Guide to Increase Patient Collections with E-statements (2)

1. Guide to Increase Patient Collections with E-statements Patient collection accounts for more than 30% of the overall revenue of the healthcare industry. The recent changes in patient financial responsibilities increase patient collection issues for healthcare providers. Present revenue cycle processes are moving toward commercial and government payer collection. More than half of modern patients prefer e-statements over traditional paper-based statements regarding organized healthcare billing. However, many healthcare practices still follow the conventional technique of printing and mailing statements. Healthcare providers must ultimately focus on patient collections to increase their profits and receivables. Patient statements have a significant impact on patient collection. Sending e-statements to the patients can enhance their experience and provide the convenience of viewing statements and collecting payments. Here is a guide to increasing patient collections with e-statements.

2. Patient Convenience Healthcare providers get numerous advantages when going paperless, and patient satisfaction is one of its most significant benefits. Increasing deductibles and premium means patients expect a higher quality of care. Patients want providers to know their needs and wants, then give them services and options accordingly. Simple things like providing paperless statements instead of paper mail build positive relationships between practice and patient, leading to faster patient collections. Digitizing the patient payment process by giving convenient, secure payment options establish and builds a strong relationship with patients. Many patients now pay their bills online and are more inclined to make healthcare payments with their other monthly payments. By enabling greater transparency, and better communication, healthcare providers can expect more compelling and faster payments from satisfied patients. Healthcare Provider Convenience

3. Healthcare organizations and providers also gain benefits from the shift to paperless billing. The quick delivery and increased clarity implemented by e-statements aid patients know their financial responsibility. The swifter and streamlined collection established through technology- driven online payment options encourages the merger of organizations and patients, resulting in larger and timelier payments. Online payment collection eliminates waste - an effective way to practice environmental sustainability and widen profit margins. Effective Patient Revenue Cycle Management Traditionally, the healthcare industry spent most energy and time focusing on commercial and government payer collection. But with the recent upgrades in healthcare compliance, healthcare financial responsibility is shifting mainly on patients' shoulders. Providers should focus more on patient collections after this shift. To successfully start working towards patient collections, healthcare providers should consider revenue cycle management activities that attract the patients. Using paperless patient statements and numerous patient payment options permits healthcare practices to help patients take responsibility for their care. The clarity in collection and billing lead to higher patient satisfaction, which leads to faster payments and increased cash flow for the healthcare practices.

4. Conclusion Giving patients the option to receive medical bills and statements online eases the process for providers and patients. You must definitely adopt paperless statements that will increase the payment for your practice. E-statements also grow the trust of providers, and patients tend to stay loyal and engaged with all the financial activities. You should look for service providers who can give a complete package on patient engagement and satisfaction with its numerous services. AnodynePay provides patient management services to healthcare providers around the globe. They give services like patient analytics, patient portal, patient reminders, and much more. Do you want to know more about them? Visit www.anodynesimplepay.com