10 ways to increase your collections

Physicians and therapists lose considerable revenue by not collecting co-pays and patient balances at time of service. By attending to some basic practices, you can ensure that you collect the amounts owed to you. Be sure that:

1. Gather all patient information at the time he/she calls for an appointment.
2. Update each patient’s payment information at the front desk at every visit.
3. Establish and communicate the expectation that patient balances are due at time of service.
4. Collect all copayments and deductibles when the patient checks in.
5. If the patient doesn’t pay at check-in, remind him/her at check-out if he or she needs to pay any of the cost.
6. Work with patients who owe past-due amounts by setting up payment plans and explaining what their insurance covers and what it does not.
7. Educate new patients about the practice’s financial policies and their responsibilities.
8. Accept credit and debit cards for payment.
9. Educate employees on collection techniques so they understand the most effective methods of obtaining payment, such as not arguing with a patient, not becoming emotional and sounding confident.
10. Implement a collection process that includes steps based on the time and overdue amounts.

[The above list is adapted from the MGMA site.]