Patient balances have gone from approximately 10% of practice revenues to 30% of practice revenues! This source of revenue needs to be well managed. It is in your practice’s best interest to have an electronic system for accurately predicting how much the patient will owe, over and above their co-pay, at the time of service.
Increase Your Chance of Collecting the Patient Balance
Our system, provided by Exchange EDI, can accurately predict how much the patient will owe based on the specifics of the current encounter and the state of the patient’s deductible. Our service takes today’s charges and electronically queries the insurance company’s database to see what part of their deductible the patient has used. Combining this information gives your practice the amount the patient will owe. It is important to be able to get this information to the patient before they leave the practice for two reasons; first it educates the patient regarding their financial responsibilities for your services and second, if you collect while the patient is in the office, you have a 70% chance of getting payment. If you wait and send the patient a bill, you have only a 40% chance of collecting and you will have to pay for the statements you send. MGMA says it will take an average of three statements to get the job done.
Create Patient Balance Payment Plans
There is another way our system can help. If the patient can’t afford to pay the amount they owe at the time of the visit, you can arrange a payment plan both you and the patient can live with. This plan will be administered by the patient’s credit card and require no further work on the part of your practice. All you have to do is track the money that comes in automatically.
Effectively Collect Patient Balances with the Medical Consultants Group
This patient payment estimation and collection process will increase practice revenue, improve practice cash flow and decrease practice overhead. This is another way the Medical Consultants group can improve and protect your practice’s revenue. Call us today at (404) or fill out our online contact form to find out more.