Collecting Copayments Can Generate High Returns

According to an article published in Emergency Medicine News - If Handled Sensitively, Collecting Copayments Can Generated High Returns, there are a variety of ways that hospitals have improved the collection of copayments.  The following bullets give some guidance on what Inova Fairfax Hospital in Falls Church, Virginia and St. John Northeast Community Hospital in Detroit, Michigan has done to increase copayments and revenue:

• Implement a discharge process
1. Employee verifies patient information (statistics show that 22% of patient records have the wrong information)
2. Asks if person wants to take care of copay or put a deposit down

• Have various payment options available to increase payments:
• Have an ATM available in the Emergency Department for copayments
• Accept credit cards
• Give patients self addressed envelopes to mail their payment in
  
• Be up front with your copayment collection process
• Having a sign such as "Your insurance requires $50 copayment" will cover any misunderstandings that patients may have

To view the full article, please click the following link: If Handled Sensitively, Collecting Copayments Can Generate High Returns

For additional billing and coding resources, please click the following link: Medical Reimbursement Billing and Coding Resources