The beginning of each year means insurance deductibles kick-in and, for many healthcare providers, a dip in cash flow.
But it doesn’t have to be that way. Patients now have options when it comes to managing and paying for their health care. This added flexibility allows them to get the treatment they need now and pay for it over time with financing. Healthcare clinics, practices or centers can prepare by updating their financing communications and online tools so they can better manage their cash flow during this time of year.
How to Prepare
Providing convenient, comprehensive information and tools through an online Financing Center right on your website will allow you to better manage a challenging time of year. An online Financing Center allows you to be proactive with patients by detailing costs, identifying payment options and providing access to a number of online tools such as bill pay, payment calculator, benefit and eligibility verification, and more.
Online Financing Center Benefits
An online Financing Center offers many benefits including:
- Educating patients on financing options – so they do not delay the care they need due to their high deductibles
- Decreasing accounts receivable and rising bad debt – from patients struggling to meet higher deductible amounts
- Disclosing helpful information – on cost, insurance coverage and financing options
What Information to Include in Your Financing Center
- Billing & Insurance. Posting a comprehensive listing of what plans you participate with as well as coverage by plan for things like annual wellness visits, screenings and other preventive services. This information will alert patients who may avoid treatment due to not knowing that their deductible doesn’t apply to certain preventive services. Also consider price transparency for services or tests you may order. For some states such as New York, some of this information is required by law.
- Online Bill Pay. It is not uncommon for medical practices to face shortfalls in cash flow at the beginning of the year unless the practice has established a solid approach to collecting deductible payments at appointments. Be proactive and provide convenient and secure online access to bill pay right from your website. This will help to keep cash flowing in and your AR from growing.
- Credit Card Financing. Include more information about credit card options offered through a third party lender. Adding a payment calculator and an online loan application makes it easy for patients to decide if this is the right financing option for them.
Ready to add your Online Financing Center?
Called Practis Pay, our Online Financing Center offers a turn-key approach that comes complete with content and an option for Online Bill Pay. Contact Practis today to get started!