Optometric Billing-Patient Payment Expectations...UPFRONT!

For years I have been yelling at the top of my lungs about the need for optometrists to tell patients UPFRONT, THAT YOU EXPECT TO GET PAID IF THE INSURANCE COMPANY DOESN'T and to collect a payment method AT THE TIME OF SERVICE!

But no one listens. You are all to scared to piss off your patients because you are worried you will lose them if you do. None of you stop to think that if you let a patient get away with not paying you, you are not keeping the patient anyway because if they know they owe you money THEY STILL WILL NEVER COME BACK! It all boils down to the same thing...you always think you are right, and you think no one else knows your business. Well guess what, those of us that are actually in charge of your money actually know a great deal about your business and in most cases (except providing actual healthcare) we know MORE THAN YOU DO ABOUT YOUR BUSINESS!  That is because we are trained business men, at least I am, and you are a TRAINED DOCTOR. It is my job to count dollars and cents and it is your job to provide healthcare. Stop trying to be superman (or woman). Stop trying to wear so many hats (or capes) in your practice. Entrust those you hire to care for the health of your practice...TO CARE FOR THE HEALTH OF YOUR PRACTICE, while you worry about the health of your patients!

That being said, Instamed has posted on their blog an article outlining this exact problem in health care practices. Unfortunately for optometry, the numbers are even worse than what this article details because of the reason I expressed above. Here it is below:

"When you stay at a hotel, are you able to check in without giving your payment card?  Of course not. However, patients receive access to healthcare services with no assurance that they will pay their portion of the bill on time, or at all. As a result, you may spend up to 90 days, send multiple paper statements and even make phone calls to collect payments.  And frequently, the payment is written off as bad debt.  This is costing your business a lot of money.
Providers have opportunities to use Smart Big Data and technology to accurately estimate patient responsibility and automatically collect payments, which creates a level of payment assurance already happening in consumer-focused industries.
Transforming the Collection Process with Smart Big Data
Here’s how Smart Big Data transforms the collection process:

1. Before the patient visit, verify patient eligibility information and generate an estimate of the patient’s payment responsibility, using data stored from payer remittance information.
2. Automatically send a communication to the patient to set clear payment expectations upfront.
3. Securely save the patient’s payment card on file.
4. When the claim is adjudicated, automatically collect the exact amount due, or set up an automated payment plan.  As a best practice, send another communication to the patient to remind them of their payment.
5. Automatically post the payment to your accounting system.

When providers can leverage Smart Big Data to accurately estimate patient responsibility in real-time, it becomes functional on a day-to-day basis, enabling you to efficiently collect payments and thrive in the evolving healthcare industry."
(https://www.instamed.com/blog/finding-payment-assurance-in-the-healthcare-industry-with-smart-big-data/)

Click here and contact opticXpress today. Let us worry about your business while you worry about your patients.