7 Best Practices for Patient Payment Plans

Healthcare providers are increasingly relying on patients for revenue gain. As such, it makes sense to develop a payment program to make repayment flexible and available to all patients in need of your care. As you develop your own patient payment plans, be sure to keep these seven best practices in mind to maximize the chance of success!

Make Your Payment Plan Flexible

You should give your patients the freedom to choose deadlines that they can stick to. For example, their payment interval could be weekly, biweekly or monthly. You can also allow them to choose which specific day of the week is best for their budget. Your patients are sure to appreciate the flexibility you’ve provided them, and the sense of control you’ve offered will likely result in their payments arriving on time.

Allow Long Term Payment Plans

If a patient has a large account balance, it only makes sense to provide the patient up to a year for repayment. However, depending on their balance, you may even find that extending the plan beyond a year is warranted. Ultimately, giving this option in your patient payment plans will reduce the chances of late payments and all of the challenges associated with collecting outstanding debt.

Draw a Line on Payment Amounts

We encourage flexibility at every step of the way when it comes to patient payment plans, but some boundaries will need to be set, nevertheless. For example, perhaps accepting a $10 a month payment plan on a $1,500 balance is not feasible for your practice. Therefore, you’ll want to have these payment minimums established before rolling out your practice’s payment program.

Don’t Make Eligibility Dependent on Credit Worthiness

If you base your payment plan eligibility on creditworthiness, you will likely only be harming your practice. If a patient can’t qualify, they will have immense difficulty paying for their care, often at the expense of the practice refusing to offer them a reasonable repayment plan. In addition to not enforcing creditworthiness, we also recommend making your payment program bear zero percent interest.

Automate Payments

Make life easier for your patient by automating their payments! Be sure to reach out to them via a letter, email, text or call before deducting the payment. While payment automation is a convenient bonus, you don’t want this extra perk to catch your patients by surprise.

Collect Something Up Front

By following each point above, you’ll be sure to establish a lenient payment program for your patients. As such, it makes sense to collect some lump sum upfront in order to gain eligibility for your program. In addition, we recommend creating a policy that establishes a minimum down payment percentage before enrolling in your payment plan.

Partner When it Makes Sense

Partnering with an outside company, such as a debt collection agency, can help ease this part of the accounts receivable process. It can be challenging to collect outstanding debt or owed money without straining patient relationships. A collections agency can take the stress out of it entirely!

Hire Alacrity to Help Resolve Your Past Due Account Receivables!

Alacrity Collections is proud to be a leader in debt collections since 1982. Chasing overdue invoices is not an effective use of your time. Let our team help so you can work on running and growing your company. We achieve great results that are over twice the national average and treat all of our customers with dignity and respect. We work tirelessly to protect your brand and improve your net returns. To learn more about our services and get in touch, please call us at 1-800-752-9663 or email us at info@accmd.com.

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