Inflation Isn’t Going Anywhere. Do You Have the Right Collection Tools in Place as Prices Rise?
In April of 2022, CNBC reported that Americans are spending an additional $327 a month due to rising costs on everything from gas, to food, to shelter. These costs are expected to continue rising due to a 40-year spike in inflation. CNN reported the same month that so far, these cost increases have not affected healthcare costs, but other experts say paying more for healthcare during this uncertain and turbulent economic time is inevitable.
An impending rise in healthcare costs does not bode well, especially for providers already struggling with unpaid patient-responsible balances. If your practice has historically written off a large portion of bad debt due to patient non-payment, the future may look bleak.
Many providers were already struggling to collect while walking a fine line between communicating to patients that they need to pay their bills while also being mindful that we are in the middle of both a global pandemic and a nation mental health crisis. Some collection efforts, while necessary, may come off as insensitive or overly aggressive in the face of challenges patients may be facing, and of course the current economic climate is only making the problem worse.
Health iPASS Advanced eBilling may be the solution your practice is looking for.
What is it?
Advanced eBilling (AeB) looks at your entire patient A/R file and gets you those patient dollars, no matter the aging bucket. What’s more, AeB is a cost-effective and “softer” alternative to collection agencies that sends patients payment links via SMS or email. AeB can be used with any PM system, by any specialty.
What does it do?
AeB goes through your patient A/R and sends a text or email bills reminder with a link to pay. Text messages have a 98% open rate, and the secure payment link we send offers a range of payment options, including paying via Apple Pay or Google Pay.
Does it work?
The short answer? It sure does! Here are a few statistics to consider, gathered from real AeB clients.
- A 35% year-over-year increase in patient payments from 2021-2022
- 92.5% reduction in collection outreach costs
- 83% of patients paying via AeB outreach paid in full
- Significant reduction in average days in A/R
As practices costs rise and are reflected in patient out-of-pocket costs, it is essential to have an effective billing tool in place that lets your practice and your patients avoid the pitfalls of collection agencies. Advanced eBilling is that tool—so what are you waiting for?
For more information, visit our website or schedule a demo.