Healthcare providers are concerned about timely and accurate reimbursements of payments by the insurance company, in which the basic components of billing, RCM, and coding are significant for proper reimbursements. Do you know which healthcare providers’ practices are there to navigate payment collections with care? Here is a detailed overview of the role of point of service collection in healthcare, along with the best prices for maximizing point of service collection.
Role of point of services collection in healthcare practice
In healthcare provider practices, POS serves as a major factor in payment collection, as POS is concerned with the collection of payment managed by an effective and efficient POS collection strategy, which can help in the navigation of payment properly.
Emdeon MD is the best choice in terms of payment collection with efficient management of POS collections handled by an expert professional of billing specialists. As POS serves the contribution within billing, some important ones include:
- Improve cash flow
- Reduce lengthy billing cycles & third-party collection
- Enhance patient financial responsibility
- Lower administrative burden
- Increase patient satisfaction, enhancing trust
- Streamline RCM
- Encourage financial transparency and compliance
- Support alternative payment options
- Enhance efficiency with advanced technology incorporation
10 best practices for maximising point of service collection
Healthcare providers follow some practices for maximizing point of service collection that include:
Insurance verification and benefits in advance
By application of real-time tools for insurance verification for analysis of deductibles, copays, out-of-pocket expenses for proper and timely payment collection by the company.
Train front desk and billing staff
Professional and expert team can efficiently handle tasks, training staff can equip them with the latest and updated regulatory guidelines and protocols related to billing codes, insurance policies, and others.
Provision of cost estimate upfront
For analysis of estimated cost upfront, estimation tools are in practice nowadays that add value addition to the analysis of cost estimate upfront, helping in analysis of billing and RCM performance, acting as a predictor for determining efficacy of payment collection. Emdeon MD is best known for its billing and RCM, in which payment collection is considered an integral component for accurate and proper reimbursements of insurance claims by the insurers.
Transparent financial policy implementation
Which practice can enhance billing and payment collection effectively? Transparent financial policy implementation is considered prime practice in payment collection, considered integral for maximizing that can handle efficiently by provision of clear, written financial policy giving a detailed guideline about the deductibles, copays, followed by payment expectations, further ensuring valid affirmation and signature of financial responsibility agreement mostly done during patient initial visit. This policy can be made easy for access by displaying the policy on the practice website, along with a reception display, which can help create awareness and better policy implementation.
Multiple payment options
In payment collection, especially in many cases in which one insurance plan does not cover the total medical expense. What do you think these expenses got covered? It is managed by the provision and introduction of multiple payment options, in which various payment methods make payment collection easy. This includes credit or debit cards, bank transfer, cash, or checks, or various online payment portals, in turn making patients convenient, increasing the likelihood of collection.
Collection of payment
Payment collection can be made easy and convenient by incorporation of point of services collection that is characterised by payment collection before or at the time of services being provided to the patient.
Technology integration
As the world is revolving around the integration of technologies and artificial intelligence in our work services, these are now becoming a common practice in medical billing, mostly in payment collection, it has become a convenient and best practice in which electronic health records EHR, self-service kiosks, mobile payment links followed by automated SMS or email reminders palsy integral role in practicing best payment collection.
Payment plan for larger balances
Extensive balanced and medical debts need proper measures for managing these expenses, in which offering installment plans or third-party financing companies along with automatic recurring payments to minimize instalments for effectively handling extensive medical bills.
Upfront payment incentives
It is concerned with encouraging patients to pay in advance for enhancing and improving cash flow, which can further be facilitated by offering discounts on pre-service bills, or waivers for administrative fees, or loyalty-based incentives for subsequent visits for better management of payment collection for timely and accurate reimbursements of insurance.
Optimization of collection strategies
Payment collection can be managed effectively by having regular monitoring and audits for analysis of POS collection rates, for better performance analysis, in which data analytics can identify high-risk patients. For outstanding medical expenses, follow up procedures to structure properly.
Emdeon MD the best medical billing practices
Emdon MD serves the best billing and coding services to their clients, handled by a professional team. If you are facing problems regarding payment collection, delayed reimbursement of services, or affected patient care, our premium services cater to various specialties with the leverage of free consultation available 24/7. Get in touch with us and give us a chance to uplift your medical services.
