7 Ways To Increase Patient Collections

1. 7 Ways To Increase Patient Collections

2. Why Don’t Patients Pay? • A majority of patients doesn’t  pay on time. They might delay payment or find ways to avoid paying completely.  • Multiple reasons about the balance that is due. They might not be able to afford the bill.

3. The Front Desk: • The front desk should verify the patient’s current insurance. And other, relevant details. • Practice Management System should run an eligibility check on the patient. If an issue does arise, the patient can be contacted before the appointment.

4. Point Of Service: • When the patient is standing in front of you, that is the best time to collect payment. • Asking for payment will increase revenue collection substantially. • Due to varying insurance policies, it is always best to collect payment up front.  Specifically, if it is to one of the best medical services in your area.

5. Collection Letters: Financial Agreement: • The collection letter should adopt a sympathetic tone. Where you vocalize that your practice understands that money is not a simple matter. • Outsourcing to a medical billing company could be critical to your success. They could offer customized medical billing services, tailored to your practice. • Each practice needs to have a fool proof financial agreement. a practice is extending credit to a patient. • When the payment is due. A payment plan policy. Interest rate on the balance due,Creditcard on file policy,andnumerous other things that should be inked on official paper.

6. Patient Statements: Follow Up Calls For Collection: • Patient statements can be complex. Patients should know how to read them. • These statements need to be issued at least once a month. If you are sending statements out every day however, you are billing patients for dues • There is a higher likelihood of you obtaining a fast payment. • You need to start the follow up calls once that date has been crossed. •  We recommend a day after the given date. • Vary the time of calls if you are not receiving a swift response.

7. Reasonable Payment Plans: • You can also help patients by offering them reasonable payment plans. • You could ask the patient to divide the due balance into two, equal payments. Over two months. • Following these seven steps could enhance revenues for your practice, and change your cash flow drastically.