Today, between co-pays, claim denials, past-due balances and changing insurance, doctor’s offices must navigate a complex financial landscape. While doctors work to treat patients, they must also succeed as a business. The complexity of managing financial payments can put a strain on their medical practice. Let’s look at the billing oversights in a medical practice that can happen and how to address them.
Missing payments is one of the most common billing oversights in a medical practice. Doctor’s offices can become too relaxed with collecting immediate payment from patients. Co-pays, deductibles, and past-due charges should all be collected before a patient can see their physician again. While this may seem like common sense, patients often ask to be billed later or ask for a delay, especially as patients are expected to pay a larger part of their bill.
Doctor’s offices should clearly state that all past due charges are due before service since delaying payment requires increased efforts to collect. Staff should be trained and familiar with determining a patient’s deductible, co-insurance and other potential costs. It is best to create a sheet of the most used diagnostic codes and the payer’s corresponding contracted rate for easy access.
Not Leveraging Technology
Thankfully, many companies today create information technology solutions to make the doctor’s offices’ financial management more manageable. Many of the billing oversights in a medical practice come from a lack of time and resources. Technology solutions such as e-eligibility software, collections modules, monitoring tools and patient portals can automate many financial responsibilities. Many doctor’s offices rely on outdated systems when easier to use methods are available. To keep your doctor’s office from making major financial mistakes, utilize the best technology available.
Not Setting Patient Expectations Before Service
Medical care can be expensive, and patients can easily be surprised by unexpected charges. While it can be difficult to discuss financial matters related to treatment, patients need to understand their treatment costs. Medical offices should clearly outline the treatment costs, other options available, and why the doctor recommends this treatment. Sadly, the price can, at times, guide a patient’s choice of treatment. As medical costs continue to rise, patients must fully understand what they face. Not doing so can bring battles with insurance or result in a patient unable to pay their balance.
Not Creating Specific Goals for Financial Management
Another billing oversight in a medical practice is not setting financial goals. While the first goal is always to provide excellent care to patients, doctors should pay close attention to their practice’s financial operations. Are too many payments going to collections? How much time does staff spend trying to contact patients about past due balances? Things like this matter. To avoid complacency, set goals for financial performance and continuously look at ways for improvement. Doing so can bring more financial success and allow for more focus on patient care.
Hire Alacrity Collections to Manage Your Past Due Balances
Alacrity Collections is proud to be a leader in debt collections since 1982. Chasing overdue invoices is not an effective use of your time. Let our team help so you can work on running and growing your company. We achieve great results that are over twice the national average and treat all of our customers with dignity and respect. We work tirelessly to protect your brand and improve your net returns. To learn more about our services and get in touch, please call us at 1-800-752-9663 or email us at email@example.com.