As a physician your primary job is to take care of your patients’ medical needs. However, it’s important to remember that if you are running your own practice, you’re also a business owner.
With delayed payment from payers, payment rates dropping, and expenses continually rising, it is important to keep the financial health of your practice always at the forefront of your mind. That means billing correctly to insurance companies and collecting from patients.
Patient collections is a frequent problem for practices. Having a clear, written payment policy will let your patients know what you expect of them and what they can expect of you.
A well-crafted policy will prevent patients from being surprised about their financial obligation when they receive your services. It will give your practice some risk protection should patients fail to follow through on their payment obligation, and it clearly outlines what you are expecting to collect.
To help you develop best practices for patient collection, the Texas Medical Association has published a new CME-To-Go podcast, Sound Policies for Collecting Patient Payments.
Topics covered in the episode include:
- Five must-haves for a sound financial policy;
- Collection strategies to consider; and
- Setting expectations with your staff.
The podcast has been accredited for 0.5 AMA PRA Category 1 Credits™ and is free to TMA members and their practice staff thanks to a generous sponsorship by the Texas Medical Association Insurance Trust.
Last Updated On
November 11, 2020