When it comes to collections, providing flexible patient payment plan options is absolutely vital to maximizing your recovery and improving your patient-provider relationships. As a healthcare provider, you know that prioritizing great relationships with your patients is a necessity when it comes to continuing to bring in revenue. Simplifying your collections process by making it more convenient for your patients is one way that you can do just that.
We’ve put together 4 reasons why healthcare providers need flexible patient payment plan options to help you improve your recovery rate and stay in good standing with your patients.
Patients appreciate choices.
Patients will always be more likely to repay you for their outstanding medical bills if they’re offered more than one payment plan option. This is because they can choose the option that best fits their financial situation and unique needs. They’ll also appreciate the consideration and care that you as a provider communicate by being understanding and empathetic of their financial situations. Ease of repayment is an often overlooked yet critically important aspect of the medical collection process. Offering flexible payment plan options lessens patients’ burdens when it comes to paying for what they’re financially responsible to pay.
Your recovery rate will improve.
Flexibility goes a long way when it comes to increasing your recovery rate. As the point above states, patients appreciate choices. Having flexibility with their payment plan will incentivize them to choose the best option for themselves. Early-out repayment options often incentivize patients to pay more upfront by slightly discounting the total amount due. Other popular options include payment plans on various timelines that take into consideration your patients may get paid on a weekly, bi-weekly, semi-monthly, or even monthly basis. While you don’t want to overwhelm your patients with options, having several clear plans available does wonders for your recovery rate.
The healthcare revenue cycle speeds up.
Especially if you can offer early-out repayment options, your healthcare revenue cycle will likely speed up when you offer flexible payment plans. Incentivizing early repayment will mean more cash in your hands at an earlier date. This is excellent for your practice’s operating costs and cash flow. Pairing flexible payment plans with automation software will streamline your revenue cycle to speeds that you may never have seen before if you’re used to manual claims management. Once you experience the benefits of a speedy revenue cycle, you’ll never want to return to your old methods.
You’ll receive glowing reviews.
Finally, flexible payment plan options may be what your patients rave about. More often than you might think, mismanaged collections and rigid payment plans are what dissuade patients from one provider into the arms of another. Giving your patients flexibility and choice when it comes to payment plans puts you on the right track to receive stellar reviews. Be sure to follow up with your patients and monitor their satisfaction levels regarding your current flexible payment plans. This will help you gauge how they are or are not working and you can tweak them accordingly.
Our team here at Frost-Arnett makes offering flexible patient payment plan options simple and straightforward for your healthcare practice. We are experts in managing healthcare collections as well as accounts receivable management. We strive to offer your patients the best customer service and pain-free collection processes so they keep on coming back to you, time and time again. Are you interested in discussing the flexible payment plans you could offer with Frost-Arnett? Dial 1 (855) 287-7043 to speak with a representative about how we can best fulfill your wants and needs. We’d be more than happy to serve you.