September 12, 2022

How Patient 360 Analytics Can Enhance Billing and Collections

by
Vincent Daniel
How Patient 360 Analytics Can Enhance Billing and Collections

Modern medical practices can make precise billing decisions using data gathering technology. Despite these advancements, 70% of providers report taking over 30 days to collect following a patient encounter. This lethargic pace threatens practices’ finances since longer A/R stays cost more billing resources

Patient 360 Analytics is a system designed to improve RCM by giving providers critical data. As consumers’ financial responsibility rises, practices must strategically employ this technology to avoid losing revenue. 

Here’s how Patient 360 Analytics can enhance billing and collections. 

Accessible Website Storage

Patient 360 Analytics processes data on a patient portal. This cloud-based portal provides an easily accessible, centralized location to store consumers’ information. So, staff can review individuals’ financial data without spending significant time hunting details. This fluidity reduces information-gathering labor, streamlining the collection process. 

Strategic Invoice Reminders

Each practice walks a tightrope when scheduling invoice reminders. Sending too many can lead to frustration with the notification system. Conversely, sending too few can cause patients to blame the practice for poor communication. 

With Patient 360 analytics, clinics have facts that help staff deliver tactical reminders. If a patient pays a bill without the practice’s knowledge, billers may send a redundant notification. However, analytics immediately record consumer payments, prompting staff to remove the reminder. This efficiency improves the patient experience, maximizing their chances of returning. 

Patient Payment Conversation

For certain patients, notifications aren’t enough. A subset of consumers needs practice guidance in walking through financial options. Failing to engage with these patients may leave significant funds uncollected.

Analytics help identify such situations. Typically, these consumers will have failed to significantly reimburse services despite repeated notifications. In such cases, a knowledgeable staff member can direct the patient toward an achievable financial plan. 

Informed Medical Financial Planning

Experts have concluded that making a long-term monetary plan is critical for business success. This financial map should account for expenses and income. While medical expenses may be a controllable, predictable variable, income is more volatile.

Practices frequently misjudge their monthly revenue. Invoices that will stay in A/R for extended periods or receive write-offs are traditionally unpredictable. Miscalculating a month’s income throws a practice’s financial plan off-balance. 

Patient 360 Analytics helps generate accurate income estimates through instant payment progress feedback. This information provides two integral details:

  1. Data on the current month’s revenue advancement.
  2. Statistics on what services and patients are the most reliable revenue generators.

These facts help practices create a financial map that reliably predicts income.

If your practice struggles with making informed collection decisions, AnodynePay can help. Patient 360 Analytics reviews patients’ accounts, giving you critical details for composing monetary plans. We store all this information on a centralized payment platform that enables instant communication. Contact us today to discover your collection improvement options.

Key Takeaways

1. Accessible, centralized information reduces extra fact gathering. 

2. Data helps staff send strategic notifications. 

3. Analytics pinpoint which consumers most need personal payment guidance. 

4. Knowing monthly income helps form an accurate financial plan. 

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How Patient 360 Analytics Can Enhance Billing and Collections
How Patient 360 Analytics Can Enhance Billing and Collections

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