patients to opt-in for automatic payments. - Ensure cybersecurity for stored payment information. - Establish clear policies for late payments. Take your practice to the next level with patient payment plans! If your practice is bleeding financially? Let's chat and discuss how you can implement strategies to stop financial leakages. PS: What's your biggest challenge when it comes to patient payment solutions? Share your thoughts in the comments below! PSS: One of my new physician lost $200k in revenue because patient statements were not sent over the past three years with their previous billing partner. 😐 Can you feel it ? #engagewithus #Healthcare #PatientPayments #physicians #rcm