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A majority of patients doesnu2019t u00a0pay on time. They might delay payment or find ways to avoid paying completely.u00a0<br><br>
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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.
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.
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.
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.
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.
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.