Saving Time and Money with Healthcare Cash Management
A 7 physician independent practice was spending approximately $3.00 per patient statement in an attempt to collect patient balances after patients had already left the office. While that might not sound like much, this practice was sending out 1,960 patient statements every month.
At a rate of $5,880 per month on patient statements alone, this practice was paying over $70,000 per year trying to collect on patient revenue—only 40% of which they were actually collecting.
After implementing our healthcare cash management program, the practice not only saved the money that was being spent chasing patient balances, but also increased the total amount of revenue by keeping a form of payment on file and setting up payment plans that were convenient for both the practice and the patient.