Medical practice revenue isn't just about payer reimbursement anymore. With more uninsured or underinsured patients accessing care, patient responsibilities now account for 20 to 30 percent of a practice's total charges, according to the several revenue cycle experts and practice managers recently interviewed by FiercePracticeManagement.
To thrive in a still-challenging financial environment, practices must be more aggressive about collecting patient deductibles, coinsurance payments and outstanding balances. Our sources shared their top advice for collecting money while maintaining positive relations with patients. Surprisingly, many of their strategies are simple (and effective!).
Seven of their best-proven strategies are listed as follows:
1. Train (and hire) employees to have the right attitude
2. Get physicians on board
3. Communicate your expectations clearly to patients
4. Establish logical payment plans
5. Determine each patient's responsibility in advance
6. Use collections agencies wisely
7. Create team responsibility and reward
Check out some of Fierce's other special reports:
CEO payouts at top healthcare systems
Meaningful Use: A year in review
2009 Health Insurance CEO Compensation