Medical care isn’t always planned. Considering the cost of significant procedures or emergency treatment, and the high deductible plans and out of pocket cost that are a reality for many Americans, many patients simply cannot afford to pay in full at the time of service. Payment plans are a must. They are not only important for the financial wellbeing of patients, but they are also essential to a healthy revenue cycle. They increase the likelihood patients will pay their balances themselves and reduce the number of bad debt write-offs. Since payment plans play such a critical role in the revenue cycle, payment plan management does as well, which presents a number of administrative challenges.
Many providers rely solely on their EMR for payment plan management. Most of these systems, including EPIC, have modules dedicated to the task but often they require the development of complex workflows that must be carefully formulated to work together. Additionally, rules must be continuously monitored and updated to avoid snags in the revenue cycle such as delayed payments or stagnant accounts. All of this is accompanied by a variety of manual tasks that put extra strain on internal resources and cash flow.
Even when your EMR is perfectly optimized there are shortcomings in payment plan management which often require third-party software integrations to solve. EMRs notoriously lack workflow functionalities where self-pay recovery is involved; even making the simple distinction between self-pay and self-pay balances after insurance is a challenge. Explanation of Benefits (EOB) must be accessed through alternative systems and generated statements are often missing key data or sent at odd intervals complicating the billing process and negatively impacting the patient experience. Payment plan options are limited by balance and term – perhaps the biggest obstacle to relying only upon an EMR is the fact that they are incapable of managing plans that extend beyond 24-months— even for short-term payment plans they lack flexibility and require a lot of manual attention.
To keep your patient community healthy mentally, physically, and financially, you need an experienced billing partner.
Ensource can fill the gaps in your EMR functionality with patient-friendly technologies and services. We have a proven methodology for establishing payment parameters that lead to patient-driven account resolution and a more productive and efficient revenue cycle. Our healthcare partners benefit from not only the collective experience of our other industry partners but also our practice of continuous data and behavioral analysis. Combining these strengths, we have developed payment tables that capitalize on the sweet spot where patients and providers mutually benefit from timely yet reasonable payments. From this data, we have decerned that patient balances over $2000 require repayment options beyond the 24-month limit imposed by an EMR.
Our online payment portal takes patient self-service to the next level, offering billing transparency and the ability to fully manage their accounts from establishing payment plans and making payments to seeking information on benefits and financial assistance. This aspect of Ensource technology and services does more than create greater convenience for patients, our behavioral data illustrates that patients who manage their accounts themselves take greater responsibility for their resolution—
In fact, payment plans create via an online portal are 39% less likely to be broken.
Ensource prides itself on the ability to perform administrative and billing operations with the delicate touch required by healthcare providers. Our representatives skillfully adopt the mission and values of each of our healthcare partners to provide a streamlined experience for patients that results in greater satisfaction and strengthens long-term relationships.
Discover the difference, contact us today for a consultation.