Providers typically send four similar healthcare statements to a patient before referring bills to collections. Based on Apex research, each of these mailings can be optimized by varying the content of each statement based on the patient’s previous payment behavior and expected cash value. These benchmarks allow providers to determine the correct approach – conserve, wait & watch, and invest – for pursuing payments and maintaining a strong return on investment; see illustration below.
- Conserve: Use black and white printing for all four statements; might also consider using a letter format to try and spark action
- Wait & watch: Start with colored printing but switch to black and white after the second statement; include payment plan options and other resources in the messaging section
- Invest: Promote online payment portals in the messaging section and include incentives for paying online