Patient Access Impact
Revenue Cycle Impact
Hospital Financial Impact
Patient collections prior to service lowers bad debt on the back-end.
As patients’ out-of-pocket costs continue to increase, point-of-service (POS) collections are becoming a more important focus for healthcare organizations. It’s only logical that patients are more willing to pay before they need a service than they are after receiving it. That’s why there is a 70% chance of having problems collecting after discharge (compared to just 30% at or before the point of service).
Trouble Collecting After Discharge
Trouble Collecting Prior To Service
Hospitals have also found that improving POS patient collections:
- Reduces billing costs
- Reduces bad debt
- Correctly identifies patients needing financial assistance
- Accelerates cash flow
In short, the likelihood of collecting is greatest at the point of service, when the cost to collect is lowest. Getting payment prior to service is the key to a hospital’s financial success, and it’s up to the Patient Access team to make it happen.
AccuReg POS collections software offers a tightly integrated estimate-to-payment user experience for both your staff and your patients. We equip you with tools to provide your patients fully-automated estimates based on your payer rules and AR history. We incorporate chargemaster pricing, payer contract terms, claims history and eligibility and benefits information to deliver highly accurate estimates.
You’ll receivecollection opportunity alerts and scripting prompts written to help patient access and registration staff members encourage patients to pay up-front. You’ll be able to offer payment options that incorporate discounts and dozens of ways to pay, including credit/debit, ACH, cash, payment plans and loans. Our partnerships with payment processing firms will lower your current payment processing fees, save time, reduce errors and facilitate collection at the individual, team, facility and system levels.