Three Ways to Increase Your Practice Collections
How much money is your practice losing?
Collections are the life-blood of your practice. Yet, doctors in the United States lose roughly $125 billion per year due to poor billing practices. According to an MGMA study, an average practice will recover just $15.77 for every $100 owed once a patient defaults on the amount they owe to you.
Below are some ways that can be implemented in order to maximize your collections. You will find that most are fairly easy and do not require additional resources. They do require a concentrated effort but will prove to be financially beneficial.
- Make sure you have a patient portal.
- Remember, having a patient portal isn’t enough. You must maximize your patient portal.
- Make sure you have an online bill payment option.
- Give patients a wide variety of options for paying their bills. Be sure to accept cash, checks, credit cards and debit cards.
- Encourage patients to register a credit card to keep on file with your office and make sure they enroll in an automatic pay option for their patient balances.
- Encourage patients to pay past account balances and current charges at the time of service.
- Train all staff to firmly but gently communicate with patients about patient financial responsibility issues.
- Be willing to refuse service to patients who do not pay.
OUTSOURCE YOUR MEDICAL BILLING
- When you transition to a billing company, you get trained specialists dedicated to medical billing.
- Outsourcing means you don’t have to worry about personnel issues, covering vacations or ongoing training expenses.
- Utilizing a billing company will afford you the benefits of state-of-the-art software, up-to-date processes and key reports in a timely fashion.
- Dedicated efforts, working every denial, and not accepting zero payments will result in your practice getting more money faster.
Maybe all three ways won’t work for your practice or maybe you’ve already done some and that is great. Every way that you implement will only help to increase your practice collections.