Unpaid patient balances and slow collections significantly impact the financial health of healthcare practices. With the rise of high-deductible health plans, more patients are responsible for a larger portion of their medical bills, leading to increased instances of unpaid balances. This trend has resulted in substantial financial strain for healthcare providers, as they struggle to collect payments in a timely manner. On average, only about 60% of patient receivables are collected, causing providers to face bad debt and cash flow issues.

If the problem is not addressed:

• Decreased Cash Flow: Slow collections and unpaid balances disrupt cash flow, making it difficult to manage daily operations and financial obligations.
• Increased Bad Debt: High levels of unpaid medical debt lead to significant write-offs and financial losses.
• Administrative Burden: Manual collection processes are time-consuming and costly, diverting resources away from patient care.
• Negative Patient Experience: Poor communication and lack of price transparency can frustrate patients, leading to lower satisfaction and potential loss of future business.

Calvient’s Channels platform streamlines the billing and payment process, making it easier for patients to understand their financial responsibilities and for providers to collect payments. By leveraging automated billing reminders, online payment options, and clear communication, Channels helps reduce unpaid balances and improve the speed of collections.

Relevant Features:

• Automated Billing Reminders: Sends timely reminders to patients about their outstanding balances via text, email, or phone.
• Online Payment Options: Provides patients with convenient digital payment methods, including payment plans and medical credit cards.
• Transparent Billing Information: Enhances communication with patients by providing clear and concise billing information, reducing confusion and improving payment rates.
• Analytics and Reporting: Offers insights into payment trends and patient behaviors, helping practices optimize their collection strategies.

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