To achieve improvements in collection yield and decrease statement costs, apply flexible logic to vary statement elements, such as:
- Messaging that personalizes healthcare statements based on timing within the billing cycle and patient-specific data
- Promoting online payment portals
- Messaging that highlights the availability of payment plans
- Switching to a letter format for the third and fourth statements to explain that referral to collections is imminent
- Switching to black and white printing for the third or fourth statements and for patients who have a history of not paying
Taken together, these changes can help providers increase the return on each batch of statements presented to patients. Overall billing results improve as providers maximize patient payments early in a billing cycle, reduce statement-related costs, and minimize balances eventually forwarded to third-party collection agencies.