CueSquared MobilePay is the simplest pre- and post-visit patient payment platform for revenue cycle teamsImprove Self-Pay Results
There is no application to download, no portal to log into, and no paper statement to reference; patients simply and securely receive text statements and make payments through a 1-Touch Payment button. The branded logo signifies the bill is coming from the patient’s healthcare provider, not a third-party company. Additionally, contact information within the CueSquared payment screen leverages existing call center infrastructure instead of replacing it.
Say goodbye to AR buckets of 30, 60, or 90 days. Because of the intuitive payment experience, revenue cycle teams collect approximately 80% of dollars within 14 days of the first text message, with day one payments accounting for 30% of dollars on average. Patients will quickly pay outstanding balances that are small copays, large bills, and even aging balances of 120 days+ that would typically go to collections from the moment they receive their first text message. All of this can be measured and tracked in our actionable payment dashboard.
By automating this first touch patient payment channel and reconciling outstanding balances within days, both printed paper statements and call center volume decreases. Additionally, patients with questions on their bills can easily contact the call center to settle bills with a live person or update their insurance information to properly adjudicate claims.
Are you looking for a way to improve the bottom line of your medical practice or healthcare system? If so, you have probably realized that patients are responsible for a larger percentage of their bills than they were in the past. A lot of people are self-employed. Some people have to pay coinsurance. These are relatively new shifts in the healthcare field, and you need to focus on collecting payments from your patients as well as insurance companies. You might also be wondering how to get patients to pay their co-pays.
There are plenty of options available. First, what is a copay? This refers to the payment the patient has to pay when he or she arrives at the office. The goal of a co-pay is to prevent patients from going to the hospital for just about everything. Without a co-pay, some patients would go and see the doctor for things they can probably handle on their own. This would drive up insurance expenses. Unfortunately, there are some people who have insurance but can’t afford copay. What should you do in this situation?
First, you need to understand how to calculate patient responsibility in medical billing. This is a relatively straightforward calculation. Take a look at the total amount of revenue you generate. Then, take a look at the total amount of that revenue that your patients are responsible for. What percentage is this? This is total patient responsibility.
You might also be wondering if you should collect payment at the time of service. There are several advantages that come with this approach. You can reduce your accounts receivable, increase your overall cash flow, reduce the administrative burden of tracking patients, and reduce medical billing. That way, you can reduce back-end collection costs. It is always better to collect payment at the time of service, but some people cannot afford to pay you. Do you want to turn them away just because they cannot afford the co-pay? There are moral issues you run into as well. Fortunately, there are ways for you to get patients to pay their co-pays.
If you are wondering how to collect money from patients, it is always better to go with time of service payment in medical billing. What this means is that patients will pay their bills when they arrive at the office. This is better for the medical department because they can keep track of their accounts, improve the bottom line, and reduce the amount of money they spend trying to track down patients when they leave the office.
Unfortunately, there are a lot of medical practices that are having a problem with patients not paying copays. Traditionally, hospital systems call patients on the phone. Then, they follow a script for collecting money from patients. Even though this may have worked in the past, technology has progressed significantly. Now, a lot of patients prefer to pay their bills using a text message payment service. That is exactly where MobilePay from CueSquared can be helpful. You should use this service to send text message reminders to your patients. Then, with a single click, they can be taken to a page that shows them all the information about the bill and their payment options. You might increase the percentage of patients who pay their bills on time.
So, what happens if you can’t pay your copay? If you have patients who come to the office, it is important to ask them to sign a financial responsibility form medical. This form lets patients know that they are responsible for any expenses that are not covered by insurance. Patients should expect to provide payment before medical services are provided.
