Improving collection is a key aspect of any business that needs to stay liquid and profitable. The thought of sending out a lot of billing statements for services already rendered is a frustrating one. Your bottom line suffers when collections are down and this is not an ideal situation.
When collections are down it becomes almost impossible to invest in improving your business. Progressive endeavors like buying new equipment or systems take second place to follow-ups and debt collections, leaving your practice stagnant.
It should be simple, you perform a procedure and the patient pays. Unfortunately, it can be long before you see a payment from some patients due to many reasons. Though it can be frustrating having delayed payments for the work you’d have done, here are some proven tips to help you better your collections.
Improve collections and grow your practice
1. Encourage prompt payment
One way to improve collection is to ensure that patients pay as soon as possible. Your practice policy to your patients should be made very clear on this. On low fees, for example, request payment to be at the time of service. Verification is needed to ensure that patients are able to pay this before the procedure is undertaken.
2. Have electronic billing
To get more payments, make it easy for patients to pay. In today’s world, almost everything is being done online. As such, ensure your patients can make online payments. Electronic billing allows patients to actually see the progress on their account, how much they are owing and when to pay. This keeps an accurate record for you and your patients.
3. Follow up…again
Have a well-structured system where patients overdue are called. These calls have to be done in a professional manner letting patients know that the practice is yet to receive payments for the services rendered.
To avoid any confrontations these calls need to be done professionally. A script helps make sure that these calls produce the desired results. Through these calls, the patient can specify the exact date of payment.
4. Reward prompt payment
One sure way of making sure you get better collections is offering a reward for cash payments. Discounts are one sure way of ensuring there is better over the counter payment.
Emphasizing on credit cards payment is another strategy to improve your collections. The convenience makes it easy for patients to offer to promote payments on procedures are done.
To have a successful practice you need to have patients that trust but you also need those trusting patients to pay their dues. Outstanding payments do not only hurt your bottom line but they also become a distraction as they make you move away from your main task.
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