With the recent increase in high deductible insurance plans, more and more patients have decided to take matters into their own hands. Instead of using their health insurance plans, these patients are searching for healthcare providers who accept direct pay.
And it’s not just a matter of money. Many patients prefer the self-pay option because it allows them to see doctors that may be out of their network, or obtain prescription medications that their health insurance plans don’t cover.
But while this may seem like the ideal solution for many patients, medical practices often struggle to collect on self-pay accounts. Healthcare providers who choose to accept cash or credit may find themselves spending exorbitant amounts of money and resources, including additional staff, in an attempt to collect payments that may never come.
That’s where the Medical Consultants Group can help. We partner with Exchange EDI, a healthcare cash management system, which works to streamline the collection process. This program even allows providers to accurately predict how much patients will owe before they undergo treatment.
How does Exchange EDI work?
When a self-pay patient comes into your practice for an appointment, your staff will simply ask the patient for their co-pay and then for permission to place their credit card on file. Once the credit card information is logged, Exchange EDI automates the back end process of collections—which means that you won’t have to send out multiple statements trying to collect patient balances.
With the Exchange EDI Patient Cost Estimator, your staff can also provide a clear, itemized statement of what patients will owe for a recommended treatment plan. Together, you and your patient can come up with a payment plan that doesn’t require your practice to be the patient’s source of financing.
With the help of this simple program, your practice can spend more time on what is important: providing comprehensive, compassionate patient care and improving patient satisfaction.