What is the most difficult part of a doctor visit for patients? For most patients, the biggest challenge they face is in meeting their financial responsibilities. Increasingly, to retain loyal patients, how you manage their financial responsibilities plays an even larger part in your success.
In a complicated, and increasingly competitive environment, patient retention is essential, but also extremely difficult to achieve. Patients are fed up with the increasing rules and regulations around their care, and even more so at the rising costs of health insurance. For providers who don't satisfy the needs of their patients, they can risk losing them forever.
One way to do this? Provide excellent billing options to make it easier for patients to stay with your practice.
Aside from the obvious—friendly staff, accommodating appointment times, engaged physicians—one aspect that often goes overlooked is medical billing. Medical billing has just as much to do with your patients as it does your practice and staff. So it’s time that practices start implementing more patient-friendly medical billing solutions to retain patients.
3 Ways To Adjust Billing Processes To Succeed At Patient Retention
1. Enroll patients in a self-pay option
Today, nearly every forward-thinking business provides the option for self-pay. We can thank the eCommerce and retail industries for that. Patients are finely tuned healthcare consumers who expect convenient user experiences in everything from shopping at the grocery store to visiting their physician. With self-service, patient-facing technology, patients have the ability to fully manage their healthcare experience- from beginning to end. Patients enjoy the convenience of logging in to their patient portal to view their balance almost immediately following their appointment. While there, they can make payments directly in their patient portal.
2. Implement a credit card on file payment solution
This option works well for both patient and practice staff due to its’ ease of use. Credit card on file payment systems are easily integrated with existing practice management systems, making it easy for staff to manage and track patient's bills.
How does card on file work? As soon as a patient’s financial responsibility is determined, office staff simply retrieves the patient’s payment information and submits it directly in the software. This option works well for patients who fully intend to pay, because it eliminates the hassle of tracking down unpaid balances. The payment is processed for them.
3. Offer patient payment plans
It’s always uncomfortable to have the financial conversation. Even more so when it deals with a person’s health and wellbeing. Practice staff can demonstrate their empathy by offering payment plans. This is an effective, patient-friendly way to get paid.
**Take it one step further and use payment plans with your credit card on file payment solution!
Show your patients some love! Show your patients you care and are willing to help them in every aspect of their care. By offering patients convenient ways to meet their financial responsibilities, you will build a patient retention strategy that is sustainable for the future.