RETRAIN your providers' offices on patient collection processes that work
Part Two of a Three Part Series for Owners of Medical Billing Companies on how to increase their revenue.
There is money walking out the door of your practice every day. Does your provider’s office have the needed staff on board to collect? If your provider’s office has had recent turnover or needs stronger leadership in the front office, they may not be prepared for the shift in financial responsibility to the patient that is the future of healthcare.
Stop allowing patients to leave before paying or making arrangements on outstanding balances regardless of the age of the account. Instead, educate your providers that they need to educate their patients. Patients are less likely to pay when they don’t understand. Have clear policies about what is expected from the patient so they understand that handing over their insurance card is no longer enough.
Also encourage your staff to feel empowered to ask for money. When I was a billing manager at a pediatric office, I would remind the front desk staff we were running a business, and this is how we all pay our salaries. Employees may lose sight of that especially if they feel they may get in trouble.
Furthermore, see if your practice management software vendor offers “Credit Card on File” services where you have pre-authorization to run a patient’s credit card for up to a certain amount. The patient expects paying their bill to be as easy as paying for something on Amazon. If it’s not, you’ve lost another opportunity to collect.
Watch for the third "R" in the 3 R’s of increasing revenue, RENEGOTIATE.