What are POS collections?

These point of service collections (POS collections) are critical to your revenue cycle management. A strong POS collection strategy can give your cash flow a boost and reduce back-end office work. (Learn how Charge Lag affects your revenue cycle management.)

What is a general benefit of POS collections?

With improved communication, front-end staff can better calculate accurate payment estimates at the point-of-service, and backend staff can submit cleaner claims the first time.

What is point of service collections in healthcare?

Processing of all payment transactions including co-pays, deductibles, out-of-pocket, coinsurance, and prior balance. Review and collection of outstanding balances for department, group, and/or health system.

How do you increase point of service collections?

4 Key Ways to Boost Point-of-Service Patient Collections

  1. Train front-end staff to have difficult patient financial responsibility discussions.
  2. Transfer revenue cycle management functions from backend to front office.
  3. Consider implementing consumer-friendly electronic payment options.

How do you collect a patient’s deductible?

6 tips for collecting co-pays and deductibles from patients

  1. Assign the responsibility to office staff.
  2. Consider the patient experience.
  3. Avoid open-ended questions.
  4. Ask for immediate payment.
  5. Offer payment options.
  6. Maintain open communication.

How often should patients receive a billing statement?

A note about statement frequency: Send the billing statement every thirty days — day 1, day 30, day 60, and day 90. If you haven’t received any patient payments within 120 days from the first statement, we recommend involving a third-party collection agency, as the probability of payment has diminished considerably.

What are two successful collection techniques for patient accounts?

Five Best Practices: How to Improve Your Patient Payment Collections

  1. Educate Your Staff About How to Discuss Payments With Patients.
  2. Improve Communications With Patients.
  3. Collect Payments While Patient Is Still On Site.
  4. Accept Multiple Forms of Payment.
  5. Take Advantage of Payment Technologies.

Can a doctor’s office collect deductibles upfront?

As of today, there is no effective regulation stating that the doctor can or can’t collect deductible upfront. As per CMS IOM 100-04, Chapter 1, Section 30.1. 1, deductible and coinsurance may be requested and accept at the time of or after the provision of the service to which it applies.

When should I collect my deductible?

  1. Patients have deductibles at the start of the year.
  2. Check with their insurance company before the patient visit.
  3. Inform patients about the expense upfront.
  4. Collect deductibles at the time of service.
  5. Make a practice-wide policy of deductible collections.
  6. Make a practice-wide policy of deductible collections.

Who is responsible for collecting patient payments?

Defining Patient Responsibility: Patient responsibility is the portion of a medical bill that the patient is required to pay rather than their insurance provider. For example, patients with no health insurance are responsible for 100% of their medical bills.

What challenges are there in collecting money from patients?

Top Challenges to Collecting Patient Financial Responsibility

  • Healthcare organizations lack price transparency.
  • Unclear billing processes.
  • Organizations need automated billing.
  • Patients can’t afford to pay medical bills.

How do you collect patient payments?