Taking the Pain Out of Patient Payments

posted on Thursday, February 16, 2017

Every year POS conducts a series of financial focus groups for practice administrators and billing managers. The challenges and opportunities surrounding billing and payment methods are always hot topics among the groups.money

Our findings show the average medical practice struggles to collect up to 15% of patient-owed balances every month. It’s no secret that practices today are short on staff.  How can practices take more payments, in less time, with fewer resources? The answer?  By giving patients options and lots of them. The paper statement is one of the most commonly used billing methods in practices today. Practices who send a paper statement need to make sure it includes the best practices in statement design.

Other alternative billing and payment methods to consider:

  • e-Statements– patients live online and this method will save you money
  • Online Bill Pay - it's a 24/7 world
  • Mobile phones - past due phone call reminders and past due text reminders

To learn more tips to improve your practice’s payment and billing processes, watch our latest POS webinar recording, "Taking the Pain Out of Patient Payments."