Skyrocket your Practice via Medical Billing
Healthcare in America is taking challenges and doing every possible effort to cater best services only. However, when it comes to revenue collection, patients prove to be hard-payers themselves. Some act very decently and stay cooperative with medical billing services but not everyone does the same. The healthcare bills seem to be an extra burden on their pocket when their insurance partners refuse to pay bills. Anyhow, medical billing service in USA is now addressing the issues. Like all other fields, IT technology is the real game changer in healthcare as well.
Every penny physicians make by rendering their professional services to patients matters a lot for practice. We don’t want medical providers who readily assist patients to face any hassle in getting their revenues. Thus, P3Care has gathered different queries and answered them to help with medical billing services.
FAQs
Why are patients such difficult payers in Medical Billing?
It seems very easy to count on patients for medical collections. However, P3Care doesn’t have the same opinion. It is patients to some extent who delay their medical bills but other factors contribute the most.
Do you know, more than 54% of Americans depend on employer insurance?
Anyhow, healthcare expenditures are escalating far more quickly than the rest of the economy. In such a scenario, employers are increasingly shifting the price of doing so onto their employees.
Thus, far surpassing income growth, premiums, deductibles, and copays continue to rise. Today, the condition is so drastic that employees with insurance coverage could not even make their income.
Almost 25 million employees have Premiums or out-of-pocket expenses far more than their income. All these statistics reflect how much pity Americans are dealing with.
Nonetheless, a limited budget for medical bills is not the only reason for patients to delay their bills. People of the modern generation don't like the conventional snail mailing system. Modern, time-saving methodologies by medical billing services can attract patients to show interest.
In short, it is not always the patient. The traditional revenue collection methods by medical billing services are economically not friendly enough. In addition to this, they also seem inconvenient to patients.
Is there any evolution in the patient's mindset toward medical billing services?
Well, it’s a big yes in the answer to this question. Patients have more awareness about healthcare these days. They just do not visit hospitals, get services and pay bills. Instead, they are more attentive and concerned about their healthcare plans and thoroughly inquire about their treatment. So, we can say that patients’ attitudes have changed a lot. Currently, healthcare has become a more patient-oriented marketplace where patients have the right to make choices.
How social media is empowering the patients’ role?
Social media is a common platform for all. It spreads awareness about everything and plays a beneficial role in making a big change. Now, around 71% do not trust any medical provider blindly. They immediately check the reviews and ratings of a provider. Furthermore, patients can complain about additional fees and incompetent medical billing services.
Thus, to avoid bad rating practices has to be more attentive to social platforms as well. Medical billing audits suggest taking patient feedback. And give equal importance to feedback as they do to medical billing services.
What’s the impact of the digital revolution on medical billing?
Medical billing services are now synchronizing with digital advancements to the fullest. The automation trend in medical billing operations is a striking change. So, we can see, an online approach for everything from patients' appointments to payment collections. While it is still happening that some medical billing services depend on conventional paper mailing systems. It is, however, not false that everyone is completely aware of the less-effectiveness of paper mailing. Yet, some are showing some resistance to automating their medical billing services. This is mainly due to the poor financial condition of these practices.
Is there any alternative for snail mailing today?
Yes, we have an easy way out. We recommend all medical billing services go digital. So, patient statements can easily be transferred via email or a simple text.
You might be thinking that texting a bill is kind of tacky. But trust us, it is not actually.
Nowadays, many are so used to texting that they prefer it over paper writing. Due to the overwhelming amount of emails that the average person receives, our consumers tell us that texts perform significantly better than emails. Up to 75% of them immediately make a payment when patients receive SMS balance reminders. It’s only due to the simplicity of the process used by medical billing services. The patients only need to click the link, pay, and then set it aside.
Bottom Line
Medical billing services not only submit and process bills but payment collection is the main task. Today a huge portion of revenue is collected from medical insurers. But what about the bills patients have to pay from their pockets? They remain uncollected because patients usually do not have much balance to pay. You may earn up to 25% more money if you can figure out a strategy to get more patients to pay their part promptly and in full. Take into account the effect that might have on your cash flow. The good news is that there is already technology in place to make this happen, and it is fairly affordable.
However, P3Care has highlighted some common queries and answered all of them. For more queries, we are open to all of you. Come in the comment section and feel free to mention your queries.
Call us at: (844) 557-3227
How can medical billing help you significantly boost your practice's success and growth?
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