The fourth quarter of each year is a good time to remind patients with account balances: Whatever amount of the balance they pay by Dec. 31 of this year, they may be able to claim as a tax-deductible medical expense for this year when they file their income tax.
This may serve as an incentive for these patients to pay off their balance. Remind them that your practice accepts credit cards.
If your accounts receivable are getting a little stale, you may be due for a billing and collections assessment by one of the experts from TMA Practice Consulting. A consultant can show you and your staff how to increase collections, improve cash flow, and become more efficient in your business office.
Content reviewed: 1/28/15
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