When it comes to the collection of patient co-pays and deductibles, medical practices are always caught in the crosshairs. Therefore, it becomes necessary to have an effective patient payment strategy in place so that the workflow of the practice is streamlined.
You need to stop making accounts receivable mistakes and start managing practice collections in a smart manner. According to a survey conducted by the MGMA (Medical Group Management Association), practices generate approximately 25% of their revenue from patient payments. So if your practice is failing to collect these payments on time, you might end up experiencing a significant loss of revenue.
Also, practices need to avoid the following patient collection mistakes:
• Is your staff collecting insufficient or inaccurate financial data from patients? This is the biggest mistake that can result in problem accounts and increase A/R. Make sure that your front-desk staff is well trained and not slipping in this regard. If needed, provide them with additional training and keep evaluating the workflow to determine how much workload is enough for each staff to manage.
• Your staff should be held accountable if patient information and insurance information isn’t being updated every at every visit. This is not just required for new patients but also for the existing ones. If the staff fails to probe and collect accurate data while scheduling appointments, then collections will get affected.
• Not offering sufficient payment options is another mistake that your practice should avoid. It is not recommended to restrict you to take cash. Nowadays, patients also prefer to pay through credit or debit cards, so keeping a card machine at the front desk can be helpful.
• Also, your practice needs to have a strong financial policy which needs to be communicated to the patients. This will help in avoiding payment confusions or discrepancies in the future. Just make sure that the policy is comprehensive and it addresses issues that are related to your patients and practice specialty.
• Make sure you are prepared by checking your EHR and creating a list of all patients that have huge payment backlog. You will need good software for viewing and planning patient balance in real-time on the scheduling screen. Also, don’t make the mistake of not following-up with patients as this will increase the chances of non-payment.
About 247 Medical Billing Services:
We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses.
247 Medical Billing Services
Tel: +1 888-502-0537