In a March 2014 Physicians Practice blog post, author Ericka L. Adler shared basic ideas a healthcare practice can implement to do a better job of collecting payments from patients. Click HERE to read the full post.
Two of the four points made in the post focused on how and when to connect with patients who are delinquent in paying. According to the article, “75 percent of medical offices don’t even try to call a patient that is delinquent in paying, even though calling patients is considered the most effective technique to recover debts”. Where does your practice stand on this patient payment collections activity? If you’re not calling those patients today, why not? Is a lack of resources standing in the way of proactive outreach?
Another idea Adler shared in the post is not waiting too long to try to collect payments, and she supports that by stating that in the first year “the probability of a practice collecting a past due account drops by 10 percent every 30 days”. This point also raises the issue of a lack of resources to conduct early outreach for patient payment collections. If this is the reason you’re waiting to collect (hoping some patients will make payment and leaving you with fewer accounts to contact), you’re probably hurting your overall A/R figures.
Click HERE to learn more about challenges practices are facing in patient payment collections.