Collect Patient Copayments

Collect Patient Copayments Before Appointments Using Medical CRM Software

Copayments represent an incredibly important cog in the overall healthcare system. For insurers, they minimize moral hazard – a person’s tendency to increase their exposure to risk when insured. For your clinic, they represent the first source of revenue your practice will see from the large percentage of your patients seeking your services under insurance policies. That makes collecting copayments arguably one of, if not the most important factors in maintaining healthy cashflow – the lifeblood of any business.В 

Copayments must be paid before an insurance policy will cover a service, and as a rule, most clinics require them to be paid prior to providing care, but there are still ways that your clinic can access those copayments faster. One increasingly popular way to do so is to employ a customer resource management (CRM) platform specifically designed for the medical community. These medical CRMs provide tools for billing and payment collection that ensure your clinic receives copayments as early as possible, maximizing the health of your books.В 

 

Medical CRMs provide better invoicing:

The first step in getting paid should be to make a patient aware of the amount they owe by sending an invoice, but a huge percentage of clinics don’t even bother with this step prior to the patient’s visit. In most cases, a clinic will simply take payment from the patient at the front desk at the time of their appointment. But payment today is always better than payment tomorrow, and sending out an invoice to the patient prior to the day of the appointment – even right after booking – makes it possible to collect patient copayments earlier.В 

Good CRM platforms, like MedicalCRM, offer advanced billing and invoicing suites that enable your practice to quickly and easily generate and send invoices to your patients via email, using customizable templates. These billing systems also enable other functions like automated recurring billing, but for the purposes of collecting copayments, their real value is how easy they make it for your staff to invoice patients in as little as a few clicks.В 

 

Medical CRMs provide easy payment collection:

Billing is only one half of the equation, of course. A patient that receives an invoice but doesn’t have a convenient way to settle it will simply wait until their appointment to pay, rendering the invoicing moot. That’s why customer resource management tools like MedicalCRM also offer secure electronic payment processing, enabling your patients to pay their bills conveniently from anywhere they’d like, including the comfort of their own homes.В 

By giving patients the option to pay quickly and securely by major credit card or eCheck, your practice stands a much greater chance of being paid early. MedicalCRM offers secure card payments through Authorize.Net and eCheck/ACH payments through the Paya network. Your patients can make these payments online, or even right over the phone, which is often a preferred method for older patients who aren’t as comfortable with typing their payment info into a computer.

 

Medical CRMs enable automated reminders:

An invoice is a powerful tool, and the earlier you send one out, the earlier you’re likely to get paid. However, sometimes if there is a long period of time between invoice and appointment, patients who would be happy to submit their copays early simply forget to. That’s where the ability to send gentle, friendly reminders comes in extremely handy.В 

The communications tools built into customer resource management platforms like MedicalCRM enable your office to preschedule reminder emails or text messages to send automatically to patients with outstanding invoices. That means your office can gently remind your patients of their copay amounts without the need to dedicate staff resources to calling or manual emailing. Simply set the reminder intervals and let the system do its work.В 

 

MedicalCRM is a full-featured customer resource management tool designed for medical practices, hospitals, and other healthcare providers. In addition to a full host of tools for patient management, communication, marketing, and scheduling, MedicalCRM also provides an advanced billing and payments suite offering everything your practice needs to streamline your invoicing process and collect payments faster.В 


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