Increased patient responsibility has reduced reimbursement security. Many medical practices are circumventing this hurdle through the use of patient prepay. This option charges the consumer the full service price before the scheduled operation. After the procedure, the practice will submit a claim to the insurer, who will pay the patient directly.
This method avoids the effort and stress of a lengthy collection process. Unfortunately, submitting and reimbursing printed invoices are cumbersome procedures, especially on short notice. Online payment platforms offer a solution.
Lengthy A/R stays make collections more difficult. Patients who go long enough without paying may not pay at all. Encouraging earlier reimbursements is a great way to reduce days in A/R. Sending these charges through an online portal simplifies payments, increasing the chances of receiving coverage before service delivery.
The federal government has proven its commitment to price transparency with laws such as the No Surprises Act (NSA). Currently, the enforcement process for price transparency is ill-defined. However, tightening regulations are pushing practices to consistently provide patients with good faith estimates (GFEs) before a service.
Prepayments require practices to know how much a service will cost before delivering it. So, providers who adopt prepayments now are better prepared to observe impending transparency laws.
Experts optimize payment platforms to run smoothly on any internet-connected device. As such, these systems meet the NSA’s spirit by delivering early pricing to a diverse group of consumers.
In a 2021 survey, 87% of Patients report being surprised by a medical bill. The average price of these invoices ranged from $750 to $2600. This trend causes consumers to mistrust the healthcare payment system.
Prepayments force practices to deliver full bills early, eliminating the need for later surprise bills. Upfront invoices demonstrate an open, straightforward character. Practices that adopt this system may see higher patient retention rates thanks to positive impressions.
Additionally, reducing consumer effort when paying helps lessen invoicing tension. With patient data storage, consumers can pay for a service with a single button click.
In a traditional payment model, the patient receives the invoice days, weeks, or months after a procedure. By the time a consumer sees the price, they’ve lost alternative options.
Prepayments give patients a chance to cancel the procedure. After doing so, they can talk with their provider about potential substitute treatments. If the consumer makes an informed decision to take a different route, they’ll feel more personally responsible for their care.
AnodynePay has developed a patient portal that simplifies sending and paying invoices. We’ve streamlined RCM further by incorporating data analytics and invoice reminders into this system. Visit our website to discover your patient engagement potential.
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