Tips for ASCs Enhancing Point-of-Service Collections
Point-of-service collections play a vital role in the financial success of ASCs, as patients contribute a significant portion of the revenue. To maximize pre-service payments and improve overall collections, ASCs should consider implementing the following strategies:
4 Tips to Consider for Enhancing Point-of-Service Collections
Share cost information: Collecting co-payments is an essential practice mandated by most commercial payers. ASCs should have a clear understanding of the allowable charges for the services provided and be familiar with the patient’s specific health plan. Utilizing automated price estimators can streamline this process, helping ASCs determine the patient’s financial responsibility accurately.
Ask the right questions: Effective communication is crucial when requesting point-of-service payments. Instead of asking if the patient would like to pay, frame the question in a way that encourages action. For example, asking, “How would you like to take care of your co-payment today?” prompts the patient to consider payment options. Once the preferred payment method is established, politely address any additional balance and request payment.
Set a minimum deposit: For uninsured patients, it is advisable to collect a predetermined minimum deposit. Many ASCs find that setting the deposit amount to match the average co-payment for commercially insured patients is effective. Alternatively, charging a deposit close to the total visit charge can be appropriate. Consistency in deposit policies is crucial, unless the patient qualifies for financial hardship criteria.
Utilize card-on-file system: With proper security measures in place, ASCs can request permission to securely store patients’ credit card information for future transactions. This approach offers flexibility in collecting deposits and residual charges efficiently and allows for the initiation of effective payment plans.
In Conclusion
By implementing these tips, ASCs can enhance their point-of-service collections, improve revenue cycle management, and ensure financial stability. Clear communication, standardized protocols, and efficient payment processes contribute to a positive patient experience while supporting the financial health of the ASC.
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