4 Tips to Collect Patient Deductibles and Prevent Unpaid Bills

Best Ways to Collect Outstanding Deductibles and Avoid Denials

1. Thorough Registration Process

Verify patient information, and insurance details — including all coverages, network providers, and deductibles, right at the time of registration. It’s also a good practice to proactively inform your patients about their financial responsibilities and any outstanding deductibles at the front desk.

The streamlined process of cross-checking insurance details and patient communication prevents misunderstandings and sets the right expectations from the start. It helps improve the overall efficiency of subsequent billing activities, minimizing delays and denials.

2. Training the Staff

Along with patient education, it’s also important to train your front desk staff on managing patient billing and collecting deductibles. This involves training your staff on key collection policies and procedures and giving them clear guidance on how to handle billing delays and challenges.

Having trained resources at your front desk can make a significant difference in your billing and patient collections. They can help navigate challenging situations with effective patient communication and best practices, contributing to the better financial health of your practice.

3. Credit Card on File

Collecting a patient’s credit card details is an effective strategy to override the hassle of asking patients later. When a patient gives their consent to record their credit card on your file and create mandates, your PMS can automatically send notifications and charge the patient for any outstanding balances. In this way, patients get to know of their liabilities, and you can receive timely payments, without follow-ups.

However, you do not want the liability of storing your patient’s credit card information on-site. It helps to partner with a reliable, certified third party to secure such sensitive data.

4. Up-to-date PMS

Stay updated with the latest automation tools in the market. Utilizing these tools within your Practice Management Software (PMS) helps automate key billing processes, like setting up reminders and statement generation.

Thus, it helps to regularly update your PMS to ensure compatibility with the latest tools and leverage new features and functionalities. The streamlined, automated processes encourage patients to pay clear their dues on time, minimizing your stress for outstanding deductibles.

Dealing with No Response from Patients

The PMS has effectively automated most statement generation and follow-up processes. Once the balance and dues move to patient responsibility, the PMS typically generates statements within 2-3 days. The software automatically sends over 2-3 statements to the patient over a 28-day interval.

However, some patients may not respond to statements. In such cases, it’s a cue for your staff to manually contact and follow up with the patients via calls, emails, and messages. Personal contact often resolves issues that automated systems cannot.

But if you’re still stuck with no response, as a last resort, you can consider moving their account to a collection agency. This step should be taken with care, as it can impact patient relationships. It’s always better to resolve payment issues through direct communication before escalating to collections.

Key Takeaway

With the rising HDHPs, collecting deductibles from patients on time is crucial for your center’s financial health and cash flow. Along with the strategies discussed above, developing a consistent collection policy can ensure that your deductibles are collected on time. The policy could outline the steps your center will take to collect payments, including reminders, late charges, or agency escalations.

When you establish the right process and medical billing strategies to collect deductibles and handle delays, you’ll be in a better position to maintain healthy cash flows and financial health.

At Lister, we can help you collect patient deductibles, avoid unpaid bills, and minimize denials. Our experienced medical billing professionals are well-versed with the latest solutions and practices, to help optimize your revenue cycle and maximize collections.

If you’re looking for ways to enhance your billing operations and streamline deductible collections, we’re here to help. Reach out to our experts today at contact@listerventures.com to learn more about how we can support your practice and take the stress out of deductible collections.