Financial Counselors can Increase Medical Practice Revenue
It’s hard enough to increase medical practice revenue, why let some of it walk out the door? Effectively capturing patient self-pay is both an art and a science and maximizing medical practice revenue depends upon it. While increasing numbers of insured patients is a good thing, the number of patients who don’t realize the extent of their financial responsibility is not. In fact, your staff may very well be the first to inform patients of just how high their deductible is before coverage kicks in. Your staff has to be ready to cope with the resulting frustration and outrage.
Bottom line: your frontline staff is going to be confronted daily with frustrated, angry patients who do not understand insurance plans, co- pays, self-pays, high deductibles and a mountain of other insurance intricacies. What is a practice supposed to do? On the one hand your medical practice needs revenue and payment from patients, on the other hand, your practice depends upon building caring relationships with them.
There is a smart option to address this great divide.
#1: Establish a patient financial counselor to work with your patients, handling their calls and e-mails, answering their questions and concerns about payments and helping them to set up appropriate payment plans.
A financial counselor has the time to talk the patient through the payment process. The right person for the job must be multi-talented; knowledgeable of insurance plans and practice policy, empathetic with patients, and able to move the patient from frustration to signing an appropriate payment plan.
Many practices are finding that a financial counselor saves time and increases revenue. MICI can help. Not only can we interface seamlessly and transparently with your patients, we can help you set up the policies and procedures necessary for patient pay. We can also guide you in setting up the structure necessary for the financial counselor’s work:
#1: Your practice must create a financial policy that covers payments, collections, etc.
#2: The counselor must be able to check what the insurer will cover and determine the patient’s payment responsibility
#3: Specialists must be able to determine if coverage is limited and help patients to understand their full payment responsibility.
We think it is important to take the patient finance function out of your practice. You are in the business of caring for your patient’s health and well-being. We are in the business of billing and empathetically communicating with your patients. We think that is the best of both worlds. You get on with the business of healing. We will get on with the business of kindly collecting your hard earned dollars.