Patient balances account for more of a practice’s total Accounts Receivable than ever before due to high deductible insurance plans. At Legacy, we have worked with some clients who have had more than 50% of their total AR in patient balances. Did you know that your chance of collecting patient monies reduces by half the minute your patient walks out the door? It’s true, but Legacy Consulting Services is here to help!
There are things you can do to improve your patient collections. First and foremost, make sure you have an eligibility plan in place. Whether this is an electronic batch eligibility that occurs automatically through your EHR or Practice Management system or individual phone calls to the payors 2-3 days prior to the patient visit, it is critical that practices know what the patient will owe before they walk in the door.
Your front desk should be prepared to collect patient payments at check-in. By requiring payment up front, the practice is not only increasing patient collections but also reducing expenses due to fewer statements being sent out.
When it is time to send statements, it is important to have a plan in place. Don’t just keep sending statements without follow up. Legacy can help you develop a plan of action that will work for your practice and ensure that the plan is compliant with your state’s collections laws. It is also important that each practice review the individual payor contracts to ensure that all guidelines are being followed as agreed upon.
Having a process in place to consistently collect from patients is especially important in this evolving healthcare climate. Legacy can help you develop a workflow that will decrease your patient AR and increase your profitability.
If you would like more information about improving patient collections and ultimately decreasing your patient balance AR, contact Legacy Consulting Services today to schedule your free 30-minute consultation.