Struggling medical practices often suffer hampered cash flow due to billing and collections efficiency and due to actual quality of the medical services. Maximizing collections and improving billing performance will bring in more cashflow.
Here are 5 tips to maximize collection.
1. Co-pays up front demand:
Train your staff that you cannot bill your patients later for their copays, and they should ask patients for their copay. Also acknowledge patients so that they have no excuse for not being able to pay for their copay upfront. Put co-pay policy on your reception desk and website where patients can clearly notice it. Train your staff to acknowledge patients about their copay when they call about scheduled appointments.
2. Check insurance eligibility:
Train your staff that prior to scheduled visit of patients staff should check insurance eligibility for every patient. This will ensures active insurance of the patient and also that you can charge them for the appropriate upfront co-pay.
3. Multiple payment options:
Provide multiple payment options to patients, including cash, credit cards, debit cards and checks, so that patients have no excuses for not paying.
4. Payment plans:
Those patients who are unable to pay at the time of visit or who have past due should be placed on a payment plan. Document the plan and insist the patient sign it. Payment plans will start patient paying what they owe, otherwise he/ she will end up not paying at all.
5. Patient statements:
No any casual deadlines on patient statements, like patient must pay within 30 days. Instead, use phrases like “Due Now” in first patient statement and in additional statement use phrases like “Past Due". Send final notice letters, two weeks before sending their balance to collections.
Above mentioned strategies must be implemented into your practice to maximize collections and improve billing performance. It require lot of time and effort to keep track of collections, which is why you may consider outsourcing your collections and billing. Outsourcing help to maximize your collections and will free up time and make your office run efficiently, resulting in improved revenue.
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