July 25, 2022

6 Ways Patient Financial Engagement Technology Improves Revenue Cycle Performance

by
Febien Catlin
6 Ways Patient Financial Engagement Technology Improves Revenue Cycle Performance

Healthcare providers may deliver competent services yet struggle to collect revenue. This discrepancy arises because functioning RCM requires patients to reimburse for treatment. So, practices lack total control of their finances.

While some control will remain with patients, practices can influence their decisions. Technology greases patients’ wheels, making payments more likely. By delivering patient engagement software, providers ensure they’ve maximized their reimbursement chances. 

Here are six ways patient financial engagement technology improves revenue cycle performance. 

Healthcare Billing Delays

Insurance payers frequently take significant time. Billing complications, coding mistakes, and insurer miscommunications can delay this wait further. While states restrict verification delays, payers typically have between 30 and 60 days before mandatory communication. Even routine waits can feel long for patients who frequently receive invoices weeks after care delivery.

To make this wait less arduous, provide a basic billing timeline digitally. This timeline can be a simple map with points that progress from coding to verification. Doing so helps patients keep track of upcoming invoices and make financial plans accordingly. 

Fixing Billing Problems Early

When sending paper bills, staff must worry that insurance companies will reject patient payments. This holdup is especially troublesome with snail mail since the news travels so slowly. Once the report reaches the patient, they may have already made new financial investments. 

Instead, adopt technology that provides instant feedback. Online patient payment portals deliver critical details in a matter of seconds. Contacting a patient immediately after a payment problem strengthens your chances of fixing it.  

Healthcare Data Models

Online portals can instantly collect patient data regarding payment progression. These facts are integral to engaging patients. If a worker notices a payment plan slump, he can immediately contact the patient. This ongoing assistance helps maintain continuous payments. 

Consolidating Practice Information

Avoid underestimating the overwhelming stress of receiving medical invoices. Intelligent practices seek to reduce this payment burden. Consolidating all the patient-relevant information in one accessible place achieves this reduction. The internet’s growing popularity makes it an ideal storage site. 

Portal Option Walkthrough

Consolidation allows technology to transfer users from one step to the next seamlessly. For example, patients who have outstanding balances may receive notifications while scheduling appointments. This process not only boosts patient convenience but also saves providers from taxing follow-up calls. 

Digital Transparency

Healthcare price transparency is a critical monetary factor. Consumers feel financially empowered when they can visit a site and immediately identify costs. This identification translates to smarter financial planning and higher reimbursement rates. While this approach may not be possible for every service, applying it circumstantially is crucial.

AnodynePay has created a system that reduces patient wait time and confusion while boosting engagement. Because we’ve streamlined the consumer payment process, our clients have experienced higher returns. Visit our website to view our RCM altering portal. 

Key Takeaways

1. Patients can track and receive their bills quicker. 

2. Instant invoices avoid delayed payment problem notifications. 

3. Real-time data delivers potential patient engagement boosting strategies. 

4. Consolidated information reduces the effort consumers must exert. 

5. Technology naturally guides users to the next logical step. 

6. Early payment details lead to wiser long-term financial decisions. 

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