Why Does a Positive Patient Financial Experience Matter

1. Why Does a Positive Patient Financial Experience Matter?

2. For pretty much every kind of business, it’s not exactly a secret that patient satisfaction goes a long way in how successful you’re going to be in the long term, and this isn’t any different for healthcare organizations—particularly smaller ones that need to do all they can to keep their business in the minds of their patients. • Obviously, your main priority as a healthcare provider is to provide quality medical services to all of your patients, but the cost of healthcare is a big concern throughout the country, so patient payments and their overall financial experience play a massive role here, too.

3. So, throughout this article, we’ll be taking a closer look at why a positive patient financial experience is so important for your practice—including how outsourcing your medical billing and coding needs to a third-party company like PMN can be particularly helpful for this. The Significance of Patient Financial Experience • Generally speaking, the financial experience for your patients tends to extend well beyond the actual medical services rendered—it covers their entire journey, from the moment they’ve scheduled an appointment and walked through the doors to the resolution of all their medical bills.

4. Let’s explore why this matters in a bit more detail: Patient Satisfaction • In essence, making the billing process as effortless for your patients as possible (including being clear about their financial responsibilities from the start) is always going to lead to patient satisfaction. • Some of the larger practices out there don’t always have the time to level with their patients about all their individual responsibilities, so as a small practice owner, being transparent about this sort of thing is far more likely to leave them with a positive perception of your practice.

5. Timely Payments • Following on from the last point, your patients are generally more encouraged to pay their bills when you’ve been upfront about them and supported them along the way—in turn, meaning you’ve got far fewer A/R days since you’ll receive their insurance coverage faster. Reduced Administrative Burden • Aside from the impact on your patients, streamlining the billing process is something that’s only going to be praised by your healthcare staff, given that you’ve reduced a lot of the administrative workload on their behalf.

6. Ultimately, this means it’s a lot easier for your physicians to focus on actually doing their job rather than constantly having to deal with some of the complications that come with delays in payments. Competitive Advantage • Lastly, and this is naturally especially important for small practices, giving your patients a positive experience financially is a key way your practice can stand out in an otherwise hyper-competitive market.

7. The Role of Medical Billing and Coding • Moving forward, your overall process formedical billing and coding is, of course, central to the patient’s financial experience, which, as you’ll know, is all about translating the healthcare services you’ve provided into medical bills that reflect the amount of money owed to you by the patient and their insurance provider. • Here’s where medical billing and coding come into play:

8. Medical Coding • Your physicians obviously perform a pretty varied range of different procedures and diagnoses, so each of these is going to come with its own specific codes that you’ve got to include on your claims. • So, your medical coders then need to obtain this information from your other physicians and translate it into procedure/diagnosis codes, which basically ensures the healthcare services are documented properly. Medical Billing Process • Then, once your medical coders are finished, your medical billers make insurance claims and send them over to the patient’s insurance company.

9. Why Outsource Medical Billing and Coding Services to PMN • To round things off, let’s talk a bit about how having a specialized medical billing and coding service by your side can make a huge difference to your overall patient satisfaction rates: Expertise • Not only does PMN have 20+ years of experience aiding small medical practices throughout California, but all of their staff are highly trained, meaning your patients’ billing process is generally a lot smoother. Accuracy and Compliance • PMN are massively helpful for ensuring your medical claims stay accurate, so your patients don’t ever have to worry about being overcharged for any of the services you’ve provided.

10. Cost-Efficiency • Generally speaking, only the larger practices out there with an abundance of resources are financially able to hire and train an in-house billing and coding team, so outsourcing is a much more cost-effective solution for a practice of your size—ultimately letting you save on personnel costs, training, and software expenses. • If you’d like to hear more about what PMN can do for your practice, get in touch with their team today at (949) 215-5055 or visit their office in person in Laguna Hills, Orange County, California!