Ok, nothing in medical billing is really a piece of cake, but there are a lot of ways to improve and streamline your patient collections. And with all the big changes in healthcare, it can feel good to get a real handle on one area of your business.
Patient collections can be that area. It’s a part of your revenue cycle where you can make big improvements with little investment, and in 2013, the Getting Paid blog was full of great tips and tricks for improving patient collections. Nearly 30% of your practice’s A/R is patient due amounts. You can’t afford to leave that money on the table, but once a patient walks out the door, your chances of collecting plummet.
Here is a recap of 5 interesting tips for improving your patient collections:
- Don’t make assumptions about insured patients: Being insured doesn’t guarantee payments. Always check eligibility and know what patients will owe you.
- Collect 90% of patient payments at registration: Collect as much as you can from patients before they walk out the door. You are twice as likely to collect in the office as you are after the patient leaves.
- Have a plan for patient payment plans: There will be times when setting up payment plans makes sense, but put a structure to this process so you can ensure you get paid.
- Use online billpay: Nearly half of all households pay bills online so allowing them to pay their bills to you online just makes sense. Tweet This
- Keep credit cards on file: Getting authorization to keep a credit card on file allows you to collect patient due balances or process payment plans payments quickly and easily.
Patients will continue to pay a larger and larger portion of their healthcare costs. The more proactive you are about your patient collections now, the better it will be for you long term. For more great information about patient collection strategies, check out the webinar 3 Innovative Ways to Improve Collections or join us for our upcoming live webinar Achieving Successful Patient Collections with Kareo on December 10.