Patient Statement Services
IntelliRCM offers comprehensive patient statement services to make the medical billing process smooth and easy for both businesses and patients.
Understanding Patient Statement Services
Patient statements are a key part of a medical organization’s billing system.
A patient statement is a document generated in the client’s name to facilitate a payment to their healthcare provider for medical services. It includes the doctor’s name, the services and procedures provided, the date of those services, and applicable charges.
At least 35% of a healthcare provider’s income comes directly from patients. Therefore, patient statements are a crucial component of this industry. Unfortunately, many patient statement services fail to provide timely, accurate, and compliant patient statements. This failure negatively impacts internal efficiency and patient relationships, and it often delays the bill payments. Medical providers simply cannot afford this delay to the revenue cycle due to medical deductibles, patient co-payment, co-insurance and self-pay etc. amounts.
Also, patients are accustomed to having multiple payment method choices. Traditional mail-in checks have declined in popularity and have been replaced with a range of services, including convenient online payment options. Patients expect to be given these options, and failing to provide them can further delay payment.
IntelliRCM helps customers lower costs and save time through our quick and efficient patient billing. Our statements include everything patients need to make timely payments through their preferred method.
Effects of Poor Patient Statement Services
Poorly managed patient statement services slow down the revenue cycle, which can result in:
- Damage to patient relationships
- Confusion
- Frustration
- Decreased internal efficiency
When patients are not provided with clear, understandable statements and convenient payment options, they are less likely to make timely payments. Those that do pay are often agitated with the poor communication. This can negatively impact the all-important trust built between providers and their patients, which causes them to lose time, business, and their good reputation.
Our Patient Statement Services
IntelliRCM provides a variety of patient statement services that simplify the process for both healthcare providers and patients. These services include:
- Print and mail services
- Generating accurate patient statements
- Printing statements
- Mailing statements
- Patient-friendly billing
- Implementation of patient portals
- Addressing patient questions
Our patient statement services are designed to be comprehensive and consistent throughout your practice.
What Makes Our Patient Statement Services Unique?
IntelliRCM uses a customized, solution-based approach to give providers and patients an organized, stress-free experience and minimize the amount of staff time needed to navigate it.
Our patient statements are clear, easy to read, and easy to pay. They are easy to understand and encourage timely payments by providing multiple convenient payment options for patients to choose from. They can also increase customer satisfaction through their personalized print and electronic statements, and they can increase revenue through the resulting timely, accurate payments.
Between this easy-to-use system and our digital notifications, fewer customers call in for assistance with understanding and paying their bills, allowing our staff to better balance their time. Our effective use of technology reduces costs and increases efficiency throughout the medical billing process.
Also, we are not a one-size-fits-all operation. We build a customized plan for each business by analyzing both the needs of their organization and its patients. If a provider already has a payment system in place, IntelliRCM will create an expanded system to minimize any missed opportunities. In all cases, we save practices a significant amount of time and money by automating their medical bills and tracking.
Strategies to Make Payment Collection More Efficient
As the volume of payments increases, it is crucial for patient statement services to be efficient and convenient for patients.
Our billing service allows patients to make payments using their preferred method, such as credit or debit cards. By allowing patients to choose their preferred method, businesses can:
- Collect payments faster
- Increase patient satisfaction
- Reduce friction
Due to the COVID-19 pandemic and other challenges, many patients may be struggling with financial insecurity and unable to make payments. To alleviate this stress, IntelliRCM helps providers to:
- Integrate new payment methods
- Automate billing processes
For example, our online payment option allows patients can make payments from any internet-enabled device at any time. This is just one example of how businesses improve payment collection efficiency by allowing patients to choose their preferred payment method.
How Much Are Patient Statements Worth to Your Practice?
Patient payments account for 30 to 40% of a medical practice’s income, making them a vital source of revenue. IntelliRCM is a HIPAA-compliant patient statement printing and mailing service that helps lower costs and save time during the billing process. By creating clear, easy-to-read patient statements with a variety of convenient payment options, our patient statement services simplify the process and help businesses get paid.
For more information or a free consultation, call 917-779-8700 to speak with our New York office or 281-302-9659 to reach our Houston office , contact us online, or complete this form. Or fill free to write us at sales@intellircm.com