Strengthening your point-of-service patient collection is critical to ensure full payment for services rendered while improving your revenue cycle management.
Patient Financial Counseling offers advice and assistance to patients regarding their medical bills. They are the liaison between patients and insurance companies, often coordinating payments and answering questions from both parties. Additionally, they collect payment from patients on behalf of the healthcare provider.
Benefits of Financial Counseling and Point-of-Service Collection
By implementing an on-site financial counseling services, you can educate your patients on their financial responsibility, payment and assistance options. A proactive financial counseling process can identify those patients in need of financial assistance before receiving services.
The Financial Counseling and Point-of-Service Collection process may include:
- Confirming eligibility and insurance verification
- Identifying coverage sources
- Communicating financial responsibility
- Establishing payment plans
- Collecting and processing payments
- Identifying charity care patients
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