5 Patient Collections Best Practices
As the healthcare industry continues to adjust to the new landscape created by the Covid 19 pandemic, providers and patients are experiencing new challenges regarding patient collections. Patients are demanding digital access to healthcare communications and payments, as well as increased transparency and clarity regarding their financial responsibilities. If your practice currently struggles with revenue cycle management concerns , you are not alone. Improving patient collections is a common goal for most providers. As patient out-of-pocket costs continue to increase, medical systems are facing larger A/R balances and more bad debt write-offs. Coupling these existing struggles with severe inflation threats and new legislation yields worry-some predictions for the financial health of many medical systems in the near future. Now is the time for medical systems to upgrade their patient collection strategy to meet patient preferences and improve satisfaction while reducing provider re