On the other hand, a lot of doctors will not turn patients away purely because they cannot pay a co-pay. Therefore, they may still run their services and ask patients to pay their bills later. If patients do not pay their co-pays, can a doctor sue a patient for non payment? Yes, it is possible for doctors to file a lawsuit against patients because they do not pay their bills. Even though this is not the best option, there are some medical financial cases that wind up in court. It is important for medical practices to exhaust all other options before returning to the legal system. That is why a text message reminder service, such as CueSquared’s MobilePay option, has gotten more popular.
It is important for medical practices to think about collecting co-pays and deductibles from patients. Without a firm strategy to deal with this issue, a lot of bills are going to go unpaid. So, can you be billed for a copay? Typically, a co-pay is due at the time of service. Therefore, a lot of patients pay them when they walk in the door. If patients cannot pay the co-pay, they may still be allowed to see the doctor. Then, the doctor will send a bill for the copay later.
In addition, it is important to focus on patient education. What is the difference in copay, coinsurance and deductibles? A co-pay is something that is due every time someone sees the doctor. Usually, this is a relatively small amount. A deductible is the amount of money someone has to pay before the insurance policy kicks in. For example, someone may have a deductible of $1,000 when they go to the emergency room before the health insurance pays the rest. Coinsurance refers to a percentage of the entire bill that patients need to pay. For example, if someone has 80:20 coinsurance, this means they are responsible for 20 percent of the total cost, which can be thousands of dollars.
Medical practices need to have a strategy for collecting on all payments they are owed.
So, why it is necessary to collect payments from patients during check-in? There are several reasons why this is so important. First, this can save the hospital money because they don’t have to worry about tracking the patient down later. Second, this reduces overhead expenses because the hospital or practice does not have to hire as many people to balance the accounts. Finally, this reduces stress and administrative burden because hospitals don’t have to worry about back-end collection.
So, the patient refuses his co-payment. Which of the following actions should the CMAA take? The most important action to take is that the CMAA should inform the patient that the co-payment is due at the time of service. Even though the top priority is to take care of the patient, it is also important for the practice to collect on bills that are owed. It might be helpful to talk to the doctor to see what other strategies might be employed.
In the end, payment at the time of service is critical. A lot of patients are going to have questions. What is time of service collections? This refers to bills that are owned at the time of service. Typically, your co-pay is due when you arrive at the doctor’s office.
What happens if you can’t pay your ER copay? What types of charges do practices routinely collect at the time of service? If you go to the ER and you can’t pay your co-pay, they should still treat you anyway. But, patients should expect a bill in the mail later. A lot of practices collect co-pays, coinsurance, and deductibles at the time of service. Sometimes, patients will ask to work out a payment plan if they have a large bill. A lot of practices are accommodating.
A lot of patients also ask, “do I have to pay my copay upfront at urgent care?” This is normal. Most urgent care establishments expect patients to pay a copay at the time of service. If patients have to pay their bills later, sometimes they forget to do so. Many medical facilities use CueSquared’s MobilePay service to send text message reminders, letting patients know they still have bills to pay.
Ultimately, you may be interested in asking your patients to sign a patient responsibility for payment form. What this means is that patients are admitting that they are responsible for any medical charges that are not covered by insurance, including deductibles and co-pays. This is the patient financial responsibility form definition. Even though this form can be helpful, it is important to take a look at other co-pay collection best practices.
First, you should try to collect the co-pay before services are rendered. You should try to collect coinsurance and payments before services are provided. This can help you save money because you don’t have to worry about tracking them down.
Next, you also need to train your staff. Make sure they ask for the copay as part of the patient registration process. They can be courteous but firm.
You also need to communicate clearly with your patients. Make sure they expect to pay the co-pay when they arrive at the office. That way, you can streamline patient flow without blindsiding anybody.
Finally, you should also use technology to make the payment process easier. For example, you should take advantage of CueSquared, which will send patients reminders about outstanding balances. Sometimes, patients do not pay their bills simply because they forget. Instead of losing a large chunk of your revenue to the collections department, use this text message reminder service instead. You can collect on a higher percentage of your bills while also reducing overhead expenses.