46% of dental practices consider past due patient balances to be a problem in their practice, and it’s a problem they want to fix! Only 22% of practices consider carrying past due accounts to be an “accepted way of doing business”. So why is it so difficult to get patient payments today?… Read more
Did you know that the credit and debit cards we use today will be replaced with “smart” cards within the next three years? Did you know that if you are not ready to accept these new cards, you will be liable for any fraudulent transactions?
The cards we use every day have a simple magnetic stripe on the back that encodes our account number and other information.… Read more
We’ve recently conducted research with practices to learn how they’re communicating with patients about past due balances. How does A/R fit into your 30/60/90-day buckets? When are you reaching out to drive payment from those accounts? How well is it working?
Here’s what we found for ophthalmology practices. But regardless of your specialty, there is some great food for thought.… Read more
High patient balances and increasing A/R have unfortunately proven to be a growing trend among practices of all specialties. Finding effective ways to resolve those accounts with limited staff and financial resources has been equally as challenging.
A recent survey of OB/GYN practices found that 39% of delinquency in this specialty is less than 30 days past due.… Read more
Automating appointment reminder messages to your patients is a no-brainer. These routine communications are perfect for electronic delivery, saving big bucks on mailed postcards and hours of staff time spent calling patients only to reach busy signals or “no answers”. In fact, the practices MGMA classifies as “better performers” are 48% more likely to be currently using an automated call system to remind patients of appointments.… Read more
Are you still regularly mailing your patients for any reason? Sending them appointment reminders, wellness messages or balance due statements? Hopefully, you’re not having to send multiple balance due statements. HBMA estimates the cost of one of those statements to be more than $10 each!
Regardless of why you’re mailing your patients, it’s going to take those communications a little longer to reach their destination.… Read more
As I talk with more and more healthcare organizations about their growing A/R accounts and what they’re doing to get them resolved, it’s clear that one of the ways they can turn the tables is by winning the numbers game.
What do I mean by that? I simply mean making more proactive touches to past due accounts earlier in the delinquency cycle.… Read more
I’ve been presented with a wonderful opportunity to share with ADA/M members (that’s the Association of Dermatology Administrators and Managers) next month, where we’ll spend an hour looking at ways healthcare organizations can build more effective strategies for self-pay collections.
We created a great infographic on this topic a while back, but in case you haven’t been able to check that out and since most of you don’t belong to ADA/M, I wanted to share that content again – what I feel are 10 important tactics you can use to fight rising self-pay balances.… Read more
MGMA recently released its 2012 report on Performance and Practices of Successful Medical Groups. The report shares data from 2,119 practices, and finds 348 to be “better performers” thanks to their success in patient satisfaction; profitability and cost management; productivity, capacity and staffing; and accounts receivable and collections.
Perhaps most interesting in this report is being able to see how “better performers” compare to other practices across a variety of measures.… Read more