A better way to handle patient accounts.
With the increase in high-deductible insurance plans, patient accounts now make up 25 – 30 percent of the average practice’s total revenue. As deductibles continue to rise—and they will—practices must have a simple, effective way to manage patient accounts.
The Cost of Failing to Manage Patient Accounts
Once a patient walks out the door, the likelihood that your practice will be paid for services rendered drops dramatically. In order to collect revenue, in-house medical billing and administrative staff has to send out statements and notices—which conservatively cost approximately $3.00 to create and distribute. While the cost of a single statement may not seem like much in light of your practice’s total revenue, consider this:
Most practices have found that they must send out an average of 3 billing statements before they receive payment. If your medical billing staff is struggling to collect revenue from 100 patients at a cost of $9 to $10 per patient, then you have just spent close to $1000 trying to resolve patient accounts.
Cut Costs with Healthcare Cash Management
Through our strategic partnership with Exchange EDI, a healthcare cash management service, the Medical Consultants Group can help your practice cut costs and collect outstanding revenue.
COLLECTING PATIENT BALANCES INTERVIEW
Here’s how it works:
Each time a new patient visits your practice, your office staff will request permission to keep the patient’s credit card information on file. At this point, your practice will be able to collect all money owed without having to go directly through the patient.
Most patients are willing to pay for the services they received if they understand what they are paying for and why the recommended treatments or procedures are necessary. With our Patient Cost Estimator, providers can offer patients a clear, itemized statement of what they will owe for the recommended treatment plan, and come up with a way the patient can pay their share that doesn’t require the practice to be the patient’s source of financing. And with the patient’s payment information on file, your practice can save money because you won’t have to worry about billing or statements.
Here’s the best part:
You and your staff won’t have to worry about phone calls, statements, or collections. Your practice can focus on what’s important: delivering comprehensive patient care and improving patient outcomes and patient satisfaction.