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Healthcare practice owners and managers are often astounded to realize that it can cost as much as $6 or $7 to successfully collect a patient payment using traditional invoices through the mail. Considering employee time Cheap Jerseys Wholesale , as well as postage and envelopes, the cost truly adds up when sending dozens of invoices each week. The hours spent preparing invoices also detract from other endeavors around the office ? valuable time that could be focused on improving patient flow, records management, etc. ? not to mention that most patients are sent two or even three invoices before they return payment. Establishing a formal payment policy with your patients can help improve collections and reduce practice overhead.
Designing a Patient Payment Policy: When designing your payment policy, spend some time talking with your staff Cheap Jerseys Free Shipping , the person responsible for your billing and colleagues at other practices. These resources often provide insightful information from direct personal experience about what works and what doesn't. Consider the history of your practice in defining how far you should to reach with your payment policy; there are variations from one locale to the next with respect to age, economic status, and so on. In some areas a written statement of which insurances you accept and that ?payment is due in full at the time of service? might be satisfactory. Other areas might require detailed information about payment plans, minimum payments and your use of collections agencies to set the appropriate expectations.
Just remember to keep it simple. The more straightforward your policy, the more effective it will be. Be upfront about your rules Cheap Jerseys From China , clear on how you will handle non-payment, and direct with enforcement. Too many practices have found out the hard way it's much easier to offer a clearly written policy in advance than it is to calm a shocked patient down when asked to remit a large payment on the spot.
A Few Considerations: The most straightforward, direct payment policy would require all patient obligations are met at the time of service, but that's not always an option. What about patients who "forget" their checkbook? How about those patients who just don't have enough money to cover an expensive procedure? Below are a few options you might want to consider.
Invoicing Charges: Some practices offer to send out patient invoices in lieu of payment at the office but add an "invoicing charge" to each mailed statement. These charges often range anywhere from $1-$5 per statement and help defray some overhead, but rarely all of it. While invoicing charges can be effective in getting patients to remit payment with the first bill Cheap Jerseys China , they can reflect negatively in a saturated market with strong competition between practices, not to mention for new practices seeking to build a patient base.
Payment Plans: Payment plans can be a good alternative for patients unable to meet full obligations at the time of service, but detailed parameters are an imperative. Keep in mind payment plans that run too long increase the risk of default. Some practices have found the best approach is to limit terms to six months or less.
For some types of practices, an example payment plan policy might establish a minimum of say, $100 due at the time of service Cheap Jerseys , with the balance divided into equal installments over the following 6 months. Or, you might divide the total balance into 6 monthly installments, with the first installment due at the time of service.
Regardless of how your payment plan is structured, it should focus on two equally important goals. First, keep it simple to avoid confusion. Second Wholesale NFL Jerseys , find a reasonable balance between collecting as much as possible up front, at the time of the visit, and what the patient can bear. If patients stretch too far upfront, they may not be able to make the remaining payments over the following period, resulting in the worst case scenario for everyone - default.
Interest: Most offices offering payment plans do not charge interest Wholesale Jerseys China , but it's not an unheard of practice. Interest charges, like invoicing charges, can be a negative determining factor in competitive markets and for new practices. Charging interest also requires additional staff time to calculate invoices before mailing, rarely offsetting the added overhead. Another important factor to remember with interest charges is adherence to the rules Truth in Lending Act. This can add several more layers of requirements to your practice's administration, creating further unnecessary complications.
Collections Agencies: Teaming with a collections agency can provide you with some recourse if patients fall into default Wholesale Jerseys , but consider your options carefully as collection agencies can charge anywhere from 15% to 50% on receivables. Any such partnerships should be thoroughly researched in advance, and outlined in detail in your policy, including agency contact information for your patients.
No Shows: Patients who fail to show up for a visit without notice is, frankly, annoying and rude. But invoicing no shows can turn patients away from future visits Cheap NFL Jerseys Shop , not to mention they typically have a very low receivable rate. If you plan on invoicing no shows, keep both of these points in mind as the overhead costs of invoicing may give you enough cause to write it off completely.
Alternate Payment Methods: Consider offering as many payment methods as possible. Recent years have seen a decrease in credit card processing fee, making them more attractive even for practices with only moderate patient traffic. Credit cards can also be used to bill for monthly installments and payment plans if signed authorization is provided. This will also help circumvent the proverbial ?check in the mail,? and, you'll know immediately if the charge is rejected.
Communication: Whatever parameters are defined in your payment policy Cheap NFL Jerseys Wholesale , communication is key to ens
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