Revenue cycle management (RCM) is a critical component of any successful healthcare practice. Unfortunately, many healthcare providers are still using dated collection practices that place an undue burden on patients. In today’s digital world, it’s important that healthcare practices adopt a consumer-oriented approach to collections practices that places the patient’s experience front and center.

One effective way to adopt a consumer-oriented approach to collections practices is by leveraging the latest technology. By leveraging technologies such as automated collections software and self-service patient portals, healthcare providers can streamline the collections process and make it easier for patients to understand and pay their bills. Not only does this provide patients with a more efficient and convenient experience overall, but it also helps healthcare practices improve their collection rates.

In addition to leveraging the latest technology, healthcare practices should also focus on developing a comprehensive financial policy that defines the expectations for patient payments. This financial policy should be clearly outlined for patients, and should provide information about payment options, payment deadlines, and any paperwork that may be required to complete the transaction. By providing this information upfront, healthcare practices can reduce confusion amongst patients and help them understand their financial obligations.

Finally, it’s important that healthcare practices focus on delivering a positive customer experience when it comes to collections. This means ensuring that staff members treat patients with courtesy and respect, and that they are patient and understanding when it comes to resolving payment issues. It also means providing patients with the necessary resources to make informed decisions about their financial arrangements, and educating them about their options to ensure that they can make the best possible decisions.

By adopting a consumer-oriented approach to collections practices, healthcare providers can help improve their collections rates and increase their overall revenue. This approach not only benefits healthcare practices financially, but also helps ensure that patients have a positive experience when it comes to paying their bills. With the right combination of technology, financial policies, and customer service, healthcare practices can improve the collections process and maximize their revenues.

To help healthcare practices adopt a consumer-oriented approach to collections practices, here are some key steps to consider:

• Leverage the latest technology to streamline the collections process.
• Develop a comprehensive financial policy that outlines payment options, deadlines, and paperwork requirements.
• Deliver a positive customer experience by treating patients with courtesy and respect.
• Provide patients with the necessary resources to make informed decisions about their financial arrangements.
• Educate patients about their options to ensure that they can make the best possible decisions.