With rising patient financial responsibility and complex insurance requirements, healthcare providers are leaving an estimated 12-15% of potential revenue uncollected each year. Effective patient billing services strategies can help recover these critical funds while maintaining positive patient relationships.
7 Powerful Ways to Maximize Your Collections
1. Implement Clear Financial Policies Upfront
- Have Clear Financial Policies in Place from the Beginning
Convey payment expectations at every scheduling
Confirm insurance eligibility 48 hours prior to appointments
Collect copays/deductibles at time of service
Patient billing services can automate these verification processes
2. Optimize Your Billing Workflow
- Submit clean claims within 24 hours of service
- Follow up on unpaid claims at 30, 45, and 60 days
- Appeal denied claims within 5 business days
- Professional biller typically achieve 98%+ clean claim rates
3. Offer Multiple Payment Options
- Accept credit/debit cards, HSA payments, and payment plans
- Implement online payment portals for convenience
- Consider text-to-pay options for younger demographics
4. Train Staff in Financial Communications
- Role-play difficult payment conversations
- Emphasize empathy while maintaining firm policies
- Provide scripting for common billing questions
5. Analyze Your Billing Data Monthly
- Track key metrics:
- Days in A/R (aim for <35 days)
- Collection rate (target >95%)
- Denial rate (should be <5%)
- Billing services provide detailed performance dashboards
6. Implement Proactive Patient Outreach
- Send statements within 3 days of claim adjudication
- Follow up with phone calls for balances >$100
- Offer payment plan options before accounts go to collections
7. Consider Specialized Patient Billing Company
Outsourcing to top-notch billing company providers can:
- Increase collections by 15-30%
- Reduce administrative costs by 40-60%
- Improve patient satisfaction scores
- Provide dedicated AR follow-up teams
The Hidden Cost of Poor Collections
For a typical practice with $2M in annual revenue:
- 10% uncollected = $200,000 lost annually
- At 20% profit margin, this equals $1M in lost services needed to compensate
Why Top Practices Choose Professional Patient Billing
Leading patient billing providers like Concept billing solutions help practices:
✔ Reduce days in A/R by 30-50%
✔ Increase collection rates to 97%+
✔ Maintain compliance with changing regulations
✔ Free up staff for patient-facing responsibilities
Take Control of Your Revenue Cycle Today
Don’t let billing inefficiencies undermine your practice’s financial health. Whether you implement these strategies internally or partner with expert billing, taking action now can significantly boost your collections and practice stability.
Contact us today to discuss how our patient billing can transform your revenue cycle management!
