Once a fraction of their total revenue, patient payments now represent a significant piece of provider revenue. To track and manage these growing dollars, providers should focus on 7 key items:
Total Patient Revenue
Seems obvious, but nothing in healthcare is ever that simple. Without a consolidated platform, generating this number would require gathering the sum of revenue paid through all of your different payment methods (POS, Lockbox, Web, etc). Being able to get that single number does all of the heavy lifting for you, automatically.
Do you know how your patients pay you? Knowing which methods your patients prefer to pay their bills is crucial to providing exceptional customer service. By learning the ratio of patients using self-serve methods (like online bill pay) or admin-assisted (like point of service) methods, you can get a better view of your patient population and tailor your other communications (clinical, marketing, etc.) accordingly.
When Your Patients Pay
Did you know that roughly 1/5 of Patientco patients pay their bills outside of normal business hours? That’s no small amount of revenue, and a perfect reason to have as many self-serve payment methods as your patients desire. Looking at the date and time attached to each payment allows you to staff your business office using data instead of anecdotal evidence. This will save you lots of dollars in operation costs.
Speaking of savings, you deserve to know how much time your business office is saving through automation of formerly manual billing processes. Patientco’s performance report allows you to see exactly how many hours you save by not manually posting payments, processing patient address changes, and taking payments over the phone (taken automatically on the phone instead).
We believe a good vendor is always improving their product and launching updates, that’s why we allow you to see our progress on developing new ways to make you and your patients even happier.
As your patient population moves online, you’ll want to know how many patients created accounts in their PatientWallet, and how many have elected to receive eBills, which are typically paid faster than paper ones. You can also see which accounts need the most attention before getting sent to collections.
A performance report shouldn’t be just numbers. Your patients want to give you valuable feedback about your billing process and we deliver those comments to you directly so you can continue to deliver an exceptional patient experience.
Learn more about patient payment data through Patientco: firstname.lastname@example.org