3 ways practices can boost patient collections


To keep a healthy cash flow and their doors open, physician practices need to ensure they collect payments from patients, according to Medical Economics.

The days are gone when insurance companies’ payments on claims represented 85 percent of a medical practice’s revenue, according to the article. Today, changing regulations and shrinking reimbursements from insurance companies, as well as high-deductible health plans (HDHPs), means practices must rely on getting paid by their patients in order to maintain their financial health.

“HDHPs have shifted financial responsibility to where it sits equally with the insurer and the patient. Half of a medical group’s revenue now has to be collected from patients and they naively believe their doctor can’t possibly be hurting financially,” writes Tom Furr, founder of PatientPay.

New Whitepaper

CMS Doubles Down on CAHPS and Raises the Bar on Member Experience

A new CMS final rule will double the impact of CAHPS and member experience on a Medicare plan’s overall Star Rating. Learn more and discover how to exceed member expectations and improve Star Ratings in this new whitepaper.

Here’s three ways practices can help boost patient collections:

Set the expectation of payment from the patient and if possible get payment at the time of a visit. Staff need to know what the patient’s health plan covers and what it allows in terms of reimbursement, so on the way out, they can collect the payment. If a patient is unable to pay, set up a payment plan.

Switch to electronic billing. While many companies have moved away from paper-based billing, the number of medical bills sent through the mail has increased. Most patients prefer to get and pay their bills electronically, according to the report, a delivery method one survey found was preferred by 7 out of 10 patients. And you will likely be paid quicker.

Make it easy for patients to pay. Patients are less likely to pay bills if they do not understand the charges. Make your statements easy to understand so patients know what they need to pay.

Keep in mind, however, that you won’t collect payment in full from every patient. A reasonable benchmark is collecting between 85 and 95 percent of patient payments, as FiercePracticeManagement previously reported.

- read the article

Suggested Articles

Blues plans have reportedly agreed to a $2.7 billion antitrust settlement.

Premera Blue Cross will pay $6.9 million to HHS over a data breach six years ago that exposed 10 million people's health information.

Digital health for adults is a booming business, but innovation in the pediatrics has lagged. Children's Hospital Los Angeles wants to change this.