Patient debt collection can severely hamper a practice's productivity and diminish your bottom line. Recent studies show that only 21 percent of patient balances not collected up front, at the time of service, are ever collected. When staff spends valuable time on collections, practices stand to lose even more. In fact, practices would have to cut costs by roughly 31 percent to make up for lost patient revenue.
To optimize collections, consider engaging your patients during appointment scheduling, at check-in, at check-out, and during follow-up. Other options include establishing a credit-card-on-file program, providing online bill pay, or seeking medical collections support.
To help your practice recover past-due accounts via collections support, TMA has endorsed I.C. System. Since 1938, I.C. System has collected debts ethically to improve cash flow for health care facilities across Texas. TMA members can receive a free consultation by calling (800) 279-3511 or by visiting the I.C. System webpage for TMA Members. While there, be sure to request a copy of the complimentary guide "Nice People Can Collect Bad Debt."
Action, Oct. 3, 2016
Last Updated On
October 11, 2016