Collecting balances and copays at the time of the visit is not always an easy task, but it is what differentiates a practice that flourishes from a practice that struggles to get by. By doing what you can to make sure your practice is flourishing, you are ensuring that you will be able to properly care for your patients for the duration of their needs.
Here are 6 reasons why collecting balances and copays at the time of visit is vital for practice success.
Keep Patients Informed of Financial Responsibility: Collecting balances and copays upfront ensures that patients are aware of their financial responsibility for the visit. It helps establish clear expectations regarding payment and prevents any misunderstandings or surprises later. This will not only increase your revenue, but also also increase the satisfaction of your patients by setting clear expectations from the start.
Increase Administrative Efficiency: Collecting patient payments at the time of visit reduces the administrative burden on the providers office. It minimizes the need for subsequent billing, follow-up calls, and sending statements to patients. These are all things that also cost time and money. When patients know they are expected to pay a copay every time they come in, it helps to streamline the office's operations, allowing staff members to focus on providing quality care and attending to other important tasks.
Increase Patient Satisfaction: Promptly collecting balances and copays demonstrates professionalism and efficiency, leading to improved patient satisfaction. Patients appreciate knowing the exact amount they owe and having the opportunity to address their financial obligations immediately. It enhances the overall patient experience by reducing potential frustrations associated with billing and payment processes.
Reduced Debt and Delinquencies: Collecting payments upfront reduces the risk of unpaid balances and delinquent accounts. By securing payment at the time of the visit, the providers office can significantly minimize the occurrence of outstanding debts, and decrease the need for pursuing collections or debt recovery procedures. This contributes to the financial stability of the practice without the extra cost of partnering with a collection agency.
Improved Revenue Cycle Management: Efficient collection of balances and copays supports effective revenue cycle management. By consistently collecting payments, the office can accurately track revenue, reconcile accounts, and maintain a healthier financial position. This helps ensure the stability and growth of the practice, which benefits not only the provider, but also the employees and patients.
Compliance with Contractual Obligations: Most insurance contracts require providers to collect copayments and apply them toward the patient's visit. By collecting copays at the time of the visit, the healthcare provider ensures compliance with contractual obligations with insurance companies. Failure to collect copays may result in contract violations or reimbursement issues from the insurance company.
It's important for the healthcare provider's office to have clear policies and procedures in place regarding payment collection. It's also important to properly train the staff members to handle financial transactions with sensitivity and professionalism. Communication with patients regarding payment expectations should be transparent and respectful to maintain positive patient-provider relationships. Knowing exactly what is owed at the time of visit will increase patient satisfaction.
Looking for an established medical billing company to work with your office, and assist you in maximizing your practices revenue, contact us at 708.362.6080 ext 1001 or email email@example.com for more information on how we can help you maximize your practice revenue.