3 Collections Strategies That Help You Get Paid
One issue that has surfaced recently is how providers are supposed to collect from patients and minimize the amount that is written-off every year. We recognize that this can be an uncomfortable conversation with patients, but ultimately it is crucial to the survival of the practice.
Here are our 3 best strategies for collecting from patients and minimizing your write-offs at the end of the year.
1. Create Documented Procedures for Collections
In our experience, when there is a documented procedure for collections there is a lot less anxiety around collecting from patients. Documentation not only helps the provider but also the patient manage expectations when it comes time to have the money conversation.
Some tips when creating documentation:
a. Make it simple and clear
b. Make it readable
c. Make it available both online and in hardcopy
2. Obtain Payment Before the Session
By obtaining payment before the session you greatly reduce the likelihood of writing-off amounts at the end of the year. Additionally, this helps solidify the value of the services that are being offered.
You not only reduce the likelihood of writing-off amounts at the end of the year, but you also reduce the amount of time needed to follow-up on outstanding balances. The reduction in time directly relates with money saved.
3. Make It Easier For Clients to Pay
If you went to a restaurant and they told you the only method of payment was by check, how often would you frequent that establishment? Probably not very often. By creating many different ways for the client to pay you increase the likelihood of payment.
Here are some different suggestions for making payment easier:
1. Have a software that allows for credit card payments
2. Take checks
3. Invest in a credit card machine that allows clients to pay in the office
These strategies are a good first step in ensuring that you are getting paid. By implementing these you can save valuable time, money, energy, and resources. It is vital to a practice to collect everything possible from patients, and there are actions you can take to ensure collections.