Have you relegated patient statements and invoices to the bottom of your billing priority list like most medical practices do? That could explain why you keep getting calls from confused and frustrated patients, or worse, have stacked up a tall pile of uncollected bills in your drawer.

In this step-by-step guide, you’ll learn the top five advantages of having dedicated patient statement software and how to maximize billrMD’s integrated invoicing feature to ensure timely and accurate payment collection, improve patient satisfaction, and free your staff from the unnecessary burdens of manual data entry.

Read More: 4 Proven Ways to Improve Your Patient Collections

What is a Patient Statement?

Patient statements are medical bills—that is essentially the long and short of it. It's the document that lets patients know how much they owe you. So it only makes sense to treat them as an integral part of your medical billing process instead of a mere afterthought.

Depending on the practice, patient statements could contain various pieces of information, from services rendered and their corresponding fees to insurance coverage, outstanding balance, and other personalized details and branding elements. If designed and formatted poorly, they can easily confuse patients and lead to delayed and default payments.

A 2022 survey found that nearly 40% of adults in the country find their medical bills confusing. Meanwhile, 1 in 5 Americans received surprise medical bills last year. 

Read More: What is the No Surprises Act & How Does it Affect My Practice?

You must ensure that your patient statements contain all the necessary and accurate information without being overwhelming. This is where patient statement software like billrMD can make a world of difference.

From accelerating delivery to saving you time and money, here are five reasons why your practice needs patient statement software:

1. Faster Statement Delivery

Patient statement software digitizes and automates most of your invoicing workflows, including the most tedious parts, like mailing the statements in. Having the ability to send invoices electronically saves your staff time and your practice money.

With billrMD’s patient statement tool, you can choose the delivery method for added flexibility. Depending on the patient’s preference, you can send statements through mail, email, fax, or SMS. 

Electronic statements allow patients to receive their medical bills faster and more conveniently. That means patients can access their medical bills and make payments quicker, helping you get paid faster.

2. Increased Billing Accuracy

Automating how you generate and send your patient statements eliminates manual data entry and reduces the likelihood of errors in the process. Patient statement software also increases billing accuracy by improving your tracking capabilities.

billrMD allows you to see all patients with pending payments, along with other essential information like service details, aging, and the statement preview. Seeing all invoices at a glance makes it easier to stay on top of every bill you are yet to collect.

3. More Cost-Efficient

Healthcare organizations allocate significant amounts of time, money, and resources for patient statements. From the overhead, paper, printing, and logistical costs, generating and managing invoices can be expensive.

Like most automation solutions, patient statement software also saves you money by streamlining your invoicing workflow. This eliminates the need for large teams, expensive equipment, and maintenance while reducing paper usage and other associated costs.

4. Improved Patient Satisfaction

Patients don't have all day to parse through lengthy and confusing medical bills. They generally want a straightforward explanation of what services they need to pay for, how much their insurance covers, and their financial responsibility.

That's why billrMD allows you to personalize patient statements so you can decide what details to include and format them in a way that patients can easily understand. To complete the convenient payment experience, billrMD comes with an integrated credit card payment processing solution for patients who prefer to pay electronically.

5. Enhanced Staff Experience

Not only your patients and bottom line benefit whenever you streamline workflows within your practice. Digitizing your invoicing process can also significantly boost your staff's productivity while improving their overall experience and well-being.

Read More: The Secret to a Healthy Workplace: 5 Ways to Prevent Staff Burnout

Solutions like billrMD consolidate all necessary invoicing-related processes into one comprehensive system, bringing everything you need to generate, print, and send out statements within a few clicks.

The Software That Helps You Make a Statement

Patient statement software like billrMD offers numerous benefits to both your practice and patients. From easier record keeping and increased accuracy to faster turnaround times and improved security, it is clear that digitizing your invoicing workflows improves your practice's efficiency, accelerates access to information, and reduces the risks of a personal health data breach. 

As a well-rounded medical billing platform, billrMS offers a comprehensive set of tools for all aspects of your practice management and billing needs. From scheduling and insurance eligibility verification to claims processing, data analytics, and more, billrMD is your complete revenue cycle management (RCM) solution.