Have you ever wondered how long it takes your staff to complete the print and mail function of sending out patient statements? Most practices choose to do weekly, biweekly or monthly patient statement processing. Manually processing a patient statement mailing dramatically affects your practice operations and revenue streams. Processing times can be lengthy, and delays are quite common due to lack of time and resources at most physician's practices.
Have you ever analyzed how much it costs your business to perform the print and mail functions of patient billing? There may be a better solution for you. See the following example of manual patient statement process costs. $0.39 first-class stamp, $0.08 envelope with window or label, $0.08 return envelope, $0.02 paper (per page, cost assumes most will be one page), $0.10 printer ink=$0.67 Total (without accounting for labor costs).
There is a solution; electronic patient statements. The process of sending patient statements can be as easy as sending electronic insurance claims. Electronic patient statements allow your staff more time to focus on your patients. When it comes time to print, fold, stuff, stamp, seal and bundle the statements, you can outsource this menial labor task. With electronic patient statements any patient that has a balance and is eligible to be billed, will automatically be sent a patient statement on time. With this automation, you will improve your accounts receivables timeline. Electronic patient statements also allow you to minimize mis-labeling errors and delays inherent with the print and mailing function which impacts your ability to bring your money in.
Your practice management software solution provider should have this valuable service available. Additionally, this service usually costs less than the postage and supplies outlined above. Typical automated patient billing service costs for electronic patient statements are $0.62-0.69 per statement. Most systems allow you to retain the ability to make real-time modifications and add or omit patients from the queue as needed. When necessary, you can even include special notes for specific patients on the statement.
Lori Anderson is an independent consultant with LAtech working with Antek HealthWare on their DAQbilling Medical Billing Software and LabDAQ Laboratory Information System projects, since 1991. With extensive experience in the medical field, Lori's expertise includes laboratory operations, billing services, and private practice operations.