Collect what is owed to the practice
In a slow economy, it is more important than ever to collect money. Practices should collect 98.5% or more of all fees charged to patients. Uncollected accounts receivables are like a secret tax on practice profitability. Office policies on collections should clearly explain that payment is expected at the time of service.
Stay on top of collections. Patients should remit their co-payment during the appointment and be informed that any balance not covered by insurance is their responsibility. This amount should be billed and collected within 30 days.
Don't ignore overdue bills. Patients who owe money to the practice should be contacted when they are one day overdue. In a published study conducted by Levin Group in 2009, accounts receivables overdue by more than 90 days is raising steadily in many practices. In an effective collections process, patients receive a series of phone calls beginning when their payment is one day overdue. Patients quickly learn that the practice is on top of its accounts receivable and that they need to make their payments.
