Wouldn’t it be nice to make informed decisions to improve patient collections? By using business process outsourcing such as iConnect for your collection needs you can see data that will keep you informed and help you make better decisions.
What data can you get from using iConnect?
- The time of day a bill was paid – did the patient pay their bill in the morning with their cup of coffee or did they pay it later in the evening after getting off work and going home for the night?
- What day of the week – depending on how busy the patient is, they could be more inclined to pay their bills over the weekend when they don’t have to worry about work or other responsibilities they have during the week.
- What did you send them – did you send them a paper bill, email, text or perhaps a combination of all three?
- How often do we communicate with them – if the patient prefers to text, we send the first message then after a week we send a follow-up email.
- Which payment option is most successful (payment plan, pay in full) – if a patient prefers to set up a payment plan rather than pay in full, they can choose how much and how often they want to pay.
- What payment methods are most successful – do people prefer to pay with a credit card, debit card, or check?
How does this data help?
By having access to this data, you will be able to tailor your strategy in order to improve your revenue cycle. By knowing things such as what day and time of day people pay their bills, you are able to plan when you should contact them about collections.
By monitoring what type of invoice you send to patients, you are able to see how they respond to different contact options and which one seems to work best when it comes to collections. This would allow you to alter how you send out billing information to future patients.
By seeing how often communication was made with a patient, you will be able to see how much and how frequently you should contact patients about paying their bills. It allows you to see an effective way to communicate with them without causing frustration on their end.
By monitoring whether people opt for a payment plan or to pay in full, you are able to see what your patients prefer. Obviously, this will change person to person depending on their own personal financial situation, but overall you will be able to make informed decisions about payment plans from this data.
By monitoring which payment methods people prefer, you will know what payment methods to offer. For example, if you offer Visa, but no one ever opts for this option you will know that you don’t really need to have this as an option.
Hire a Healthcare-Centered BPO Service
Take away the hassle of patient collections from your staff and hire a business process outsourcing service. Credence Global Solutions provides call center services across the healthcare, telecommunications, and entertainment industries.
Through iConnect, our financial patient engagement platform with an intelligent AR workflow, we instantly connect with patients on their terms. Our patient-first platform allows the freedom for patients to choose how they’ll pay, with no need to register or log in. Get in touch with us today, and let us help you improve communication and reduce payment delays!