Find out why pre-visit billing is becoming increasingly popular with many medical facilities and how your practice can benefit from it.
Medical debt is not a small problem when it comes to the United States. A 2021 survey by the U.S. Census Bureau revealed that 15% of American households currently have medical debt. Not only is this a problem for the individuals who owe the debt, but it is also a challenge for the medical facilities that are owed that money. Not only is medical debt an issue, but once a patient leaves a doctor's office after their visit, the collection rate for insured patients can significantly decrease, often falling between 50% and 70%, meaning practices may only collect half to 70% of the total amount owed from insured patients after they leave the office. Practices are struggling to collect money owed by patients. That is why pre-visit billing is becoming increasingly popular with many facilities.
What Is Pre-Visit Billing?
The term pre-visit billing refers to the process of sending patients their bills ahead of their visit to your facility. This removes their worry about receiving a bill later and allows you to collect those charges in advance. This way, you won’t have to chase down the payments.
Advantages of Pre-Visit Billing
There are certainly several advantages to pre-visit billing compared to the traditional means of billing patients. A few of the reasons why clinics are starting to turn to this method of billing include:
Collection Rates Improve
By implementing upfront payment collections at or before the time of service, healthcare providers can inform patients of their financial responsibilities ahead of their appointments. Providing billing estimates and payment options upfront allows patients to review and plan for costs in advance, reducing the likelihood of missed or delayed payments. This proactive approach increases patient engagement with their bills, leading to quicker payments and fewer outstanding balances. In turn, providers experience improved cash flow and reduced administrative burden.
More Secure Patient Data
More than half of all healthcare facilities have reported that they have seen an increase in patient data leaks since 2019. Although patient data is meant to be kept extremely secure, that isn't always how things work out. Securing patient data is a top priority in pre-visit billing, as it involves sharing sensitive financial information before appointments.
To ensure privacy, pre-visit billing systems typically send notifications via text or email without including secure details. Instead, patients receive a link directing them to a secure, encrypted portal where they can access their billing information. This approach protects personal and financial data from unauthorized access while still allowing for convenient, proactive communication.
Help Patients Find Financial Assistance
Implementing pre-visit billing allows healthcare providers to review patients' financial situations in advance. This makes it easier to identify those who may need financial assistance. Providers can proactively discuss options such as payment plans, sliding scale fees, or available charity programs by assessing patients' ability to pay ahead of the visit. This early intervention not only reduces the risk of unpaid bills but also relieves financial stress for patients, improving their overall experience and increasing the likelihood of timely payments. Moreover, it builds trust and transparency, as patients feel supported in managing their healthcare expenses.
Reduce Billing Errors
Another major problem for many medical facilities is that they have an avalanche of billing errors that make it difficult to collect what they are truly owed. Pre-visit billing helps reduce the likelihood of billing errors by allowing healthcare providers to verify patient information and payment details before the appointment. By addressing discrepancies or missing information upfront, facilities can ensure that they bill patients correctly from the start. This reduces the need for time-consuming corrections or re-billing, leading to faster payment collection and fewer disputes. Accurate billing enhances patient satisfaction and streamlines revenue collection, ensuring the facility receives the full amount owed without unnecessary delays.
These are just a few of the advantages of pre-visit billing that you should keep in mind.
Introducing BillFlash's Pre-Visit Billing Service
Is your medical facility considering incorporating pre-visit billing? It’s important to explore all available options, such as BillFlash's pre-visit billing service, PreBill. Understanding how these services work can help you streamline the billing process and improve payment collection.
With BillFlash’s PreBill service, patients receive a secure link via text or email, allowing them to view and pay their bills ahead of time. This process simplifies billing by giving quick access to bills, enabling patients to pay quickly with just a few clicks.
Great for Both In-Office and Telehealth Visits
PreBill is ideal for both in-office and telehealth visits. You can streamline in-office visits by reducing wait times and allowing patients to settle their bills in advance. Offices offering telehealth services also find BillFlash beneficial, as it helps ensure timely payment, even when services are provided remotely.
In some cases, securing payment from a patient before their telehealth appointment is essential. Clinics should prioritize efficient payment collection, and pre-billing provides a helpful solution to ensure invoices are handled smoothly and timely.
The Financial Advantages of Pre-Visit Billing
There are financial advantages to the pre-visit billing process that many clinics are now deploying. Some of the financial benefits for clinics using pre-visit billing practices include:
- Decreased Administrative Workload. After a patient leaves, medical offices often spend significant time on tasks such as chasing payments, sending out bills, verifying insurance information, processing claims, and following up on unpaid balances. Pre-visit billing can streamline these efforts by reducing the need for post-visit payment collection and minimizing administrative tasks. This allows staff to focus on other important duties, like patient care and managing office operations, while ensuring a smoother and more efficient billing process.
- Increased Revenue. Collecting payments before a patient's appointment allows your practice to receive payment faster, improving cash flow and boosting overall revenue. With this increased income, your practice can operate more smoothly and may even expand services for patients in the future.
- Reduced Billing Discrepancies. Minimizing discrepancies between the billed amount and what you should charge patients increases the likelihood of timely payments. Reducing billing errors streamlines the invoicing process, making it more efficient and improving overall payment collection.
Pre-Visit Billing Is Necessary in Today's Landscape
Patients today have high expectations from their healthcare providers, including the ability to pay their medical bills as easily and conveniently as they do their other bills. Pre-visit billing simplifies the payment process and should be a key consideration when looking to modernize your practice.
Are you ready to start getting paid faster? Schedule a demo with BillFlash today to improve your billing process with PreBill pre-visit billing.