One of the most common pain points for clinics of all sizes is patient collections.
Collecting bills from patients has never been an easy job (and we don’t foresee that changing anytime in the near future). However, some patients do pay on time — but there are also a good number of patients who pay late or avoid paying altogether. There may be a lot of reasons as to why they don’t pay. Therefore, if you can figure out why patients aren’t paying, then it will be easier to formulate an action plan to ensure that you get paid.
According to a credit report survey, 42.9 million people with credit records have outstanding medical bills, which suggests the serious challenges that practices face when collecting from their patients. And when patients don’t pay, your clinic is at risk financially. Furthermore, according to InstaMed’s Sixth Annual Trends in Healthcare Payments, 28 percent of providers do not know how much in-patient collections they write off each year. This is a serious problem!
To ensure that you don’t lose out on a big chunk of revenue this year, you’ll need to have a strategy for improving patient collections. And what better place to start than at the front desk?