3 Ways to Reduce Unpaid Patient Invoices
Uncompensated hospital costs, including unpaid patient invoices, continue costing providers more every year. According to the American Hospital Association, in 2011, uncompensated hospital costs totaled to $41.1 billion, a 5% increase from 2010. Unpaid medical billings have almost doubled over the last decade, presenting new challenges to Healthcare providers everywhere.
Here are three simple ways you can increase profits and reduce overhead:
1. Increasing payment types available to your patients can help.
By offering patients more convenient ways to pay, they are more likely to bring balances current. Not all patients have credit cards. ACH, PayPal™ and financing options make it simpler for any patient to pay for their care. Salucro offers twelve payment options, including credit, ACH, PayPal™, PayPal Here™, BillMeLater® financing and recurring payment plans built to fit the provider’s standards. Most providers using Salucro see a 9% increase in payments after expanding payment methods available.
Increasing the payment methods you provide won’t just grow profits, it can increase patient satisfaction levels, ensuring they’ll think of your facility in the future.
2. Patients expect an online payment option – give them one.
Consumers everywhere expect convenient options to make payments online and your patients are no different. As more and more billing becomes available online, providers are seeing a decrease in patients who mail in checks or even call in to make payments. Ray Dziubla, Chief Operating Officer at Financial Health Strategies credits Online Bill Pay to the success their clients have seen. “In our experience, we routinely see a 30% plus increase of self pay recoveries as a result of our on-line payment portal, combined with the right level of recovery effort.” By letting patients pay online, you can save department hours and resources, while letting them pay any time of day from their home or work computers or smartphones.
Americans paid over $14 billion in bills last year – half of those payments were made online.
3. Know your effective rate.
It’s easy to underestimate how much your facility is investing with your bank or payment processor without knowing what your effective rate really is. Most merchants charge a Transaction fee, in addition to Interchange fees, Association fees and Banking fees.
The actual cost is thousands more each year than the transaction fees alone. Salucro’s unique flat blended rates eliminate setup, implementation and monthly fees. Instead, providers are charged a simple, low rate per transaction type each time their patients pay. Request a free cost benefit analysis to see how you’ll save.
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