5 Key Metrics to Measure the Success of Your Patient Statement Services Strategy

Patient Statement Services

The patient statement services strategy is a crucial part of any healthcare organization's success. Without it, patient accounts can fall into arrears, which can lead to billing disputes, patient dissatisfaction, and a decrease in patient payments.  

To ensure that your patient statement services strategy is effective, you must measure its performance using key metrics. In this blog post, we’ll discuss the five most important metrics you should use to assess the success of your patient statement services strategy. 

Metric 1: Payment Delinquency Rate 

Your patient statement services strategy should be designed to reduce unpaid balances; therefore, one of the most important metrics you should track is the percentage of past due accounts or payment delinquency rate at any given time.  

This metric measures the patient population that has not paid their accounts within a certain period of time, usually 30 days or more. A high payment delinquency rate indicates that your patient statement services strategy is not effective in collecting payments from patient accounts. 

Metric 2: Number of Accounts Sent for Collection 

Another important metric to track is the number of patient accounts sent to collection agencies either voluntarily or involuntarily. This metric is an indication of how effective your patient statement services strategy is at collecting patient account balances before sending them to collections.  

If this number is high, it could indicate that there may be some deficiencies in your patient statement services strategy and needs further review.

Metric 3: Patient Satisfaction with Billing 

Patient satisfaction with billing is an important metric to track as patient dissatisfaction with their billing experience can lead to decreased patient payments and patient loyalty. You should measure patient satisfaction through surveys or other feedback mechanisms such as patient comments on social media platforms.  If patient satisfaction ratings are low, it could indicate that there may be some issues with your patient statement services strategy that needs further review.  

Metric 4: Patient Payment Confirmation Rate  

One of the most important metrics you should track is the patient payment confirmation rate, which measures the percentage of patient accounts in which payment has been received and confirmed by your organization. A high patient payment confirmation rate indicates that patients have successfully made payments according to your patient statement services strategy.  

Metric 5: Average Payment Amount 

The average patient payment amount is also an important metric to track, as it indicates how much patient accounts are paying on average. If the average patient payment amount is significantly lower than what was expected, it could indicate that your patient statement services strategy needs further review and adjustment.  

Final Words 

Measuring the performance of your patient statement services strategy using key metrics is essential for assessing its effectiveness in collecting patient payments. The five most important metrics you should use to evaluate your patient statement services strategy are payment delinquency rate, number of accounts sent for collection, patient satisfaction with billing, patient payment confirmation rate, and average patient payment amount.  Take control of your billing processes today and start providing better patient experiences by signing up for patient statement services from HMS USA LLC.