How to Improve Patient Financial Experience in Your Medical Practice

patient financial experience

Everyone needs healthcare, but not everyone has the financial means to immediately pay off medical debt. These issues don’t change your practice’s financial obligations.

Denials in medical billing, convoluted insurance policies, and other breakdowns in the payment infrastructure lead to a perplexing revenue cycle. PracticeForces offers some tips to improve the patient financial experience.

#1 Provide Itemized Estimates

Patient satisfaction is equivalent to good customer service. When consumers show interest in services, they want to know what to expect before committing to any terms. One way to secure new patients and maintain regular ones is by offering service estimates.

Help your patients predict their upcoming medical expenses with quotes. Itemize these estimates to demonstrate the cost breakdown. The patient then knows what to expect and how you’ll use their money. In turn, you could avoid recurring bad debt. 

#2 Begin the Collections Process Before Services

One tip to improve your patients’ insurance approval rate and your practice’s collections process involves beginning the process before providing services. Gather all necessary insurance and personal information first and foremost. By doing so, you can more easily secure much-needed financial assistance from the insurance company.

For patients who don’t have insurance, you know going in that you need to work out a viable payment plan based on their budgets. You can also recommend alternative services that may have similar results at more affordable prices. 

#3 Personalize the Payment Experience

The patient financial experience has an enormous impact on whether the patients return to the practice. After all, money, time, and energy are precious resources for all people. When a patient can save more of those resources at your practice, they’ll come back.

As such, you want to simplify and personalize the payment experience as much as possible. Speak with your staff and willing patients about what they appreciate and dislike about the payment process. Seek solutions that remedy any inconveniences that complicate patient payments. 

#4 Be Transparent About Pricing

A patient considers your practice before scheduling an appointment. They perform ample research online about service costs and consider others’ experiences through reviews. If someone calls your practice about pricing information, they should converse with knowledgeable frontend staff.

Ensure receptionists know the price scales for each service by providing guides within reach. If a potential patient can find an answer quickly, they’ll more likely schedule an appointment.

#5 Implement Medical Billing Management Solutions

Although itemized estimates help patients at the start of services, continued transparency and billing explanations must follow. After receiving services, patients will receive a final bill. That bill should include the following information:

  • Itemization of all incurred expenses
  • Jargon-free information in a language the patient can understand
  • How the payment plan will commence, if applicable
  • The portion paid by their insurance company, if applicable

Medical billing solutions can help develop information presentations according to your brand.

Improve Your Practice’s Patient Financial Experience with PracticeForces

If you feel overwhelmed about how to improve the patient financial experience, explore medical billing solutions through PracticeForces. We can support you through the development of personalized patient plans and more. Call 727-291-9217 to discuss solutions.

Parul Garg, CEO and co-founder of PracticeForces, has significantly contributed to the growth of over 1,000 U.S. medical practices through her expertise in medical billing and coding since the company’s inception in 2003. With a background in Computer Science and an MBA in Human Resources, her leadership and AAPC-certified coding skills have been pivotal in managing the company’s operations effectively.

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