There are some problems that universally affect all medical practices, and past-due patient balances is one of them. It’s uncomfortable and unpleasant to ask for payment, especially when you know a patient might be unable to pay in full or you haven’t established collection practices. However, the funds that you collect from patients are essential to keeping your doors open and being able to properly treat patients who do pay on time.

The Impact of Accumulating Past-Due Patient Balances

As deductibles rise, more medical expenses are being shifted from insurer to patient. While the shift takes place, healthcare providers are struggling to maintain high reimbursement levels and collect from patients. One new study found that practices only collect 12% of past-due patient balances at the time of service and collect $0 almost 70% of the time. That alarming statistic shows the need for practices of every size to develop effective strategies for getting past-due patient balances paid.

Establish Your Expectations with Staff and Patients

First, remember that your staff, patients and management need to be all on the same page. If you are going to make payment at the time of service your policy, you should make this clear at every step in the process. When patients schedule an appointment, check with their insurance and let them know how much they should be prepared to pay. Like many hospitals do, you should also ask for payment at the appointment. While you will not collect 100% of the time, you might be surprised how many patients are ready and willing to pay then and there. It takes time and consistency to implement policies, and after a single appointment, many patients will start to expect to pay immediately and prepare.

Offer Multiple Payment Options

If you only accept one or two payment methods, you are hampering your ability to collect past-due patient balances. Offer as many payment methods as possible, including newer options like PayPal, Apple Pay or Google Payments. By meeting the patient’s preference, you improve patient experience and increase your chances of getting paid.

Improve Patient Communication

In one survey, over 50% of patients didn’t understand what their medical costs were, and were more likely to have a negative impression of their doctor as a result. By improving the way that you communicate with patients and making their financial obligations clear, you can also improve their perception of your practice.

Get Help Collecting Past-Due Patient Balances with Vetters Enterprises

Vetters Enterprises specializes in practice management, private practice business support and revenue cycle optimization. We can perform in-depth assessments of your practice or facility and identify potential issues. Let us keep your business as healthy as you keep your patients! Give us a call at (443) 352-0088.