As patient financial responsibility increases, healthcare providers face challenges with declining collection rates, more strain on administrative staff and longer payment cycles. These issues, along with confusing billing processes, can reduce patient satisfaction. 

Millennia’s patient payment solutions help providers overcome these challenges by making payments more manageable for their patients, increasing revenue and improving the overall patient experience. Discover how self-pay works and how Millennia can help you increase your patient self-pay revenue by up to 100%.

Understanding the Self-Pay Patient

Self-pay patients aren’t a group you can use one rigid solution on. They come from all backgrounds — young employees skipping expensive insurance, families stuck with high deductibles, people working gig jobs and more. Some self-pay patients can easily pay for their health services upfront, while others need structured payment plans to make healthcare expenses more manageable. 

What they all have in common is a desire for straightforward healthcare. They want clear pricing, no surprise bills and payment options that fit their budget. Giving patients healthcare payment plans that work with their lives helps them stay on track and healthy. Providing them with quality service encourages them to pay on time and return to your facility when they need medical help. With happy patients, you keep your bottom line healthy, too.

Building a Patient-Centric Self-Pay Strategy

The patient financial experience is often stressful, but a strong self-pay strategy can simplify the process and keep patients returning.

An effective self-pay plan isn’t just about collecting payments — it’s about making the process so easy and transparent that patients actually want to pay. Here’s how to focus your healthcare self-service payment plan on putting patients first to better drive revenue.

1. Price Transparency

Nobody likes receiving a bill that’s higher than expected. Hidden fees, inflated charges and surprise bills drive patients away from your practice. Patients need to know exactly what they’re paying for upfront.

Provide patients with clear estimates before treatment and break down costs into simple terms. You’ll build trust and reduce billing issues. Millennia’s patient payment specialists can help, answering questions patients might have about their bills through phone, email, text or live chat. This personalized support leads to a more positive and efficient payment experience. 

2. Financial Counseling

Getting high medical bills can feel overwhelming for anyone. Clinics and hospitals can offer financial counseling to help patients navigate the process. Use digital or in-person counseling to help patients understand their options and find a plan that works for them. A helping hand can go a long way toward keeping patients engaged and paying on time.

3. Flexible Payment Options

One-size-fits-all payment models are outdated and impractical. Mailing in checks or paying in person makes it harder for patients to pay on time. Patients want flexible payment options — paperless discounts, installment plans, mobile pay, QR codes and automated withdrawals. The more options you provide, the easier it is to fit medical bills into their budgets. 

Millennia’s single, comprehensive payment solution allows patients to choose the payment method that works best for them, including mobile pay, QR codes, text-to-pay solutions and more. This flexibility makes it easier than ever to manage their medical bills and ensure timely payments for your practice. 

4. Tech-Driven Solutions

While 75% of patients want online payment options, many providers do not provide easy online services. Today’s patients expect user-friendly tools that make their lives more convenient. Invest in solutions like payment portals and automated reminders to streamline the process. Combine these with tools like automation and mobile-friendly features like text-to-pay for faster revenue collection.

Optimizing Revenue Cycle Management for Self-Pay

Self-pay patients can drive revenue for your practice if you optimize the process for them. Without an effective self-pay strategy, you risk slow payments and unpaid balances, impacting the patient experience. Tighten up your self-pay revenue cycle with:

• Point-of-service collections: Some patients are ready to pay immediately. Make paying upfront easy with mobile pay, credit cards and online portals. The simpler the process, the faster you collect payment.
• Efficient billing: Speed up billing with automation to maximize revenue. Use automated tools to generate invoices and send email or text reminders. Make sure you have a plan for outstanding balances so you can easily collect on time.
• Data analytics: Numbers can tell you a lot. Use data analytics to track self-pay trends, find gaps in collection and improve your approach. Gathering data on your process lets you make better decisions and move your revenue cycle along faster.

Millennia integrates with your existing RCM systems to improve the patient payment portion of the cycle. We use data analytics, AI and machine learning to optimize patient engagement and payment strategies, making it easier for you to adjust your RCM for self-pay. 

Reducing Bad Debt and Increasing Collections

Part of transforming your approach to self-pay is breaking down bad debt. It’s easy to send reminders and inform patients ahead of time, but how do you increase collections? This is the point where many providers see hang-ups in their revenue cycle.

The answer is working to meet patients where they are. Getting them on payment plans and paying their bills incrementally is better than getting nothing and losing a returning patient. Shift your focus to a proactive, patient-friendly approach so your collections stay up.

1. Early Intervention

The longer a bill goes unpaid, the less likely a patient is to pay it. Providers need to address payment issues before they get too out of date. Follow up with patients regularly to remind them of due dates and overdue bills. Try to offer assistance when patients seem to fall behind. A simple check-in can mean the difference between a settled balance and missed revenue.

2. Negotiation and Compromise

While some patients can pay right away, not everyone has the funds for upfront bills. That doesn’t mean your patients won’t pay at all. Set up flexible payment options to make things easier for your patients. Offer options like short-term deferments, income-based discounts and extended payment plans. A little flexibility helps patients out and prevents major revenue loss.

3. Financial Assistance Programs

Sometimes, a flexible payment plan is still out of reach. Medical costs are growing across the board — out-of-pocket spending rose to over $500 billion in 2023. Patients are likely to need financial assistance more than ever before.

Develop assistance programs to meet patients where they are. Establish clear eligibility guidelines, a simple application process and effective patient education practices. Patients who know help is available are more likely to use assistance instead of ignoring their bills.

4. Debt Collection Agencies

A debt collection agency might be your only option, even with assistive programs and flexible options. Try to work with agencies that prioritize ethical collection practices. Remember, a harsh collection approach can damage patient relationships and your reputation. Strike a balance between revenue collection and patient respect to protect your practice.

Make Healthcare Self-Service Payments Easy With Millennia

With the right strategy and tools, healthcare providers can simplify collections and improve the patient experience. 

Millennia’s Patient Payment Portal is designed to meet modern patients’ expectations for flexibility, transparency and convenience. With features like self-pay software, mobile pay, QR codes and real-time chats, patients can take control of their medical bills while providers receive faster payments. 

For instance, a large dermatology group implemented Millennia’s patient payment solution, increasing its patient revenue collection rate from 28% to 79%. Additionally, it achieved a patient satisfaction rating of 97% — showing exactly how Millennia can boost your practice’s revenue and improve your bottom line.

Ready to transform your patient payment process and achieve similar results? Schedule a consultation today to learn how Millennia can help you optimize your revenue cycle and improve patient satisfaction.

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