Ecoa Archives - Sift Healthcare

4 Innovative Strategies For Patient Payments

When healthcare providers leverage their patient payments data to drive their collections strategies, they create new and powerful opportunities to increase the revenue they collect, building patient relationships and using payments data to inform business operations. Here are four new strategies to consider:

1. Utilize Payment Plans
Offering flexible payment plans can facilitate patient payments and improve the likelihood of collection.

2. Enhance Digital Payment Options
Ensure that your payment systems are compatible with a range of digital payment methods to accommodate different patient preferences.

3. Analyze Patient Payment Behavior
Invest in analytics tools to understand the payment behaviors of your patient base, which can inform your collections strategy.

4. Build Strong Communication Channels
Maintain open lines of communication with patients regarding their payment responsibilities, which can lead to improved collection rates.

Is Your Patient Payment Targeting Legal?

As the volume of patient payments increases, many healthcare providers unknowingly violate regulation around patient targeting (like ECOA). Developing a collections strategy that maximizes patient payments and maintains compliance is critical for healthcare providers of all sizes.