Home Medical Equipment providers today are faced with an increase in financial responsibility from insured patients’ requiring HME/DME providers to place more emphasis on collection from patient balances. Successful patient collection strategies consist of better patient communication, automation, and flexibility while avoiding ineffective statements that don’t pay off.
Letting an automated patient collections software sort through these issues for you and streamline your processes puts the power of optimization back into your hands. Once those processes are automated, your employees will be back to taking care of business.
Time to Look Beyond Traditional Patient Collection Process?
In today’s environment, HME/DME providers must look beyond the traditional passive approach to collecting from patients. Strategies must be implemented that include automation and real-time communication between providers and patients.
Dated processes can significantly impact patient relations and drain valuable resources trying to mitigate problems within the bill payment department. Potential issues that arise without payment automation include:
- Difficulty sending bills to patients on time.
- Knowing how much to charge a patient.
- Keeping track of how much a patient owes or has previously paid.
- Human error can lead to missed payments or incorrect charges.
- Having to sort through problems manually.
Improve Communication with Patients
The most effective time to collect financial responsibility from the patient is at the time of service. For HME/DME providers, this can happen at the time of order processing or point of delivery. Empowering your team with real-time deductible, copay, or coinsurance estimates based on the items being provided allows them to effectively communicate financial responsibility to the patient.
With NikoHealth, your team has access to real-time automated cost-sharing patient estimates. Financial responsibility is calculated automatically, providing a clear and transparent breakdown of both payer and patient responsibility, which can easily be shared with the patient. You will have the ability to collect from patients without waiting for an insurance company to process claim payments.
Expedite Payment Collection
As an HME/DME provider chasing patient balances can prove costly. Ineffective patient collection processes and statements that seem to be sent into the abyss can lead to write-offs impacting the bottom line. Implementing an automated process to collect patient responsibilities will both improve collections and reduce expenses associated with costly programs that don’t work. Improving patient collections starts with implementing the right tools and systems to accomplish a simple, patient-centric approach to maximizing patient collections.
With NikoHealth, securely store preferred payment information on file for future charges. With automation, the patient’s payment method on file can automatically be charged once a balance exists after any payer payments. There are no costly statements to mail, no delay in collections, and happier patients who are notified and engaged in real-time on the account payments.
Flexible Payment Options – Happier Patients
Make financing simple and automated with customizable payment plans offering your patients smaller payments over time. This gives the flexibility to allow a patient that may not otherwise be able to afford equipment and supplies access while they continue making payments. However, setting up payment plans for patients manually is a massive drain of resources and can become complicated for both the patient and supplier. Automation is critical when it comes to payment plans, as this allows for streamlined service and accountability. With NikoHealth, you will be able to set up automatic payments to charge the credit card on file, as well as set up automated recurring payments. This reduces administrative costs and ensures the terms of the plan are met.
NikoHealth: Simplifying Patient Collections
NikoHealth is an innovative HME/DME cloud-based software designed to provide an all-in-one business solution rooted in automated processes. Take control of your revenue cycle through integrated functions that are set on driving growth. NikoHealth not only improves productivity, it allows you to provide a better experience for your patients.
Interested in learning more? Schedule a one-on-one consultation to see what NikoHealth can do for you.