Cash flow depends on efficient collections in your office. Follow these steps for faster patient collections:
- At the time of service, offer prompt pay discounts and prepayment options.
- Review accounts for previous balances.
- Mail statements daily as you receive explanations of benefits.
- Shorten your patient payment expectation to 15 days.
- Call the patient 30 days after the statement goes out.
- Offer credit card charging by phone, mail, and online.
Managing a medical practice’s revenue can be a juggling act of cultivating good patient relationships, honoring legal parameters, conquering insurance company bureaucracy, and more. TMA’s seminar “Collections and Billing Compliance,” now on the road, explores techniques for making sure it all gets done right. Register now.
As a special bonus, registrants can get $50 off the cost of TMA’s Policies and Procedures: A Guide for Medical Practices, 2011 edition.
Published April 8, 2011
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