FEATURE story .)). 456.&7&.))5 5.84& ! " # $ % & '( (( )*+ ,! -.#%/ &012& <))5 . &9+>./& =?@>5 5+8 95::58;& <-=+85.>& 456#789).:;#7:*:<818*=#>?2=812@#A*.3#,++8B2# /,C8B+0;#B8D8*08#.?.;8#1:*:<818*=#2,+=C:B8#+,B# E);;)*<#28BD).8#.,1/:*)82#C)=F#81/F:2)2#,*#F,2/)=:;# :*9#,+G.8#E:289#/F?2).):*23#H0B#7IJKL7#2?2=81# )2#982)<*89#+,B#,+G.8#/B,90.=)D)=?#M#1:N)101# .,;;8.=),*#B820;=23#456#F:2#://;)89#=F)B=?#?8:B2# ,+#8N/8B)8*.8#=,#.B8:=8#:#2,;0=),*#=F:=#)2#F)<F;?# +0*.=),*:;#:*9#8:2?#=,#)1/;818*=3 the journal of the healthcare billing and management association 35 5. Tailor Payment Plans to Patient Needs depending on the scenario, there are three main types of payment plans to offer patients: • Installment: collect payments against an outstanding balance and deactivate the plan automatically when the total balance is paid. • Recurring: collect payments at a regular, ongoing interval as a subscription service. • Save on File: save a patient’s payment card on file to collect the remaining amount owed when the claim is adjudicated. this is useful when the patient’s payment responsibility is unknown during the patient visit; for example, if the patient has a high deductible. by following best practices when offering patient payment plans, billing services can ensure payment for their clients, even from self-pay or high-deductible patients. automated, scheduled payment plans save billing services a lot of time and costs to send multiple patient statements and make follow-up calls to patients as well as improve patient communication and clarity around the payment process. Bill Marvin has been in the revenue cycle industry since 1993 and is the president and CEO of InstaMed. Prior to InstaMed, Bill was an executive in Accenture's Health and Life Sciences practice, focused on payer to provider connectivity. Prior to Accenture, Bill founded CareWide (now a part of AllScripts after three acquisitions), a practice management system for provider offices. Resources 1 source: 2011 trends in healthcare Payments report: www.instamed.com/trends-in-healthcare-payments-annualreport 2011. !!!"#$$%&%$'!###(####)*+,-./01123.,1# !"#$%#&'(&)!*& +&)*,,&-./0)-& /,1!"(#*$#2!"3 IN/8B)8*.89#O820;=2P ! !"#$%&'!()*$+$!,$ ! !"#$%&'!()-$.)/011$".'0!& !2$"#$%&'!()3'11'!()/0&. !4%5'6,6)*$'67,#&$6$!.&
Billing_MJ13
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