As patients’ out-of-pocket costs continue to increase, point-of-service (POS) collections are becoming a more important focus for healthcare organizations.
Patients are more willing to pay when they need the service than they are later on. That’s why there is a 70% chance of having problems collecting after discharge (versus a 30% at or before the point of 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 POS, when the cost to collect is also 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.
The AccuReg POS Collections Solution offers a tightly integrated estimate-to-payment user experience for both your staff and your patients.
AccuReg gives your Patient Access Experience® team the tools to provide patients with fully-automated estimates based on your payer contract terms and AR history. We incorporate chargemaster pricing, payer contract terms, claims history and eligibility and benefits information to deliver accurate estimates.
AccuReg will give you collection opportunity alerts and scripting prompts. It is now more important than ever that your team communicate the right message and that all employees communicate as a team. Our POS collection scripts are 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.
The AccuReg POS Collections Solution delivers:
- Fast estimates that are accurate to NAHAM standards
- An automated collections process
- Failure to collect escalation
- Integrated payment processing and loan options
- Integrated financial assistance scripting
Securing patient payment prior to service is critical to Patient Access. The revenue cycle management benefits you’ll see include increased pre-pay patient collections, prior balance resolution, reduced payment processing and outsourcing fees, lower bad debt and a better access experience for your patients.